JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Copart (NASDAQ:CPRT) Stock

Copart (NASDAQ:CPRT) had its price target lifted by JPMorgan Chase & Co. from $55.00 to $60.00 in a research report released on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the business services provider’s stock.

Separately, Robert W. Baird lowered their target price on Copart from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th.

Copart Price Performance

Copart stock opened at $56.97 on Tuesday. The company has a market capitalization of $54.88 billion, a PE ratio of 40.98 and a beta of 1.27. Copart has a one year low of $46.21 and a one year high of $58.58. The business has a 50 day simple moving average of $53.54 and a 200 day simple moving average of $53.16.

Copart (NASDAQ:CPRT) last issued its quarterly earnings data on Wednesday, September 4th. The business services provider reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.03). Copart had a net margin of 32.17% and a return on equity of 19.55%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the firm posted $0.34 EPS. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities analysts anticipate that Copart will post 1.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Copart

A number of institutional investors have recently bought and sold shares of the business. Optimum Investment Advisors grew its position in shares of Copart by 141.5% in the third quarter. Optimum Investment Advisors now owns 512 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 300 shares during the last quarter. Eastern Bank acquired a new position in shares of Copart in the third quarter valued at approximately $29,000. Quarry LP acquired a new position in shares of Copart in the third quarter valued at approximately $29,000. Crewe Advisors LLC grew its position in shares of Copart by 98.6% in the second quarter. Crewe Advisors LLC now owns 564 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 280 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its position in shares of Copart by 283.3% in the second quarter. Meeder Asset Management Inc. now owns 575 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 425 shares during the last quarter. Institutional investors and hedge funds own 85.78% of the company’s stock.

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.