On June 11, 2023, it was reported that &Qtron Investments LLC had increased its stake in Copart, Inc. (NASDAQ:CPRT) by 100.0% during the fourth quarter of the previous year. According to the company’s most recent Form 13F filing with the Securities and Exchange Commission, &Qtron Investments LLC now owned 5,576 shares of Copart’s stock valued at $340,000 after purchasing an additional 2,788 shares during the quarter.
Copart (NASDAQ:CPRT), a leading provider of online auctions and vehicle remarketing services, released its quarterly earnings report on May 17th of that year. The business services provider generated $1.02 billion in revenue for the quarter and earned a net margin of 30.72%. It also reported earnings per share (EPS) of $0.72 for the period and beat analysts’ consensus estimates by $0.08.
In comparison to Q1 of last year when it earned $0.58 EPS, Copart demonstrated significant growth in Q1 this year as its revenue was up 8.7% on a year-over-year basis and it managed to achieve a return on equity (ROE) rate of over 22%.
With these impressive numbers and promising predictions from research analysts who forecast that Copart will post an impressive EPS rate for the current fiscal year at around 2.4 earnings per share, one can only anticipate more strong performance from this innovative company in future quarters.
Copart’s comprehensive range of services caters to a wide array of customers including vehicle sellers such as insurance companies, banks and finance companies, charities as well as fleet operators and dealers along with individual owners; all benefit from their reliable Virtual Bidding Third Generation Internet auction-style sales technology which ensures swift processing and seamless selling experience across various locations worldwide.
All eyes are now set on Copart Inc to see how the company will perform in coming quarters and whether its impressive growth trajectory will continue on this upward trend.
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Copart, Inc. Sees Surge in Institutional Investor Interest Despite Steady Stock Price
Copart, Inc., an online auction and vehicle remarketing service provider, has seen a significant increase in investments from institutional investors and hedge funds recently. Companies such as CI Investments Inc., Janiczek Wealth Management LLC, General Partner Inc., Guardian Wealth Advisors LLC, and Concord Wealth Partners have all bought shares of Copart in the past few quarters. Hedge funds and institutional investors now make up 45.14% of the company’s stock ownership.
Despite this increase in ownership and interest, Copart’s stock price has remained relatively steady. The company opened at $85.74 on June 9th with a 12-month high of $89.79 and a low of $51.10.
One reason for this steady price may be due to positive analyst ratings on the stock. Stephens reiterated its “overweight” rating with a $78 price target earlier this year while StockNews.com initiated coverage with a “buy” rating last month. Four analysts have rated the stock a “buy,” giving it an average rating of “Moderate Buy” and an average target price of $83.33.
In related news, insiders such as Director Stephen Fisher and Steven D. Cohan have sold large amounts of their shares over the past few months totaling over $24 million worth of company stock.
Copart provides online auctions to sellers such as insurance companies, banks and finance companies, charities, dealerships, and individual owners through its Virtual Bidding Third Generation Internet auction-style sales technology services.
While it remains to be seen if Copart can maintain its level of success with increased ownership by institutional investors alongside insider selling activity – things certainly look promising for now given analyst ratings are upbeat about its prospects in the long-term!