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 Marketbeat.com. 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, StockNews.com 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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