Copart, Inc. (NASDAQ:CPRT) Short Interest Down 8.1% in October

Copart, Inc. (NASDAQ:CPRT) was the target of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 12,340,000 shares, a drop 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 days-to-cover ratio is presently 2.9 days.

Copart Trading Down 0.1 %

NASDAQ:CPRT traded down $0.04 on Monday, hitting $56.63. 3,932,999 shares of the stock were exchanged, compared to its average volume of 4,391,399. The stock has a market cap of $54.56 billion, a PE ratio of 41.01 and a beta of 1.27. Copart has a fifty-two week low of $46.21 and a fifty-two week high of $58.58. The stock has a fifty day moving average of $52.99 and a 200-day moving average of $53.10.

Copart (NASDAQ:CPRT) last announced its quarterly earnings results 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 company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the prior year, the company posted $0.34 earnings per share. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, analysts predict that Copart will post 1.54 earnings per share for the current year.

Institutional Investors Weigh In On Copart

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CPRT. Cadence Bank grew its stake in Copart by 0.6% during the 3rd quarter. Cadence Bank now owns 31,549 shares of the business services provider’s stock valued at $1,653,000 after purchasing an additional 178 shares in the last quarter. WASHINGTON TRUST Co increased its stake in shares of Copart by 0.3% in the second quarter. WASHINGTON TRUST Co now owns 61,852 shares of the business services provider’s stock worth $3,350,000 after buying an additional 200 shares during the last quarter. Spinnaker Trust boosted its stake in Copart by 4.0% during the 2nd quarter. Spinnaker Trust now owns 5,222 shares of the business services provider’s stock valued at $283,000 after acquiring an additional 200 shares during the last quarter. Values First Advisors Inc. increased its position in shares of Copart by 2.9% in the 2nd quarter. Values First Advisors Inc. now owns 7,098 shares of the business services provider’s stock worth $384,000 after purchasing an additional 201 shares during the last quarter. Finally, Duncan Williams Asset Management LLC grew its stake in Copart by 1.3% in the third quarter. Duncan Williams Asset Management LLC now owns 15,437 shares of the business services provider’s stock worth $809,000 after purchasing an additional 203 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Wall Street Analyst Weigh In

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

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.