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Matt Blunt, a director at Copart Inc . (NASDAQ:CPRT), recently sold 50,000 shares of the company's common stock. The shares were sold at an average price of $57.66, amounting to a total transaction value of approximately $2.88 million. The sale comes as Copart maintains strong financial health, with InvestingPro data showing the company holds more cash than debt and has delivered a 22% return over the past year. This sale follows Blunt's exercise of stock options to acquire the same number of shares at a price of $28.0225 each, marking a strategic move in his holdings of Copart stock. Following these transactions, Blunt no longer holds shares directly in the company. According to InvestingPro analysis, Copart currently trades at premium multiples, with 13 additional ProTips available to help investors make informed decisions about this $54.7 billion market cap company.
In other recent news, Copart Inc. has reported a strong start to Fiscal 2025, with significant growth in unit sales and revenue. The company's global unit sales and inventory rose by 12% and 6% respectively, while U.S. business unit growth stood at 11%, accompanied by a 12% increase in insurance unit volume. Notably, global revenue reached $1.15 billion, a 12% increase, with service revenue up by 15%.
In addition, the company's annual shareholder meeting resulted in the re-election of all board members and approval of executive compensation. The appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending July 31, 2025, was ratified by the shareholders.
These recent developments underscore Copart's operational resilience, demonstrated by its successful management of vehicle processing during hurricanes Helane and Milton. Strategic investments are being made in physical capacity, technology, logistics, and Title Express services, with the company maintaining a strong financial position with $246 million in free cash flow and over $4.9 billion in liquidity.
Internationally, the business unit growth was nearly 16%, with international average selling prices (ASPs) up by nearly 7%. CEO Jeff Liao emphasized the expectation of ongoing organic industry growth, while CFO Leah Stearns projected significant growth in specialty equipment gross transaction value in the near term.
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