Copart, Inc. $CPRT Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its Copart stake by 28.7% in the first quarter, adding 2.17 million shares to own 9.71 million shares worth approximately $322.3 million. Institutional investors collectively own 85.78% of Copart.
• Copart exceeded quarterly expectations, reporting $0.43 in EPS versus the $0.41 consensus and $1.24 billion in revenue versus $1.19 billion expected. Revenue rose 2.1% year over year, while net margin reached 33.48%.
• Analyst sentiment remains mixed: Copart has a consensus “Hold” rating and an average price target of $43.50, while recent ratings ranged from “strong buy” to “strong sell.” CEO Jeffrey Liaw also sold 27,745 shares for approximately $846,000.

Bank of America Corp DE increased its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 28.7% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 9,706,517 shares of the business services provider's stock after acquiring an additional 2,165,708 shares during the period. Bank of America Corp DE owned approximately 1.01% of Copart worth $322,256,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Reflection Asset Management purchased a new stake in Copart in the fourth quarter valued at $34,000. Cache Advisors LLC purchased a new position in shares of Copart during the 1st quarter worth $31,000. Triumph Capital Management grew its holdings in shares of Copart by 424.2% during the 4th quarter. Triumph Capital Management now owns 1,017 shares of the business services provider's stock worth $40,000 after purchasing an additional 823 shares during the period. Geneos Wealth Management Inc. increased its position in shares of Copart by 365.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider's stock worth $63,000 after purchasing an additional 878 shares during the last quarter. Finally, DV Equities LLC acquired a new stake in shares of Copart during the 4th quarter worth about $48,000. Institutional investors and hedge funds own 85.78% of the company's stock.

Insider Transactions at Copart

In other news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the sale, the chief executive officer owned 99,641 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on CPRT. Barclays set a $26.00 price objective on shares of Copart and gave the company an "underweight" rating in a report on Tuesday, July 21st. Weiss Ratings reiterated a "sell (d+)" rating on shares of Copart in a research report on Wednesday. Jefferies Financial Group set a $45.00 price target on shares of Copart in a research note on Friday, May 22nd. Zacks Research lowered shares of Copart from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Finally, Freedom Capital raised shares of Copart to a "strong-buy" rating in a research report on Friday, June 26th. Three investment 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 issued a Sell rating to the company. According to MarketBeat.com, Copart has a consensus rating of "Hold" and an average price target of $43.50.

Copart Stock Performance

CPRT stock opened at $29.12 on Monday. The business's fifty day moving average price is $29.82 and its 200 day moving average price is $33.72. Copart, Inc. has a 12-month low of $26.81 and a 12-month high of $50.11. The company has a market capitalization of $26.96 billion, a PE ratio of 18.09 and a beta of 1.01.

Copart (NASDAQ:CPRT - Get Free Report) last announced its earnings results on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.02. The company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.19 billion. Copart had a return on equity of 16.63% and a net margin of 33.48%.Copart's revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the business posted $0.42 EPS. Research analysts predict that Copart, Inc. will post 1.58 EPS 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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