55,237 Copart, Inc. $CPRT Shares Purchased by GAMMA Investing LLC

Key Points

• GAMMA Investing LLC increased its Copart stake by 328% during the third quarter, purchasing 55,237 additional shares and bringing its holdings to 72,078 shares valued at approximately $1.97 million. Institutional investors collectively own 85.78% of Copart.
• Analyst sentiment remains moderately bullish: Copart has a consensus “Moderate Buy” rating and an average price target of $37.80, despite mixed actions ranging from upgrades by JPMorgan and Barrington Research to an “underweight” rating from Barclays.
• Copart shares opened at $27.32, near the lower end of their 12-month range, after the company reported quarterly revenue of $1.15 billion but earnings per share of $0.35, below analysts’ $0.38 consensus estimate.

GAMMA Investing LLC grew its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 328.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 72,078 shares of the business services provider's stock after purchasing an additional 55,237 shares during the period. GAMMA Investing LLC's holdings in Copart were worth $1,966,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CPRT. Western Pacific Wealth Management LP increased its position in Copart by 13.8% in the 1st quarter. Western Pacific Wealth Management LP now owns 2,646 shares of the business services provider's stock valued at $88,000 after buying an additional 320 shares in the last quarter. Alpha Family Trust boosted its holdings in Copart by 3.4% in the first quarter. Alpha Family Trust now owns 11,010 shares of the business services provider's stock worth $366,000 after acquiring an additional 360 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in Copart by 1.3% in the second quarter. Sequoia Financial Advisors LLC now owns 28,547 shares of the business services provider's stock valued at $805,000 after acquiring an additional 369 shares during the period. Versant Capital Management Inc grew its stake in Copart by 110.9% in the second quarter. Versant Capital Management Inc now owns 947 shares of the business services provider's stock valued at $27,000 after acquiring an additional 498 shares during the period. Finally, Studio Investment Management LLC increased its holdings in shares of Copart by 5.5% during the second quarter. Studio Investment Management LLC now owns 10,728 shares of the business services provider's stock valued at $302,000 after acquiring an additional 556 shares in the last quarter. Institutional investors own 85.78% of the company's stock.

Insider Activity at Copart

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CPRT. Barrington Research raised Copart from a "market perform" rating to an "outperform" rating and set a $40.00 target price on the stock in a research report on Friday, September 11th. JPMorgan Chase & Co. upgraded shares of Copart from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $32.00 to $40.00 in a research note on Thursday, September 3rd. Robert W. Baird lowered their price objective on shares of Copart from $42.00 to $38.00 and set an "outperform" rating on the stock in a report on Friday, September 11th. Zacks Research raised shares of Copart from a "strong sell" rating to a "hold" rating in a research note on Monday, September 7th. Finally, Barclays set a $25.00 price objective on shares of Copart and gave the company an "underweight" rating in a report on Wednesday, August 26th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $37.80.

Copart Stock Down 0.6%

Shares of NASDAQ:CPRT opened at $27.32 on Friday. The stock has a market cap of $25.31 billion, a price-to-earnings ratio of 17.63, a PEG ratio of 1.35 and a beta of 1.06. Copart, Inc. has a 12-month low of $26.39 and a 12-month high of $45.89. The business's 50 day moving average is $30.33 and its 200 day moving average is $31.03.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings results on Thursday, September 10th. The business services provider reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). The company had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.14 billion. Copart had a net margin of 31.81% and a return on equity of 15.93%. The company's quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 earnings per share. As a group, equities research analysts expect that Copart, Inc. will post 1.63 earnings per share for the current year.

About Copart

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company's facilities.

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