Copart (NASDAQ:CPRT) Shares Gap Up Following Strong Earnings

Copart, Inc. (NASDAQ:CPRTGet Rating)’s stock price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $106.55, but opened at $110.33. Copart shares last traded at $107.36, with a volume of 6,447 shares changing hands.

The business services provider reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.03. Copart had a net margin of 34.51% and a return on equity of 28.18%. During the same quarter in the prior year, the business posted $1.09 earnings per share.

CPRT has been the subject of a number of recent analyst reports. Robert W. Baird reduced their price objective on shares of Copart from $170.00 to $160.00 in a research note on Friday, February 18th. StockNews.com started coverage on Copart in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Copart has a consensus rating of “Hold” and an average price target of $162.33.

Several hedge funds have recently bought and sold shares of CPRT. Millennium Management LLC raised its position in shares of Copart by 2,453.1% during the 3rd quarter. Millennium Management LLC now owns 94,669 shares of the business services provider’s stock valued at $13,132,000 after buying an additional 90,961 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Copart by 7.3% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 51,571 shares of the business services provider’s stock worth $7,819,000 after buying an additional 3,495 shares during the period. Robeco Institutional Asset Management B.V. increased its position in Copart by 124.7% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 39,882 shares of the business services provider’s stock valued at $6,048,000 after acquiring an additional 22,135 shares during the last quarter. Boston Financial Mangement LLC increased its position in Copart by 0.3% during the fourth quarter. Boston Financial Mangement LLC now owns 708,066 shares of the business services provider’s stock valued at $107,357,000 after acquiring an additional 2,094 shares during the last quarter. Finally, Man Group plc raised its position in Copart by 117.8% in the 3rd quarter. Man Group plc now owns 124,767 shares of the business services provider’s stock worth $17,308,000 after purchasing an additional 67,488 shares during the period. 87.14% of the stock is owned by hedge funds and other institutional investors.

The company has a quick ratio of 5.11, a current ratio of 5.24 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average price of $119.66 and a 200 day moving average price of $131.92. The stock has a market cap of $25.44 billion, a P/E ratio of 23.57 and a beta of 1.13.

Copart Company Profile (NASDAQ:CPRT)

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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