Avity Investment Management Inc. Buys 222,260 Shares of Copart, Inc. $CPRT

Key Points

• Avity Investment Management increased its Copart stake by 1,182.2% in the third quarter, purchasing 222,260 additional shares and bringing its holdings to 241,060 shares worth approximately $6.6 million.
• Copart shares traded near $27.32, close to their 52-week low of $26.39. The company reported quarterly revenue of $1.15 billion, up 2.4% year over year, but earnings per share of $0.35 missed analyst expectations of $0.38.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $37.80, although CEO Jeffrey Liaw sold 27,745 shares at an average price of $30.49.

Avity Investment Management Inc. grew its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 1,182.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 241,060 shares of the business services provider's stock after buying an additional 222,260 shares during the quarter. Avity Investment Management Inc.'s holdings in Copart were worth $6,576,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CPRT. Bullock Wealth Management Group bought a new position in shares of Copart in the 3rd quarter valued at $114,000. Legacy Wealth Asset Management LLC grew its position in Copart by 67.4% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 13,317 shares of the business services provider's stock worth $363,000 after acquiring an additional 5,363 shares during the last quarter. First Heartland Consultants Inc. increased its holdings in Copart by 12.7% in the 3rd quarter. First Heartland Consultants Inc. now owns 21,749 shares of the business services provider's stock worth $593,000 after purchasing an additional 2,451 shares in the last quarter. GAMMA Investing LLC increased its holdings in Copart by 328.0% in the 3rd quarter. GAMMA Investing LLC now owns 72,078 shares of the business services provider's stock worth $1,966,000 after purchasing an additional 55,237 shares in the last quarter. Finally, Allen Mooney & Barnes Investment Advisors LLC bought a new position in Copart in the third quarter valued at about $118,000. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Copart Stock Performance

Shares of CPRT traded down $0.16 during mid-day trading on Friday, reaching $27.32. 7,281,999 shares of the company were exchanged, compared to its average volume of 10,203,497. Copart, Inc. has a 52 week low of $26.39 and a 52 week high of $45.89. The stock has a market capitalization of $25.31 billion, a PE ratio of 17.63, a PEG ratio of 1.30 and a beta of 1.06. The business has a 50 day simple moving average of $30.36 and a two-hundred day simple moving average of $31.05.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings data 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). Copart had a return on equity of 15.93% and a net margin of 31.81%.The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the firm earned $0.41 earnings per share. Copart's revenue was up 2.4% compared to the same quarter last year. On average, analysts predict that Copart, Inc. will post 1.63 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CPRT shares. Weiss Ratings restated a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Freedom Broker dropped their price objective on shares of Copart from $39.00 to $36.00 and set a "buy" rating for the company in a report on Monday, September 14th. Robert W. Baird cut their target price on shares of Copart from $42.00 to $38.00 and set an "outperform" rating on the stock in a research report on Friday, September 11th. Zacks Research raised shares of Copart from a "strong sell" rating to a "hold" rating in a report on Monday, September 7th. Finally, JPMorgan Chase & Co. upgraded shares of Copart from a "neutral" rating to an "overweight" rating and upped their price target for the company from $32.00 to $40.00 in a research report on Thursday, September 3rd. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.80.

Insider Activity at Copart

In other news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the sale, the chief executive officer directly owned 99,641 shares in the company, valued at $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 9.60% of the company's stock.

Copart Company Profile

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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