Yahoo Finance Copart, Inc. (CPRT) Dips More Than Broader Markets: What You Should Know
Copart, Inc. (CPRT) closed at $44.60 in the latest trading session, marking a -1.91% move from the prior day. This move lagged the S&P 500's daily loss of 0.32%. At the same time, the Dow added 0.17%, and the tech-heavy Nasdaq lost 0.89%.
Prior to today's trading, shares of the company had gained 4.09% over the past month. This has outpaced the Business Services sector's loss of 0.45% and the S&P 500's loss of 0.12% in that time.
Copart, Inc. will be looking to display strength as it nears its next earnings release, which is expected to be September 14, 2023. On that day, Copart, Inc. is projected to report earnings of $0.31 per share, which would represent year-over-year growth of 10.71%. Our most recent consensus estimate is calling for quarterly revenue of $950.04 million, up 7.55% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Copart, Inc.Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Copart, Inc. is holding a Zacks Rank of #2 (Buy) right now.
Investors should also note Copart, Inc.'s current valuation metrics, including its Forward P/E ratio of 33.73. For comparison, its industry has an average Forward P/E of 33.73, which means Copart, Inc. is trading at a no noticeable deviation to the group.
The Auction and Valuation Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 6, putting it in the top 3% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Copart, Inc. (CPRT) : Free Stock Analysis Report
