Beacon Pointe Advisors LLC Invests $5.65 Million in Copart, Inc. $CPRT

Key Points

• Beacon Pointe Advisors initiated a Copart position worth approximately $5.65 million by purchasing 200,292 shares in the second quarter. Institutional investors collectively own 85.78% of Copart.
• Copart’s analyst outlook is mixed: MarketBeat reports a consensus “Hold” rating and an average price target of $41.50, with ratings ranging from “Strong Buy” to “Sell.”
• CEO Jeffrey Liaw sold 27,745 shares for about $846,000, reducing his direct ownership by 21.78%; Copart shares recently opened at $32.99, with a one-year range of $26.81 to $50.11.

Beacon Pointe Advisors LLC bought a new stake in Copart, Inc. (NASDAQ:CPRT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 200,292 shares of the business services provider's stock, valued at approximately $5,646,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its position in shares of Copart by 14.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 333,624 shares of the business services provider's stock worth $11,076,000 after buying an additional 41,060 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Copart by 6.4% in the second quarter. Handelsbanken Fonder AB now owns 578,452 shares of the business services provider's stock valued at $16,307,000 after acquiring an additional 34,855 shares in the last quarter. Mill Capital Management LLC bought a new position in shares of Copart in the second quarter valued at approximately $12,711,000. Focus Partners Advisor Solutions LLC acquired a new position in shares of Copart during the second quarter valued at approximately $1,298,000. Finally, Barbara Oil Co. acquired a new position in shares of Copart during the second quarter valued at approximately $1,585,000. Institutional investors own 85.78% of the company's stock.

Insider Activity

In other news, CEO Jeffrey Liaw sold 27,745 shares of the company's stock in a transaction on Tuesday, July 28th. The stock was 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 of the company's stock, valued at $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 9.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CPRT has been the topic of several research analyst reports. Zacks Research cut Copart from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 28th. Freedom Capital raised Copart to a "strong-buy" rating in a research note on Friday, June 26th. Jefferies Financial Group set a $45.00 target price on Copart in a report on Friday, May 22nd. Barclays set a $25.00 price target on shares of Copart and gave the stock an "underweight" rating in a research report on Wednesday. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Copart in a research report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Copart presently has a consensus rating of "Hold" and an average target price of $41.50.

Copart Stock Performance

Shares of NASDAQ:CPRT opened at $32.99 on Friday. Copart, Inc. has a one year low of $26.81 and a one year high of $50.11. The stock has a fifty day moving average of $29.77 and a 200-day moving average of $32.47. The company has a market capitalization of $30.54 billion, a PE ratio of 20.49 and a beta of 1.01.

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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