Copart (NASDAQ:CPRT) Stock Rating Upgraded by JPMorgan Chase & Co.

Key Points

• JPMorgan upgraded Copart from “neutral” to “overweight” and set a $40 price target, implying 24.38% upside from the stock’s $32.16 opening price.
• Analyst sentiment is mixed but leans positive: Copart has an overall “Moderate Buy” rating and an average price target of $42.14, despite several sell and underweight recommendations.
• Copart shares were down 1.0%, while institutional investors owned 85.78% of the company; CEO Jeffrey Liaw also sold 27,745 shares in July, reducing his position by 21.78%.

Copart (NASDAQ:CPRT - Get Free Report) was upgraded by stock analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report released on Thursday, Briefing.com reports. The brokerage currently has a $40.00 target price on the business services provider's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 24.38% from the stock's current price.

Other research analysts have also issued research reports about the company. Barclays set a $25.00 target price on Copart and gave the company an "underweight" rating in a report on Wednesday, August 26th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Stephens restated an "equal weight" rating and issued a $35.00 price target on shares of Copart in a report on Thursday, August 20th. Zacks Research downgraded Copart from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Finally, Deutsche Bank Aktiengesellschaft set a $40.00 price objective on Copart in a report on Thursday. Three equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, Copart presently has an average rating of "Moderate Buy" and an average price target of $42.14.

Copart Stock Down 1.0%

CPRT opened at $32.16 on Thursday. Copart has a 52 week low of $26.81 and a 52 week high of $50.11. The business's 50 day moving average is $29.94 and its two-hundred day moving average is $32.28. The firm has a market cap of $29.77 billion, a price-to-earnings ratio of 19.98, a price-to-earnings-growth ratio of 1.95 and a beta of 1.03.

Insider Activity

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of Copart stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total value of $845,945.05. Following the transaction, the chief executive officer owned 99,641 shares in the company, valued at $3,038,054.09. This trade represents a 21.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 9.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Second Line Capital LLC raised its holdings in shares of Copart by 46.5% during the 2nd quarter. Second Line Capital LLC now owns 106,235 shares of the business services provider's stock valued at $2,995,000 after buying an additional 33,716 shares during the period. Brown Lisle Cummings Inc. grew its position in Copart by 24,634.9% in the second quarter. Brown Lisle Cummings Inc. now owns 15,583 shares of the business services provider's stock valued at $439,000 after acquiring an additional 15,520 shares in the last quarter. VELA Investment Management LLC acquired a new stake in Copart in the second quarter valued at approximately $1,680,000. Amundi raised its stake in shares of Copart by 18.9% during the second quarter. Amundi now owns 6,611,133 shares of the business services provider's stock valued at $186,368,000 after purchasing an additional 1,051,285 shares during the period. Finally, HighTower Advisors LLC raised its stake in shares of Copart by 10.6% during the second quarter. HighTower Advisors LLC now owns 1,524,087 shares of the business services provider's stock valued at $42,964,000 after purchasing an additional 146,237 shares during the period. Institutional investors and hedge funds own 85.78% of the company's stock.

About Copart

Copart NASDAQ: CPRT is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart's business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

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