Copart, Inc. (NASDAQ:CPRT) Short Interest Update

Copart, Inc. (NASDAQ:CPRT) saw a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 12,340,000 shares, a decrease of 8.1% from the October 15th total of 13,430,000 shares. Based on an average daily trading volume, of 4,240,000 shares, the short-interest ratio is currently 2.9 days.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Copart

Several institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in Copart by 2.5% during the third quarter. Principal Financial Group Inc. now owns 38,876,517 shares of the business services provider’s stock valued at $2,037,130,000 after purchasing an additional 941,858 shares during the period. State Street Corp lifted its position in shares of Copart by 0.4% in the third quarter. State Street Corp now owns 34,157,967 shares of the business services provider’s stock worth $1,789,877,000 after purchasing an additional 120,939 shares in the last quarter. Edgewood Management LLC raised its position in Copart by 0.6% during the third quarter. Edgewood Management LLC now owns 20,555,713 shares of the business services provider’s stock worth $1,077,119,000 after acquiring an additional 125,220 shares in the last quarter. Geode Capital Management LLC raised its position in Copart by 1.6% during the third quarter. Geode Capital Management LLC now owns 18,763,926 shares of the business services provider’s stock worth $979,547,000 after acquiring an additional 291,580 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Copart by 8.1% in the second quarter. Bank of New York Mellon Corp now owns 16,008,444 shares of the business services provider’s stock valued at $867,017,000 after purchasing an additional 1,199,781 shares during the last quarter. 85.78% of the stock is owned by institutional investors.

Copart Stock Performance

NASDAQ CPRT traded down $0.04 during mid-day trading on Monday, reaching $56.63. 3,932,999 shares of the stock were exchanged, compared to its average volume of 4,391,399. Copart has a 1-year low of $46.21 and a 1-year high of $58.58. The business’s fifty day simple moving average is $53.13 and its 200 day simple moving average is $53.11. The stock has a market capitalization of $54.56 billion, a PE ratio of 40.74 and a beta of 1.27.

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

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.