Marks Group Wealth Management Inc Has $3.62 Million Position in Copart, Inc. $CPRT

Key Points

• Marks Group Wealth Management reduced its Copart stake by 28.9% in the first quarter, selling 44,398 shares and leaving it with 109,179 shares valued at about $3.63 million.
• Institutional ownership of Copart remains high, with hedge funds and other investors holding 85.78% of the stock, while several firms recently opened new positions.
• Copart’s latest quarterly results topped expectations, with EPS of $0.43 versus $0.41 expected and revenue of $1.24 billion; analysts currently rate the stock a Moderate Buy with an average price target of $44.50.

Marks Group Wealth Management Inc cut its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 28.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 109,179 shares of the business services provider's stock after selling 44,398 shares during the quarter. Marks Group Wealth Management Inc's holdings in Copart were worth $3,625,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Lodestone Wealth Management LLC acquired a new position in Copart in the 4th quarter valued at about $25,000. Cache Advisors LLC acquired a new stake in Copart during the first quarter worth approximately $31,000. Aventura Private Wealth LLC acquired a new stake in Copart during the fourth quarter worth approximately $33,000. Reflection Asset Management bought a new stake in shares of Copart during the fourth quarter worth approximately $34,000. Finally, Board of the Pension Protection Fund acquired a new position in shares of Copart in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 85.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Weiss Ratings lowered Copart from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, May 1st. Jefferies Financial Group set a $45.00 price target on Copart in a research note on Friday, May 22nd. Zacks Research raised Copart from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Finally, Freedom Capital upgraded Copart to a "strong-buy" rating in a research report on Friday, June 26th. Three research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $44.50.

Copart Stock Down 0.9%

Shares of NASDAQ:CPRT opened at $27.28 on Thursday. Copart, Inc. has a 12-month low of $27.23 and a 12-month high of $50.11. The company's 50 day moving average price is $30.96 and its two-hundred day moving average price is $34.61. The firm has a market cap of $25.26 billion, a PE ratio of 16.94 and a beta of 1.02.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share 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 the consensus estimate of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The firm's quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.42 earnings per share. On average, research analysts expect that Copart, Inc. will post 1.58 EPS for the current 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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