Copart (CPRT) Reported Solid Results in Q1 - InvestingChannel

Copart (CPRT) Reported Solid Results in Q1

Conestoga Capital Advisors, an asset management company, released its “Mid-Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. It was a solid quarter as many asset classes moved higher. The S&P Index, which tracks the performance of large-cap stocks, reached an all-time high on March 28th, and the Russell 2000 Index, which tracks the performance of small-cap stocks, appreciated to within 10% of their peak levels. The Mid Cap Composite rose 5.44% net of fees in the first quarter, compared to a 9.50% return for the Russell Midcap Growth Index. Stock selection was the leading performance detractor in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Conestoga Capital Advisors Mid-Cap Strategy highlighted stocks like Copart, Inc. (NASDAQ:CPRT), in the first quarter 2024 investor letter. Copart, Inc. (NASDAQ:CPRT), with a market capitalization of $51.502 billion, is an online auction and vehicle remarketing services providing company. One-month return of Copart, Inc. (NASDAQ:CPRT) was -3.08%, and its shares gained 21.98% of their value over the last 52 weeks. On May 23, 2024, Copart, Inc. (NASDAQ:CPRT) stock closed at $53.52 per share.

Conestoga Capital Advisors Mid-Cap Strategy stated the following regarding Copart, Inc. (NASDAQ:CPRT) in its first quarter 2024 investor letter:

“Copart, Inc. (NASDAQ:CPRT): CPRT is the leading provider of salvage auctions in the US, Canada and the UK. The company reported a solid quarter of unit volume improvement and continued margin gains. We believe favorable trends should improve as lower used car prices will drive a higher total loss rate, which results in more damaged vehicles going to Copart auctions.”

30 Countries with Best Work-Life Balance in the World A happy customer inspecting a newly purchased used car with the help of a sales assistant.

Copart, Inc.’s (NASDAQ:CPRT) trailing 12 months revenue is $4.17 billion and its year over year quarterly revenue growth rate is 10.30%. Copart, Inc.’s (NASDAQ:CPRT) global revenue in the recent quarter increased to $1.13 billion. (See the details here)

Copart, Inc. (NASDAQ:CPRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Copart, Inc. (NASDAQ:CPRT) at the end of the first quarter which was 50 in the previous quarter.

In another article, we discussed Copart, Inc. (NASDAQ:CPRT) and shared Wedgewood Partners’ views on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.

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