Sunday, May 19, 2024

Analysts Forecast $51 Target Price for Copart, Inc. Amid Varied Ratings

Copart, Inc. (NASDAQ:CPRT) garners a mixed “Hold” consensus from market experts, with five analysts presently monitoring the stock, according to The company’s stock has received three “hold” and two “buy” recommendations, setting an average one-year target price at $51.00.

Analyst Insights:

Recent inputs from top analysts have further shaped the market sentiment towards Copart. JPMorgan Chase & Co. slightly raised its price objective from $48.00 to $52.00, maintaining a “neutral” stance as of April 8th. Conversely, revised its outlook from “buy” to “hold” on February 21st, indicating a cautious approach to the stock’s current trajectory.

Insider Transactions:

Significant insider trading activity has been observed at Copart, as detailed in recent SEC filings. Notably, Chairman A Jayson Adair offloaded 600,000 shares on March 28th at $57.77 each, accumulating over $34 million from the sale. Post-transaction, Adair retains 19.69 million shares, valued at approximately $1.14 billion. Additionally, Director Matt Blunt sold 100,000 shares at $51.06 each on February 26th, totaling over $5 million.

Institutional Movements:

The first quarter saw dynamic shifts among institutional investors. Marshall Financial Group LLC increased its Copart stake by 11.3%, now owning 28,847 shares worth roughly $1.67 million. Retirement Guys Formula LLC and First Trust Direct Indexing L.P. also expanded their holdings, with the latter boosting its shares by 19.9% to 17,292. Fluent Financial LLC and Norden Group LLC made notable increases in their investments, with Norden Group’s stake skyrocketing by 2,316.8% to 427,476 shares.

Stock Performance:

On a recent trading day, Copart’s stock experienced a slight decline of 0.6%, closing at $52.88. The trading volume reached 5,783,462 shares, surpassing its average of 3,769,303. The company boasts a market capitalization of $50.84 billion, a PE ratio of 38.04, and maintains stability with a beta of 1.22.

Financial Overview:

Copart reported a quarterly earnings miss on February 22nd, with earnings per share at $0.33 against an expected $0.35. Despite this, the company achieved revenue of $1.02 billion, slightly below the $1.03 billion forecasted by analysts. However, year-over-year, Copart’s revenue saw a 6.6% increase, underscoring a solid growth trajectory.

Company Profile:

Copart, Inc. specializes in online vehicle auctions and remarketing services, leveraging its advanced Virtual Bidding Third Generation (VB3) technology. The platform facilitates sales for a diverse clientele including insurance companies, banks, and individual owners, positioning Copart as a key player in the vehicle resale market.

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