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Copart's Shares Changing Hands at Higher Prices on 1.2x Above-Average Volume (CPRT)

Published on Thu, 05/02/2013 - 13:21
By Adrienne Chilton

Shares of Copart are trading today in above average volume, with the share price rising 0.4% to $35.49. About 886,000 shares have been traded today, as compared to the 30-day average volume of 712,000 shares. Spikes in volume can validate a breakout or signify a potential turning point.

Copart, Inc. provides vehicle suppliers, primarily insurance companies, with a variety of services to process and sell salvage vehicles through auctions. Salvaged vehicles are primarily sold to licensed dismantlers, rebuilders, and used vehicle dealers.

Copart share prices have moved between a 52-week high of $37.47 and a 52-week low of $22.59 and are now trading 57% above that low price at $35.49 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has declined 0.2%.

Copart (NASDAQ:CPRT) is currently priced 7.3% above its average consensus analyst price target of $32.89. The stock should discover initial support at its 50-day moving average (MA) of $33.82 and subsequent support at its 200-day MA of $30.05.

By Adrienne Chilton