Copart, Inc. $CPRT Shares Acquired by QRG Capital Management Inc.

Key Points

• QRG Capital Management increased its Copart stake by 122.9% in the second quarter, owning 268,812 shares valued at approximately $7.6 million. Institutional investors collectively hold 85.78% of Copart’s stock.
• Copart’s shares opened at $28.04, near the lower end of their 12-month range, while the company’s latest earnings of $0.35 per share fell short of estimates. Revenue rose 2.4% year over year to $1.15 billion.
• Analyst sentiment remains cautiously positive, with a consensus rating of “Moderate Buy” and an average price target of $37.22, although CEO Jeffrey Liaw recently sold 27,745 shares worth about $846,000.

QRG Capital Management Inc. lifted its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 122.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 268,812 shares of the business services provider's stock after buying an additional 148,221 shares during the period. QRG Capital Management Inc.'s holdings in Copart were worth $7,578,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Reflection Asset Management bought a new position in shares of Copart during the 4th quarter worth approximately $34,000. C M Bidwell & Associates Ltd. bought a new position in shares of Copart during the second quarter valued at $25,000. Cache Advisors LLC bought a new position in shares of Copart during the first quarter valued at $31,000. Versant Capital Management Inc boosted its stake in shares of Copart by 110.9% in the 2nd quarter. Versant Capital Management Inc now owns 947 shares of the business services provider's stock valued at $27,000 after purchasing an additional 498 shares in the last quarter. Finally, Cherry Tree Wealth Management LLC boosted its stake in shares of Copart by 14,062.5% in the 2nd quarter. Cherry Tree Wealth Management LLC now owns 1,133 shares of the business services provider's stock valued at $32,000 after purchasing an additional 1,125 shares in the last quarter. Institutional investors own 85.78% of the company's stock.

Copart Stock Down 2.8%

Shares of NASDAQ:CPRT opened at $28.04 on Friday. Copart, Inc. has a 12 month low of $26.81 and a 12 month high of $45.89. The company's 50-day moving average price is $30.62 and its two-hundred day moving average price is $31.56. The firm has a market cap of $25.96 billion, a P/E ratio of 18.09, a P/E/G ratio of 1.40 and a beta of 1.03.

Copart (NASDAQ:CPRT - Get Free Report) last announced 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 company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the firm posted $0.41 earnings per share. The company's revenue was up 2.4% on a year-over-year basis. As a group, equities analysts predict that Copart, Inc. will post 1.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CPRT shares. JPMorgan Chase & Co. upgraded shares of Copart from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $32.00 to $40.00 in a research report on Thursday, September 3rd. Freedom Capital upgraded shares of Copart to a "strong-buy" rating in a research report on Friday, June 26th. Weiss Ratings reaffirmed 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, HSBC cut shares of Copart from a "buy" rating to a "hold" rating and set a $36.00 target price for the company. in a research note on Wednesday, September 16th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $37.22.

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total value of $845,945.05. Following the transaction, the chief executive officer directly owned 99,641 shares in the company, valued at approximately $3,038,054.09. This trade represents a 21.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.60% of the company's stock.

About Copart

Copart, Inc NASDAQ: CPRT provides online vehicle auction and remarketing services. The company operates a global marketplace where damaged, recovered, used and other vehicles are sold primarily through online auctions. Its offerings include salvage and clean-title vehicles, with inventory sourced from insurance companies, banks, dealerships, fleet operators, rental companies, government agencies and other organizations.

Copart supports the vehicle remarketing process through inspection, storage, transportation, title processing and auction services.

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