HB Wealth Management LLC Cuts Position in Copart, Inc. $CPRT

Key Points

• HB Wealth Management LLC cut its Copart stake by 48.7% in Q4, selling 42,539 shares and finishing the quarter with 44,868 shares valued at about $1.76 million.
• CEO Jeffrey Liaw sold 26,213 shares on April 15 for roughly $869,747, reducing his ownership by 24.8%; insiders own 9.6% of the stock while institutions hold 85.78%.
• Copart missed quarterly estimates (EPS $0.36 vs. $0.39) and saw revenue decline 3.6% YoY, triggering analyst cuts and a consensus "Hold" with an average price target of $44.40 as the stock trades near ~$33 (1‑year low $32.20, high $63.85).

HB Wealth Management LLC lessened its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 48.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,868 shares of the business services provider's stock after selling 42,539 shares during the quarter. HB Wealth Management LLC's holdings in Copart were worth $1,757,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Davidson Kahn Capital Management LLC grew its holdings in Copart by 56.3% in the fourth quarter. Davidson Kahn Capital Management LLC now owns 100,151 shares of the business services provider's stock worth $3,921,000 after purchasing an additional 36,091 shares during the period. Novem Group grew its holdings in Copart by 42.9% in the fourth quarter. Novem Group now owns 23,951 shares of the business services provider's stock worth $938,000 after purchasing an additional 7,187 shares during the period. Legacy Advisors LLC grew its holdings in Copart by 6.5% in the fourth quarter. Legacy Advisors LLC now owns 8,041 shares of the business services provider's stock worth $315,000 after purchasing an additional 494 shares during the period. TD Waterhouse Canada Inc. grew its holdings in Copart by 40.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 6,415 shares of the business services provider's stock worth $251,000 after purchasing an additional 1,855 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Copart by 102.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 456,870 shares of the business services provider's stock worth $17,886,000 after purchasing an additional 230,957 shares during the period. Hedge funds and other institutional investors own 85.78% of the company's stock.

Insider Activity

In other news, CEO Jeffrey Liaw sold 26,213 shares of Copart stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total value of $869,747.34. Following the completion of the sale, the chief executive officer directly owned 79,532 shares in the company, valued at $2,638,871.76. The trade was a 24.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 9.60% of the stock is currently owned by insiders.

Copart Price Performance

Shares of NASDAQ:CPRT opened at $33.07 on Friday. Copart, Inc. has a 1 year low of $32.20 and a 1 year high of $63.85. The company has a market cap of $31.86 billion, a P/E ratio of 20.67 and a beta of 1.14. The stock's fifty day moving average price is $34.66 and its 200-day moving average price is $38.58.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The business services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.03). Copart had a return on equity of 16.68% and a net margin of 33.76%.The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the business posted $0.40 earnings per share. Copart's quarterly revenue was down 3.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Copart, Inc. will post 1.58 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Robert W. Baird set a $48.00 price objective on shares of Copart and gave the stock an "outperform" rating in a report on Friday, February 20th. JPMorgan Chase & Co. cut their price objective on shares of Copart from $45.00 to $34.00 and set a "neutral" rating on the stock in a report on Monday, February 23rd. Zacks Research cut shares of Copart from a "hold" rating to a "strong sell" rating in a report on Tuesday, February 24th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Copart in a report on Monday, March 23rd. Finally, Barclays reiterated an "underweight" rating and set a $32.00 price target (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Copart has a consensus rating of "Hold" and an average price target of $44.40.

Copart 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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