Daiwa Securities Group Inc. raised its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 27.8% during the third quarter, HoldingsChannel reports. The firm owned 123,430 shares of the business services provider’s stock after buying an additional 26,845 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Copart were worth $9,915,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of CPRT. Venturi Wealth Management LLC purchased a new stake in Copart during the third quarter valued at approximately $25,000. Financial Advantage Inc. purchased a new stake in Copart during the third quarter valued at approximately $28,000. Capital Investment Advisory Services LLC purchased a new stake in Copart during the second quarter valued at approximately $29,000. Griffin Asset Management Inc. purchased a new stake in Copart during the second quarter valued at approximately $34,000. Finally, Cordasco Financial Network raised its position in Copart by 170.7% during the second quarter. Cordasco Financial Network now owns 471 shares of the business services provider’s stock valued at $35,000 after purchasing an additional 297 shares during the period. Institutional investors and hedge funds own 80.97% of the company’s stock.
Several equities research analysts have recently weighed in on the company. Robert W. Baird set a $85.00 price target on Copart and gave the stock a “buy” rating in a report on Friday, September 6th. JPMorgan Chase & Co. increased their price target on Copart from $62.00 to $71.00 and gave the stock an “underweight” rating in a report on Friday, September 6th. BidaskClub downgraded Copart from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Barrington Research reiterated a “hold” rating on shares of Copart in a report on Wednesday, September 11th. Finally, Guggenheim upgraded Copart from a “neutral” rating to a “buy” rating and set a $93.00 price target on the stock in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. Copart has an average rating of “Hold” and a consensus price target of $80.40.
Shares of NASDAQ CPRT traded down $0.16 during midday trading on Friday, hitting $81.46. The company’s stock had a trading volume of 52,641 shares, compared to its average volume of 1,363,600. The company has a current ratio of 2.44, a quick ratio of 2.36 and a debt-to-equity ratio of 0.22. The business’s 50 day moving average is $81.82 and its two-hundred day moving average is $75.74. Copart, Inc. has a 12-month low of $44.61 and a 12-month high of $85.31. The firm has a market cap of $19.11 billion, a P/E ratio of 36.20, a price-to-earnings-growth ratio of 1.54 and a beta of 0.81.
Copart (NASDAQ:CPRT) last announced its quarterly earnings data on Wednesday, September 4th. The business services provider reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.04. Copart had a return on equity of 32.83% and a net margin of 28.98%. The company had revenue of $542.60 million for the quarter, compared to analysts’ expectations of $517.84 million. During the same quarter in the prior year, the firm earned $0.42 earnings per share. Copart’s revenue was up 20.8% compared to the same quarter last year. On average, analysts predict that Copart, Inc. will post 2.67 earnings per share for the current fiscal year.
Copart Company Profile
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.
Read More: Intrinsic Value and Stock Selection
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