Copart (CPRT) reported quarterly earnings results on Wednesday, May-25-2016. The company said it had a profit of $0.64 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.10. Analysts had a consensus of $0.54. The company posted revenue of $347.20 million in the period, compared to analysts expectations of $320.52 million. The company’s revenue was up 16.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS.
Many Wall Street Analysts have commented on Copart. Gabelli & Co Initiated Copart on Apr 5, 2016 to “Hold”, Price Target of the shares are set at $46.Copart was Downgraded by BofA/Merrill to ” Neutral” on Mar 21, 2016.
Copart opened for trading at $42.89 and hit $43.45 on the upside on Friday, eventually ending the session at $43.43, with a gain of 1.80% or 0.77 points. The heightened volatility saw the trading volume jump to 5,91,338 shares. Company has a market cap of $4,864,203 M.
In a different news, on Apr 14, 2016, Paul A Styer (Sr VP, Secretary, Gen Csl) sold 2,000 shares at $41.96 per share price. According to the SEC, on Apr 13, 2016, James E Meeks (director) sold 40,000 shares at $41.15 per share price. On Jul 13, 2015, Vikrant Bhatia (SVP Strategic Initiatives) purchased 5,500 shares at $35.43 per share price, according to the Form-4 filing with the securities and exchange commission.
Copart Inc. is a provider of online auctions and vehicle remarketing services in the United States Canada the United Kingdom the United Arab Emirates Oman Bahrain and Brazil. The Company also provides vehicle remarketing services in Germany and Spain. It provides vehicle sellers with services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3). It sells vehicles primarily to insurance companies and also to banks and financial institutions charities car dealerships fleet operators and vehicle rental companies. It sells the vehicles to licensed vehicle dismantlers rebuilders repair licensees used vehicle dealers and exporters and at certain locations to the general public. The Company that sells vehicles on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles.