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Shares of Copart, Inc. CPRT, a provider of online vehicle auction and remarketing services to automotive resellers, have lost 10.3% in the past six months compared with the Zacks Auction and Valuation Services industry's decline of 10.8%. Shares of CPRT underperformed peers like ACV Auctions Inc. and OPENLANE, Inc. in the same time frame.
Six Months Price Comparison
High spending on storage-capacity expansion and rising operating costs amid increasing G&A expenditure have taken a toll on the company’s performance. Copart has been investing heavily in storage capacity expansion. In fiscal 2024, capex amounted to $511 million, nearly all of which was related to capacity expansion. Copart will continue to prioritize expansion efforts, which, although necessary and advantageous for the long term, are likely to clip cash flows.
Operating costs have been on the rise for several quarters amid increasing G&A expenditure. In the fourth quarter of fiscal 2024, G&A expense as a percentage of sales rose to 9.1% compared with 6.7% reported in the year-ago period. The G&A expense may continue to increase as the company continues to invest in sales, marketing and technology. Rising operating expenses would weigh on the company’s near-term margins.
On Sept. 4, 2024, Copart reported fourth-quarter fiscal 2024 (ended Jul 31, 2024) adjusted earnings per share of 33 cents, missing the Zacks Consensus Estimate of 37 cents.
Technical indicators show that CPRT has been trading below the 50-day simple moving average (SMA) since Sept. 5, 2024. When a stock trades below its moving average, it could indicate a downtrend or a period of weakness in the stock price.
CPRT Stock Trades Below 50-Day Average
On a further discouraging note, the company has seen its fiscal 2025 EPS estimates decline 6 cents over the past seven days.
Given the escalating costs, technical signals and downward estimate revisions for fiscal 2025, we think the stock is likely to underperform in the near term. So, it's best to avoid Copart now. CPRT currently carries a Zacks Rank #5 (Strong Sell).
Key Picks From Auto Space
If you wish to invest in the auto sector, consider buying some better-ranked stocks like Dorman Products, Inc. DORM, Blue Bird Corporation BLBD and Douglas Dynamics, Inc. PLOW, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
Zacks Investment Research
Investors interested in Automotive - Domestic stocks are likely familiar with Blue Bird (BLBD) and Tesla (TSLA). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Right now, Blue Bird is sporting a Zacks Rank of #1 (Strong Buy), while Tesla has a Zacks Rank of #3 (Hold). This means that BLBD's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. However, value investors will care about much more than just this.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.
BLBD currently has a forward P/E ratio of 13.37, while TSLA has a forward P/E of 99.23. We also note that BLBD has a PEG ratio of 0.23. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. TSLA currently has a PEG ratio of 4.59.
Another notable valuation metric for BLBD is its P/B ratio of 10.62. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, TSLA has a P/B of 10.75.
These are just a few of the metrics contributing to BLBD's Value grade of B and TSLA's Value grade of F.
BLBD has seen stronger estimate revision activity and sports more attractive valuation metrics than TSLA, so it seems like value investors will conclude that BLBD is the superior option right now.
Zacks Investment Research
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?
Let's take a look at what these Wall Street heavyweights have to say about Copart, Inc. (CPRT) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.
Copart currently has an average brokerage recommendation (ABR) of 2.00, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by eight brokerage firms. An ABR of 2.00 indicates Buy.
Of the eight recommendations that derive the current ABR, four are Strong Buy, representing 50% of all recommendations.
Brokerage Recommendation Trends for CPRT
While the ABR calls for buying Copart, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.
Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.
This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.
Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.
ABR Should Not Be Confused With Zacks Rank
In spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.
Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.
On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.
Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.
Is CPRT Worth Investing In?
In terms of earnings estimate revisions for Copart, the Zacks Consensus Estimate for the current year has declined 4.4% over the past month to $1.54.
Analysts' growing pessimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates lower, could be a legitimate reason for the stock to plunge in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #5 (Strong Sell) for Copart. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Therefore, it could be wise to take the Buy-equivalent ABR for Copart with a grain of salt.
Zacks Investment Research
Summary:
MILWAUKEE and NEW YORK, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Douglas Dynamics, Inc. (NYSE: PLOW), or the “Company”, North America’s premier manufacturer and upfitter of commercial work truck attachments and equipment, today announced the successful completion of a sale-leaseback transaction with TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG Inc. (NASDAQ: TPG).
The transaction involves the Company’s facilities located in:
The transaction comprises seven facilities and approximately 780,000 square feet of manufacturing and upfitting space and is valued at $64.2 million. Net of expenses and taxes, the Company is expected to receive net proceeds of approximately $50 million.
Under the terms of the transaction, the initial lease for the assets is 15 years, with two 10-year options to renew. The facilities serve as critical elements of the Company’s operations, and the Company expects that they will continue to operate for many years to come, ensuring continuity and supporting long-term growth plans. The Company intends to use the net proceeds from the transaction to pay down its term loan debt and for other corporate purposes.
“This transaction highlights our commitment to enhance our financial flexibility while maintaining operational continuity,” noted Sarah Lauber, Douglas Dynamics’ Executive Vice President, and Chief Financial Officer. “These long-term lease agreements also reinforce our commitment to the communities in which we have operated for decades. By partnering with a respected platform like TPG Angelo Gordon to leverage our real estate assets, we can optimize our balance sheet and better position ourselves for future investments in the business.”
Gordon Whiting, Managing Director and Co-Head of TPG Angelo Gordon Net Lease Real Estate, added, “We are pleased to support Douglas Dynamics as it seeks to strengthen and build upon its longstanding position and operations. Our team is proud to work with businesses like Douglas Dynamics, who provide critical services and high-quality products across the U.S. and Canada. We look forward to many years of successful partnership.”
About Douglas Dynamics
Home to the most trusted brands in the industry, Douglas Dynamics is North America’s premier manufacturer and up-fitter of commercial work truck attachments and equipment. For more than 75 years, the Company has been innovating products that not only enable people to perform their jobs more efficiently and effectively, but also enable businesses to increase profitability. Through its proprietary Douglas Dynamics Management System (DDMS), the Company is committed to continuous improvement aimed at consistently producing the highest quality products, at industry-leading levels of service and delivery that ultimately drive shareholder value. The Douglas Dynamics portfolio of products and services is separated into two segments: First, the Work Truck Attachments segment, which includes commercial snow and ice control equipment sold under the FISHER®, SNOWEX® and WESTERN® brands. Second, the Work Truck Solutions segment, which includes the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands.
About TPGTPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $229 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.
Forward Looking Statements about Douglas Dynamics
This press release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation, product demand, the payment of dividends, and availability of financial resources. These statements are often identified by use of words such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will" and similar expressions and include references to assumptions and relate to our future prospects, developments, and business strategies. Such statements involve known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, weather conditions, particularly lack of or reduced levels of snowfall and the timing of such snowfall, the Company’s ability to manage general economic, business and geopolitical conditions, including the impacts of natural disasters, labor strikes, global political instability, adverse developments affecting the banking and financial services industries, pandemics and outbreaks of contagious diseases and other adverse public health developments, the Company’s inability to maintain good relationships with our distributors, the Company’s inability to maintain good relationships with the original equipment manufacturers with whom it currently does significant business, lack of available or favorable financing options for the Company’s end-users, distributors or customers, increases in the price of steel or other materials, including as a result of tariffs, necessary for the production of the Company’s products that cannot be passed on to the Company’s distributors, increases in the price of fuel or freight, a significant decline in economic conditions, the inability of the Company’s suppliers and original equipment manufacturer partners to meet its volume or quality requirements, inaccuracies in the Company’s estimates of future demand for its products, the Company’s inability to protect or continue to build its intellectual property portfolio, the effects of laws and regulations and their interpretations on the Company’s business and financial condition, including policy or regulatory changes related to climate change, the Company’s inability to develop new products or improve upon existing products in response to end-user needs, losses due to lawsuits arising out of personal injuries associated with its products, factors that could impact the future declaration and payment of dividends, or the Company’s ability to execute repurchases under its stock repurchase program, the Company’s inability to compete effectively against competition, the Company’s inability to successfully implement its new enterprise resource planning system at Dejana, as well as those discussed in the section entitled “Risk Factors” in the Company’s annual report on Form 10-K for the year ended December 31, 2023 and any subsequent Form 10-Q filings. You should not place undue reliance on these forward-looking statements. In addition, the forward-looking statements in this release speak only as of the date hereof and the Company undertakes no obligation, except as required by law, to update or release any revisions to any forward-looking statement, even if new information becomes available in the future.
For further information contact:Douglas Dynamics, Inc.investorrelations@douglasdynamics.com
For TPG:media@tpg.com
Workhorse Group Inc. WKHS, an America-based tech company focused on zero-emission commercial vehicles, has received a purchase order for 15 W56 step vans from FedEx Corporation FDX, a leader in global express delivery services. This order follows a successful test where the W56 met FedEx’s operational requirements.
The addition of these vans supports FedEx’s goal of achieving carbon-neutral operations by 2040. In real-world delivery route tests, the W56 achieved 31 MPGe, a significant improvement over the national average of seven MPG for delivery trucks. With each van expected to drive 31,875 miles per year, the purchase will help avoid around 607 metric tons of tailpipe emissions annually.
The W56 step van is designed for the demanding requirements of last-mile delivery. With an efficient eAxle electric drivetrain, regenerative braking and extended range, it offers reduced energy consumption, lower operating costs and a smaller environmental footprint. This makes it ideal for stop-and-go delivery routes.
FedEx order comes just weeks after Workhorse raised concerns about its ability to continue as a going concern. At that time, WKHS cautioned about its ability to sustain operations due to ongoing operational losses, an accumulated deficit, anticipated capital requirements, as well as delays in vehicle launches and weaker-than-expected market demand.
In the second quarter of 2024, WKHS reported revenues of $0.8 million, down from $4 million in the corresponding quarter of 2024 due to lower year-over-year W4 CC vehicle sales. Net loss widened to $26.3 million from $23 million in the corresponding quarter of 2024. As of June 30, 2024, the company’s cash and cash equivalents amounted to $5.3 million, down from $25.8 million as of Dec. 31, 2023.
Zacks Rank & Other Key Picks
WKHS currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the auto space are Dorman Products, Inc. DORM and Douglas Dynamics, Inc. PLOW, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
Zacks Investment Research
Lucid Group, Inc. LCID has launched its latest software update, Lucid UX 2.4, to introduce a range of new features, including an updated map design, 3D lane visualization and a voice-controlled assistant called Lucid Assistant. These updates, delivered via software, help Lucid continuously enhance both new and existing features to provide an optimal driving experience.
Per Jean-Philippe Gauthier, head of software engineering at Lucid, this update also marks the integration of DreamDrive Pro Highway Assist features into the company’s proprietary software. LCID’s DreamDrive Pro Advanced Driver Assistance System now includes additional capabilities, such as 3D lane visualization, highway assist, driver-initiated lane change assist and enhanced stop-and-go functionality. Adaptive Cruise Control has also been upgraded with automatic curve speed adjustments.
The update further enhances Apple CarPlay with improved turn-by-turn instructions and introduces Lucid Assist, a hands-free voice assistant that allows drivers to manage various vehicle functions like navigation, audio, climate control and seat heating by simply saying "Hey Lucid" or pressing the microphone button on the steering wheel.
To elevate the luxury driving experience, Lucid has responded to customer feedback by introducing updates like Park Distance Warning, Surround View Monitoring and Rear View Monitoring. The Lucid Mobile App has been made faster and more responsive. Lucid UX 2.4 is available in North America as an over-the-air update, with owners being notified via their vehicle and the Lucid app once it becomes available.
In the second quarter of 2024, Lucid delivered 2,394 vehicles, up 70% from the corresponding quarter of 2023. It posted revenues of $200.6 million, up from $150.9 million in the corresponding quarter of 2023. Net loss narrowed to $643.4 million compared with $763.7 million in the corresponding quarter of 2023.
Zacks Rank & Key Picks
LCID currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM, Blue Bird Corporation BLBD and Douglas Dynamics, Inc. PLOW, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
Zacks Investment Research
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