Copart, Inc. $CPRT Shares Acquired by Bright Rock Capital Management LLC

Key Points

• Bright Rock Capital Management increased its Copart stake by 26.5% in the third quarter, adding 80,000 shares to own 382,000 shares valued at approximately $10.4 million. Institutional investors collectively own 85.78% of Copart.
• Copart’s shares traded at $27.57, near the company’s 12-month low of $26.74 and below its 50-day and 200-day moving averages. The company’s latest earnings missed estimates, though quarterly revenue rose 2.4% year over year to $1.15 billion.
• Analysts maintain a consensus “Moderate Buy” rating with a $37.80 price target, while CEO Jeffrey Liaw sold 27,745 shares worth approximately $846,000, reducing his position by 21.78%.

Bright Rock Capital Management LLC increased its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 26.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 382,000 shares of the business services provider's stock after buying an additional 80,000 shares during the quarter. Copart comprises approximately 2.0% of Bright Rock Capital Management LLC's holdings, making the stock its 18th largest position. Bright Rock Capital Management LLC's holdings in Copart were worth $10,421,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Western Pacific Wealth Management LP increased its holdings in shares of 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 worth $88,000 after acquiring an additional 320 shares during the period. Claret Asset Management Corp increased its stake in shares of Copart by 5.1% in the fourth quarter. Claret Asset Management Corp now owns 6,830 shares of the business services provider's stock valued at $267,000 after purchasing an additional 329 shares during the period. Alpha Family Trust raised its holdings in shares of Copart by 3.4% during the first quarter. Alpha Family Trust now owns 11,010 shares of the business services provider's stock valued at $366,000 after buying an additional 360 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Copart by 3.0% during the fourth quarter. Parallel Advisors LLC now owns 12,783 shares of the business services provider's stock valued at $500,000 after buying an additional 367 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its position in shares of Copart by 1.3% during the second quarter. Sequoia Financial Advisors LLC now owns 28,547 shares of the business services provider's stock worth $805,000 after buying an additional 369 shares during the period. 85.78% of the stock is currently owned by institutional investors.

Copart Stock Performance

NASDAQ CPRT traded up $0.35 on Monday, reaching $27.57. The company's stock had a trading volume of 2,510,379 shares, compared to its average volume of 10,168,641. The firm's 50 day moving average is $30.61 and its two-hundred day moving average is $31.22. The stock has a market cap of $25.54 billion, a PE ratio of 17.81, a PEG ratio of 1.32 and a beta of 1.06. Copart, Inc. has a twelve month low of $26.74 and a twelve month high of $45.89.

Copart (NASDAQ:CPRT - Get Free Report) last issued its earnings results on Thursday, September 10th. The business services provider reported $0.35 earnings per share 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 business had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the business posted $0.41 earnings per share. The company's quarterly revenue was up 2.4% on a year-over-year basis. Equities research analysts anticipate that Copart, Inc. will post 1.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on CPRT shares. Robert W. Baird lowered their target price on Copart from $42.00 to $38.00 and set an "outperform" rating on the stock in a research report on Friday, September 11th. HSBC cut Copart from a "buy" rating to a "hold" rating and set a $36.00 price target for the company. in a research note on Wednesday, September 16th. Weiss Ratings restated a "sell (d+)" rating on shares of Copart in a research note on Wednesday, July 29th. Barrington Research raised shares of Copart from a "market perform" rating to an "outperform" rating and set a $40.00 price objective for the company in a report on Friday, September 11th. Finally, Freedom Capital upgraded shares of Copart to a "strong-buy" rating in a research report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Copart has a consensus rating of "Moderate Buy" and a consensus target price of $37.80.

Insider Activity

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 shares were sold at an average price of $30.49, for a total value of $845,945.05. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.60% of the stock is owned by corporate insiders.

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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