Copart, Inc. Expected to Post FY2023 Earnings of $2.46 Per Share (NASDAQ:CPRT)

Copart, Inc. (NASDAQ:CPRT – Get Rating) – Stock analysts at Barrington Research upped their FY2023 earnings estimates for shares of Copart in a research note issued to investors on Monday, May 22nd. Barrington Research analyst G. Prestopino now expects that the business services provider will post earnings per share of $2.46 for the year, up from their prior estimate of $2.37. The consensus estimate for Copart’s current full-year earnings is $2.34 per share. Barrington Research also issued estimates for Copart’s Q4 2023 earnings at $0.63 EPS, Q3 2024 earnings at $0.78 EPS, Q4 2024 earnings at $0.67 EPS and FY2024 earnings at $2.70 EPS.

Copart (NASDAQ:CPRT – Get Rating) last posted its earnings results on Wednesday, May 17th. The business services provider reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.08. The business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. Copart had a net margin of 30.72% and a return on equity of 22.80%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.58 EPS.

CPRT has been the topic of a number of other research reports. StockNews.com began coverage on shares of Copart in a research report on Thursday, May 18th. They issued a “buy” rating on the stock. Northcoast Research downgraded shares of Copart from a “buy” rating to a “neutral” rating in a research report on Monday, May 1st. Guggenheim lifted their price objective on shares of Copart from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Wednesday, February 22nd. Stephens reaffirmed an “overweight” rating and issued a $78.00 price objective on shares of Copart in a research report on Tuesday, February 21st. Finally, Robert W. Baird lifted their price objective on shares of Copart from $78.00 to $90.00 in a research report on Thursday, May 18th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.33.

Copart Stock Performance

NASDAQ CPRT opened at $86.46 on Wednesday. The company has a market capitalization of $41.21 billion, a price-to-earnings ratio of 36.18 and a beta of 1.23. The company’s 50-day simple moving average is $77.52 and its two-hundred day simple moving average is $69.36. Copart has a one year low of $51.10 and a one year high of $89.79.

Hedge Funds Weigh In On Copart

Large investors have recently added to or reduced their stakes in the stock. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Copart by 1,212.2% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,110 shares of the business services provider’s stock valued at $390,000 after buying an additional 2,873 shares during the last quarter. Panagora Asset Management Inc. increased its stake in Copart by 14.6% in the first quarter. Panagora Asset Management Inc. now owns 8,456 shares of the business services provider’s stock valued at $1,061,000 after purchasing an additional 1,079 shares during the last quarter. Vontobel Holding Ltd. increased its stake in Copart by 52.1% in the first quarter. Vontobel Holding Ltd. now owns 10,823 shares of the business services provider’s stock valued at $1,380,000 after purchasing an additional 3,707 shares during the last quarter. National Pension Service grew its position in shares of Copart by 5.0% during the first quarter. National Pension Service now owns 286,903 shares of the business services provider’s stock worth $35,998,000 after acquiring an additional 13,666 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Copart by 1.2% during the first quarter. Vanguard Group Inc. now owns 22,968,882 shares of the business services provider’s stock worth $2,881,905,000 after acquiring an additional 270,867 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Copart news, Director Stephen Fisher sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $87.06, for a total transaction of $4,353,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Copart news, Director Thomas N. Tryforos sold 143,100 shares of Copart stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $88.39, for a total transaction of $12,648,609.00. Following the completion of the sale, the director now directly owns 16,900 shares in the company, valued at approximately $1,493,791. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Stephen Fisher sold 50,000 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $87.06, for a total transaction of $4,353,000.00. The disclosure for this sale can be found here. 11.19% of the stock is owned by insiders.

About Copart

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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.