Meeder Asset Management Inc. Makes New Investment in Copart, Inc. $CPRT

Key Points

• Meeder Asset Management purchased 259,709 Copart shares worth approximately $7.3 million during the second quarter. Institutional investors collectively own 85.78% of the company.
• Copart reported quarterly earnings of $0.43 per share, exceeding estimates of $0.41, while revenue rose 2.1% year over year to $1.24 billion.
• CPRT recently traded at $31.70, below the analyst consensus price target of $43.50. Ratings are mixed, resulting in an overall consensus rating of “Hold,” while CEO Jeffrey Liaw sold shares worth approximately $846,000.

Meeder Asset Management Inc. bought a new position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 259,709 shares of the business services provider's stock, valued at approximately $7,321,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CPRT. Versant Capital Management Inc lifted its holdings in shares of Copart by 110.9% during the 2nd quarter. Versant Capital Management Inc now owns 947 shares of the business services provider's stock valued at $27,000 after purchasing an additional 498 shares in the last quarter. Cache Advisors LLC bought a new position in shares of Copart during the 1st quarter worth approximately $31,000. Reflection Asset Management bought a new position in Copart in the fourth quarter valued at $34,000. Elevation Wealth Partners LLC grew its holdings in shares of Copart by 882.3% in 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 in the last quarter. Finally, Triumph Capital Management grew its stake in Copart by 424.2% in the fourth quarter. Triumph Capital Management now owns 1,017 shares of the business services provider's stock valued at $40,000 after purchasing an additional 823 shares in the last quarter. 85.78% of the stock is owned by institutional investors.

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Insider Buying and Selling

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 value of $845,945.05. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 9.60% of the company's stock.

Copart Trading Up 0.3%

NASDAQ CPRT opened at $31.70 on Tuesday. The firm's 50 day simple moving average is $29.31 and its 200 day simple moving average is $32.85. The firm has a market capitalization of $29.35 billion, a price-to-earnings ratio of 19.69 and a beta of 1.01. Copart, Inc. has a 1 year low of $26.81 and a 1 year high of $50.11.

Copart (NASDAQ:CPRT - Get Free Report) last issued its 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. Copart had a return on equity of 16.63% and a net margin of 33.48%.The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the business posted $0.42 EPS. The company's revenue was up 2.1% compared to the same quarter last year. On average, equities research analysts forecast that Copart, Inc. will post 1.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on CPRT shares. Jefferies Financial Group set a $45.00 price target on shares of Copart in a research note on Friday, May 22nd. 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 reissued a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Zacks Research cut Copart from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Finally, Freedom Capital raised Copart to a "strong-buy" rating in a report on Friday, June 26th. Three 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 given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $43.50.

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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