Hiddenite Capital Partners LP Purchases 500,000 Shares of Copart, Inc. $CPRT

Key Points

• Hiddenite Capital Partners acquired 500,000 Copart shares worth approximately $13.64 million, making up 2.4% of its portfolio and representing a 0.05% stake in the company.
• Institutional ownership remains high at 85.78%, while Director Diane Morefield sold 20,000 shares valued at $553,200, reducing her position by 28.57%.
• Copart reported quarterly revenue of $1.15 billion, up 2.4% year over year, but earnings of $0.35 per share missed estimates. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $37.80.

Hiddenite Capital Partners LP acquired a new position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 500,000 shares of the business services provider's stock, valued at approximately $13,640,000. Copart comprises approximately 2.4% of Hiddenite Capital Partners LP's holdings, making the stock its 12th biggest position. Hiddenite Capital Partners LP owned 0.05% of Copart at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. BlackRock Inc. acquired a new stake in Copart in the second quarter valued at approximately $1,908,980,000. Bank of New York Mellon Corp acquired a new position in shares of Copart during the second quarter worth $488,663,000. Deutsche Bank AG acquired a new position in shares of Copart during the second quarter worth $436,413,000. Bank of America Corp DE increased its holdings in shares of Copart by 28.7% during the first quarter. Bank of America Corp DE now owns 9,706,517 shares of the business services provider's stock worth $322,256,000 after buying an additional 2,165,708 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of Copart by 97.9% in the 2nd quarter. Van ECK Associates Corp now owns 9,059,273 shares of the business services provider's stock valued at $255,381,000 after acquiring an additional 4,482,226 shares during the last quarter. 85.78% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Diane Morefield sold 20,000 shares of the company's stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $27.66, for a total value of $553,200.00. Following the completion of the sale, the director owned 50,000 shares in the company, valued at $1,383,000. This represents a 28.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 9.30% of the stock is currently owned by insiders.

Copart Price Performance

Shares of NASDAQ:CPRT opened at $31.93 on Tuesday. The company has a market capitalization of $29.58 billion, a price-to-earnings ratio of 20.60, a P/E/G ratio of 1.42 and a beta of 1.06. The business's 50-day moving average is $29.53 and its 200-day moving average is $32.40. Copart, Inc. has a 1 year low of $25.72 and a 1 year high of $43.38.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings data on Thursday, September 10th. The business services provider reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.03). Copart had a net margin of 31.81% and a return on equity of 15.93%. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the firm earned $0.41 EPS. The business's revenue was up 2.4% compared to the same quarter last year. Analysts anticipate that Copart, Inc. will post 1.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CPRT. Barclays set a $25.00 price objective on Copart and gave the stock an "underweight" rating in a research report on Wednesday, August 26th. BNP Paribas Exane reiterated an "outperform" rating and issued a $43.00 target price (up from $40.00) on shares of Copart in a research report on Monday, September 28th. JPMorgan Chase & Co. upgraded Copart from a "neutral" rating to an "overweight" rating and increased their target price for the company from $32.00 to $40.00 in a research report on Thursday, September 3rd. Freedom Broker cut their price target on Copart from $39.00 to $36.00 and set a "buy" rating on the stock in a research note on Monday, September 14th. Finally, Zacks Research upgraded Copart from a "strong sell" rating to a "hold" rating in a report on Monday, September 7th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $37.80.

Copart Company Profile

Copart, Inc is a provider of online vehicle auction and remarketing services. The company operates a digital marketplace that connects vehicle sellers with a broad network of buyers, including licensed dismantlers, rebuilders, used-car dealers, exporters and individual consumers.

Copart primarily sells vehicles that have been damaged, declared total losses by insurers, repossessed, donated or otherwise designated for resale. Its services also include vehicle storage, transportation, towing coordination, title processing, inspection and auction support.

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