Copart (NASDAQ:CPRT) Stock Crosses Above 200 Day Moving Average – Here’s Why

Copart, Inc. (NASDAQ:CPRT)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $54.57 and traded as high as $58.01. Copart shares last traded at $56.32, with a volume of 5,589,617 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. increased their target price on Copart from $55.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Robert W. Baird lowered their price objective on shares of Copart from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th.

Copart Price Performance

The firm has a market capitalization of $54.27 billion, a PE ratio of 39.66 and a beta of 1.31. The business has a 50-day simple moving average of $58.34 and a 200-day simple moving average of $54.57.

Copart (NASDAQ:CPRT) last issued its quarterly earnings results on Thursday, November 21st. The business services provider reported $0.37 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.37. Copart had a return on equity of 18.96% and a net margin of 31.92%. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period last year, the company earned $0.34 earnings per share. Copart’s revenue was up 12.4% on a year-over-year basis. On average, research analysts expect that Copart, Inc. will post 1.57 earnings per share for the current year.

Insider Activity at Copart

In related news, Director Diane M. Morefield sold 30,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $58.01, for a total value of $1,740,300.00. Following the transaction, the director now owns 20,000 shares of the company’s stock, valued at $1,160,200. This trade represents a 60.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman A Jayson Adair sold 251,423 shares of Copart stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $63.79, for a total transaction of $16,038,273.17. Following the sale, the chairman now owns 14,436,557 shares of the company’s stock, valued at $920,907,971.03. The trade was a 1.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 364,733 shares of company stock worth $22,932,130. Insiders own 9.68% of the company’s stock.

Hedge Funds Weigh In On Copart

A number of institutional investors have recently modified their holdings of CPRT. B. Riley Wealth Advisors Inc. grew its stake in Copart by 0.8% in the third quarter. B. Riley Wealth Advisors Inc. now owns 27,631 shares of the business services provider’s stock worth $1,447,000 after purchasing an additional 213 shares in the last quarter. Oddo BHF Asset Management Sas bought a new position in shares of Copart during the 3rd quarter worth $1,206,000. American Trust bought a new position in shares of Copart during the 3rd quarter worth $598,000. Franklin Resources Inc. raised its holdings in shares of Copart by 335.8% in the third quarter. Franklin Resources Inc. now owns 2,705,354 shares of the business services provider’s stock valued at $149,471,000 after acquiring an additional 2,084,626 shares in the last quarter. Finally, Peapack Gladstone Financial Corp raised its holdings in shares of Copart by 6.5% in the third quarter. Peapack Gladstone Financial Corp now owns 104,650 shares of the business services provider’s stock valued at $5,484,000 after acquiring an additional 6,385 shares in the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

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.