Clear Harbor Asset Management LLC Buys Shares of 130,867 Copart, Inc. $CPRT

Key Points

• Clear Harbor Asset Management acquired 130,867 Copart shares during the second quarter, valued at approximately $3.69 million. Institutional investors collectively own 85.78% of the company.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $41.67; ratings range from Strong Buy to Sell.
• Copart recently exceeded quarterly earnings and revenue expectations, reporting $0.43 in EPS and $1.24 billion in revenue. Meanwhile, CEO Jeffrey Liaw sold 27,745 shares at an average price of $30.49.

Clear Harbor Asset Management LLC purchased a new position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 130,867 shares of the business services provider's stock, valued at approximately $3,689,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Copart during the second quarter worth $1,908,980,000. State Street Corp raised its stake in Copart by 1.3% during the fourth quarter. State Street Corp now owns 37,555,437 shares of the business services provider's stock worth $1,470,295,000 after buying an additional 492,506 shares during the last quarter. Capital World Investors lifted its holdings in Copart by 25.1% in the fourth quarter. Capital World Investors now owns 27,728,398 shares of the business services provider's stock valued at $1,085,588,000 after buying an additional 5,555,101 shares during the period. Geode Capital Management LLC lifted its holdings in Copart by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider's stock valued at $906,836,000 after buying an additional 131,703 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Copart by 21.7% during the fourth quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider's stock valued at $860,618,000 after acquiring an additional 3,918,610 shares during the last quarter. Institutional investors and hedge funds own 85.78% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Barclays set a $26.00 price objective on Copart and gave the stock an "underweight" rating in a research report on Tuesday, July 21st. Zacks Research cut Copart from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Jefferies Financial Group set a $45.00 target price on Copart in a research note on Friday, May 22nd. Freedom Capital upgraded Copart to a "strong-buy" rating in a report on Friday, June 26th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of Copart in a research note on Wednesday, July 29th. Three research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $41.67.

Insider Buying and Selling

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

Copart Trading Down 1.5%

NASDAQ:CPRT opened at $33.80 on Friday. Copart, Inc. has a 12 month low of $26.81 and a 12 month high of $50.11. The stock has a market capitalization of $31.29 billion, a price-to-earnings ratio of 20.99 and a beta of 1.01. The firm has a fifty day simple moving average of $29.49 and a two-hundred day simple moving average of $32.71.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings data on Thursday, May 21st. The business services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.02. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The business's quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.42 earnings per share. Equities analysts predict that Copart, Inc. will post 1.58 earnings per share for the current fiscal year.

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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