Long Position on CPRT @ $45.50 on 10/16/2023 (Momentum)

Copart, Inc. (CPRT) provides online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, Brazil, the Republic of Ireland, Germany, Finland, the United Arab Emirates, Oman, Bahrain, and Spain. 

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 to vehicle sellers, insurance companies, banks and finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals.

The company's services include online seller access, salvage estimation, estimating, end-of-life vehicle processing, transportation, vehicle inspection stations, on-demand reporting, title processing and procurement, loan payoff, flexible vehicle processing programs, buy it now, member network, sales process, and dealer services.

Its services also comprise services to sell vehicles through CashForCars.com, CashForCars.ca, CashForCars.de, CashForCars.co.uk, and Cash-for-cars.ie; Copart Recycling service, which allows the public to purchase parts from salvaged and end-of-life vehicles; copart 360, an online technology for posting vehicle images that captures clear 360-degree views of interiors and exteriors of cars, trucks, and vans; membership tiers for those registering to buy vehicles through Copart.com; and virtual queue to secure a place in line while visiting one of its locations.

Shares have formed a bullish "cup and handle" following its last earnings report. On September 14th, CPRT reported earnings of $0.34 per share on revenue of $997.59 million for the fiscal fourth quarter ended July 2023. The consensus earnings estimate was $0.31 per share on revenue of $962.78 million. The company reports December 14th.

Entry Point: $45.50

Stop Loss: $43.00

Trading Range: $26.88 - $47.38

Target Price: $50.00

Position closed on 11/14/2023 at price of $50.00 with a 9.89% gain in 29 days.

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