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

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

Hedge Funds Weigh In On Copart

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Silvercrest Asset Management Group LLC boosted its stake in shares of Copart by 40.6% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 37,962 shares of the business services provider’s stock worth $2,199,000 after acquiring an additional 10,959 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Copart in the 2nd quarter valued at $109,382,000. Edgestream Partners L.P. bought a new stake in Copart during the 1st quarter worth about $644,000. Comerica Bank grew its stake in shares of Copart by 5.9% during the first quarter. Comerica Bank now owns 336,206 shares of the business services provider’s stock valued at $19,473,000 after purchasing an additional 18,605 shares during the last quarter. Finally, Cetera Investment Advisers increased its stake in shares of Copart by 162.9% in the 1st quarter. Cetera Investment Advisers now owns 184,417 shares of the business services provider’s stock valued at $10,681,000 after buying an additional 114,263 shares during the period. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Robert W. Baird decreased 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

CPRT stock traded down $0.04 on Monday, reaching $56.63. The company’s stock had a trading volume of 3,932,999 shares, compared to its average volume of 4,391,399. Copart has a 52 week low of $46.21 and a 52 week high of $58.58. The company has a market capitalization of $54.56 billion, a P/E ratio of 41.01 and a beta of 1.27. The firm has a fifty day moving average of $52.99 and a two-hundred day moving average of $53.10.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Wednesday, September 4th. The business services provider reported $0.33 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the prior year, the business earned $0.34 EPS. Copart’s revenue was up 7.2% compared to the same quarter last year. As a group, equities analysts expect that Copart will post 1.54 EPS for the current fiscal year.

Copart Company Profile

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.