Bank of Nova Scotia Invests $5.12 Million in Copart, Inc. $CPRT

Key Points

• Bank of Nova Scotia acquired 181,513 Copart shares during the second quarter, valued at approximately $5.12 million. Institutional investors collectively own 85.78% of CPRT’s outstanding stock.
• Copart CEO Jeffrey Liaw sold 27,745 shares for approximately $845,945, reducing his ownership by 21.78%; insiders now own 9.60% of the company.
• CPRT opened at $33.33, with a market capitalization of $30.86 billion and a consensus analyst rating of “Hold”. Analysts’ average price target is $41.67, despite ratings ranging from Strong Buy to Strong Sell.

Bank of Nova Scotia acquired a new stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 181,513 shares of the business services provider's stock, valued at approximately $5,120,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CPRT. C M Bidwell & Associates Ltd. bought a new stake in Copart during the second quarter valued at about $25,000. Versant Capital Management Inc raised its stake in shares of Copart by 110.9% in the second quarter. Versant Capital Management Inc now owns 947 shares of the business services provider's stock worth $27,000 after buying an additional 498 shares during the period. Cache Advisors LLC purchased a new position in shares of Copart during the 1st quarter valued at about $31,000. Compass Financial Management LLC purchased a new position in shares of Copart during the 2nd quarter valued at about $33,000. Finally, Reflection Asset Management bought a new position in shares of Copart during the 4th quarter valued at approximately $34,000. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Jeffrey Liaw sold 27,745 shares of the company's 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 transaction, the chief executive officer owned 99,641 shares in the company, valued at approximately $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 9.60% of the stock is currently owned by insiders.

Copart Trading Up 0.2%

NASDAQ CPRT opened at $33.33 on Wednesday. Copart, Inc. has a 12 month low of $26.81 and a 12 month high of $50.11. The stock has a market cap of $30.86 billion, a PE ratio of 20.70 and a beta of 1.01. The stock's 50 day moving average is $29.61 and its 200 day moving average is $32.57.

Wall Street Analyst Weigh In

CPRT has been the topic of several analyst reports. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Freedom Capital raised shares of Copart to a "strong-buy" rating in a research note on Friday, June 26th. Stephens restated an "equal weight" rating and set a $35.00 price objective on shares of Copart in a research report on Thursday, August 20th. Zacks Research cut shares of Copart from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Finally, Jefferies Financial Group set a $45.00 target price on shares of Copart in a research note on Friday, May 22nd. Three investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $41.67.

Copart Company Profile

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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