Copart (NASDAQ:CPRT) Announces Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Copart (NASDAQ:CPRT) issued its quarterly earnings data on Wednesday. The business services provider reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.04, Briefing.com reports. The firm had revenue of $542.60 million for the quarter, compared to analyst estimates of $517.84 million. Copart had a net margin of 28.98% and a return on equity of 33.84%. Copart’s revenue was up 20.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 EPS.

CPRT stock opened at $81.38 on Friday. The company has a current ratio of 2.07, a quick ratio of 1.99 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $18.47 billion, a PE ratio of 35.83, a P/E/G ratio of 1.60 and a beta of 0.84. Copart has a 12-month low of $44.61 and a 12-month high of $82.32. The business’s fifty day moving average price is $76.39 and its 200 day moving average price is $69.20.

In other Copart news, CEO A Jayson Adair sold 179,461 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $74.54, for a total transaction of $13,377,022.94. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William E. Franklin sold 41,007 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $77.37, for a total transaction of $3,172,711.59. Following the sale, the insider now owns 58,974 shares in the company, valued at $4,562,818.38. The disclosure for this sale can be found here. Insiders sold a total of 273,458 shares of company stock worth $20,511,755 in the last quarter. Company insiders own 15.99% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Investment Advisory Services LLC purchased a new stake in shares of Copart during the second quarter worth $29,000. Griffin Asset Management Inc. purchased a new stake in shares of Copart during the second quarter worth $34,000. Cordasco Financial Network increased its position in shares of Copart by 170.7% during the second quarter. Cordasco Financial Network now owns 471 shares of the business services provider’s stock worth $35,000 after acquiring an additional 297 shares during the period. Redhawk Wealth Advisors Inc. purchased a new stake in shares of Copart during the second quarter worth $37,000. Finally, Certified Advisory Corp purchased a new stake in Copart during the 2nd quarter worth about $38,000. 82.50% of the stock is currently owned by hedge funds and other institutional investors.

CPRT has been the topic of a number of research analyst reports. BidaskClub downgraded shares of Copart from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research raised shares of Copart from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Monday, May 27th. Guggenheim downgraded shares of Copart from a “buy” rating to a “neutral” rating and set a $67.07 price target on the stock. in a research note on Friday, May 17th. JPMorgan Chase & Co. boosted their price target on shares of Copart from $62.00 to $71.00 and gave the company an “underweight” rating in a research note on Friday. Finally, Barrington Research reissued a “market perform” rating on shares of Copart in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $72.77.

About Copart

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.

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Earnings History for Copart (NASDAQ:CPRT)

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