Why Copart Inc. (CPRT) Crashed On Friday

We recently published a list of 10 Firms That Led Bloodbath Today. In this article, we are going to take a look at where Copart Inc. (NASDAQ:CPRT) stands against other Friday’s worst-performing stocks.

Shares of Copart Inc. declined for a fifth consecutive day on Friday, losing 11.52 percent to close at $53.67 apiece after missing analysts’ earnings estimates and reporting a drop in vehicle sales in the first quarter of the year.

In its financial statement, Copart Inc. (NASDAQ:CPRT) said earnings per share came in at 42 cents, just in line with analyst estimates. However, revenues settled at $1.21 billion, short of the $1.23 billion consensus, but marked a 7.5 percent growth from the $1.1 billion reported in the same period last year.

Of the total revenues, Copart Inc. (NASDAQ:CPRT) saw a 2.1 percent dip in vehicle sales to $177 million versus $180.6 million year-on-year, while service revenues increased by 9.3 percent.

A busy car auction being held at a leading car dealership, buyers and sellers engaging in active bidding.

Attributable net income rose by 6.4 percent to $406.6 million from $383 million registered in the same period a year ago.

For the nine-month period, revenues increased by 11.2 percent to $3.5 billion from $3.17 billion in the same period last year, with vehicle sales inching up by 1.9 percent.

Attributable net income rose by 11.1 percent to $1.1 billion from $1.04 billion.

Overall, CPRT ranks 6th on our list of Friday’s worst-performing stocks. While we acknowledge the potential of CPRT, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk.  If you are looking for an AI stock that is more promising than CPRT and that has 100x upside potential, check out our report about this cheapest AI stock.

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