K.J. Harrison & Partners Inc Makes New $1.44 Million Investment in Copart, Inc. $CPRT

Key Points

• K.J. Harrison & Partners bought 51,000 Copart shares worth approximately $1.44 million, while institutional investors collectively own 85.78% of the company.
• CEO Jeffrey Liaw sold 27,745 shares for about $846,000, reducing his direct stake by 21.78%; insiders own 9.60% of Copart.
• Copart exceeded quarterly expectations with $0.43 in earnings per share and $1.24 billion in revenue. Analysts have a consensus “Hold” rating and an average price target of $43.50, compared with shares opening at $31.70.

K.J. Harrison & Partners Inc bought a new stake in Copart, Inc. (NASDAQ:CPRT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 51,000 shares of the business services provider's stock, valued at approximately $1,438,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc grew its position in shares of Copart by 110.9% during the second quarter. Versant Capital Management Inc now owns 947 shares of the business services provider's stock worth $27,000 after buying an additional 498 shares in the last quarter. Cache Advisors LLC acquired a new stake in Copart in the first quarter valued at $31,000. Reflection Asset Management bought a new position in Copart during the 4th quarter valued at $34,000. Elevation Wealth Partners LLC boosted its stake in Copart by 882.3% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,218 shares of the business services provider's stock valued at $34,000 after acquiring an additional 1,094 shares during the last quarter. Finally, Triumph Capital Management grew its holdings in 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 acquiring an additional 823 shares in the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Copart

In other 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 directly owned 99,641 shares of the company's stock, 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 SEC, which is accessible through this link. Company insiders own 9.60% of the company's stock.

Copart Stock Up 0.3%

Shares of NASDAQ CPRT opened at $31.70 on Tuesday. Copart, Inc. has a fifty-two week low of $26.81 and a fifty-two week high of $50.11. The firm's 50-day simple moving average is $29.31 and its 200 day simple moving average is $32.85. The stock has a market cap of $29.35 billion, a P/E ratio of 19.69 and a beta of 1.01.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings data on Thursday, May 21st. The business services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The company's quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.42 earnings per share. On average, sell-side analysts anticipate that Copart, Inc. will post 1.58 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Barclays set a $26.00 target price on shares of Copart and gave the company an "underweight" rating in a research note on Tuesday, July 21st. Jefferies Financial Group set a $45.00 price target on Copart in a research note on Friday, May 22nd. Freedom Capital raised Copart to a "strong-buy" rating in a report on Friday, June 26th. Zacks Research cut Copart from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Three investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $43.50.

Copart Company 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.

Want to see what other hedge funds are holding CPRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Copart, Inc. (NASDAQ:CPRT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source