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Why Copart Stock Is Plummeting Today
Shares of leading online vehicle auction platform Copart (NASDAQ: CPRT) were down 12% as of noon ET Friday, according to data provided by S&P Global Market Intelligence.Copart reported earnings on Friday and delivered sales and earnings per share growth of 8%. This top-line figure missed analysts' expectations, and the stock sold off as a result.Trading at 43 times earnings prior to the report, Copart was priced with the lofty expectation that it'd continue growing sales by its historical double-digit average, and came up just shy.Continue reading
Shares of leading online vehicle auction platform Copart (NASDAQ: CPRT) were down 12% as of noon ET Friday, according to data provided by S&P Global Market Intelligence.
Copart reported earnings on Friday and delivered sales and earnings per share growth of 8%. This top-line figure missed analysts' expectations, and the stock sold off as a result.
Trading at 43 times earnings prior to the report, Copart was priced with the lofty expectation that it'd continue growing sales by its historical double-digit average, and came up just shy.
