Copart, Inc. (NASDAQ:CPRT) Sees Large Growth in Short Interest

Copart, Inc. (NASDAQ:CPRT) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 14,260,000 shares, an increase of 31.4% from the February 28th total of 10,850,000 shares. Currently, 1.6% of the shares of the company are sold short. Based on an average trading volume of 4,120,000 shares, the days-to-cover ratio is presently 3.5 days.

Copart Trading Up 1.2 %

Shares of NASDAQ CPRT traded up $0.68 during midday trading on Wednesday, reaching $57.89. The company’s stock had a trading volume of 1,152,448 shares, compared to its average volume of 4,264,680. Copart has a one year low of $48.05 and a one year high of $64.38. The company has a market cap of $55.93 billion, a price-to-earnings ratio of 38.85 and a beta of 1.30. The company has a 50 day moving average price of $56.32 and a 200 day moving average price of $56.33.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Thursday, February 20th. The business services provider reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.02. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Copart had a return on equity of 19.31% and a net margin of 32.27%. Research analysts anticipate that Copart will post 1.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Argus cut Copart from a “buy” rating to a “hold” rating in a research report on Friday, March 14th.

Insider Activity at Copart

In related news, Director James E. Meeks sold 100,000 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $54.00, for a total value of $5,400,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel J. Englander sold 235,480 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $56.84, for a total transaction of $13,384,683.20. The disclosure for this sale can be found here. Insiders have sold a total of 385,480 shares of company stock worth $21,667,683 in the last three months. 9.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Copart

Several hedge funds have recently modified their holdings of the stock. Sandy Spring Bank lifted its stake in Copart by 59.5% during the fourth quarter. Sandy Spring Bank now owns 472 shares of the business services provider’s stock valued at $27,000 after buying an additional 176 shares in the last quarter. Quarry LP acquired a new stake in shares of Copart during the third quarter valued at approximately $29,000. Sunbelt Securities Inc. acquired a new position in Copart in the 4th quarter worth approximately $31,000. True Wealth Design LLC boosted its stake in Copart by 1,737.1% in the 3rd quarter. True Wealth Design LLC now owns 643 shares of the business services provider’s stock worth $34,000 after purchasing an additional 608 shares during the period. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in Copart during the 4th quarter worth approximately $45,000. 85.78% of the stock is owned by hedge funds and other institutional investors.

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.