Ninety One UK Ltd Acquires 618,334 Shares of Copart, Inc. $CPRT

Key Points

• Ninety One UK Ltd increased its Copart stake by 85.2% in the third quarter, purchasing 618,334 additional shares and bringing its holdings to 1.34 million shares valued at approximately $36.7 million.
• Copart reported quarterly revenue of $1.15 billion, slightly ahead of estimates, but earnings per share of $0.35 fell short of the $0.38 consensus. Revenue rose 2.4% year over year, while net margin stood at 31.81%.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $37.80 versus the reported share price of $27.75; however, ratings range from Strong Buy to Sell.

Ninety One UK Ltd increased its holdings in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 85.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,344,300 shares of the business services provider's stock after purchasing an additional 618,334 shares during the period. Ninety One UK Ltd owned 0.15% of Copart worth $36,673,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Reflection Asset Management acquired a new stake in Copart in the 4th quarter valued at $34,000. C M Bidwell & Associates Ltd. acquired a new position in shares of Copart during the second quarter worth about $25,000. Byrne Asset Management LLC purchased a new stake in shares of Copart in the third quarter worth about $25,000. Cache Advisors LLC purchased a new stake in shares of Copart in the first quarter worth about $31,000. Finally, Versant Capital Management Inc boosted its position in shares of Copart by 110.9% in 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 during the period. 85.78% of the stock is owned by hedge funds and other institutional investors.

Copart Stock Performance

Shares of NASDAQ CPRT opened at $27.75 on Friday. Copart, Inc. has a 1 year low of $25.72 and a 1 year high of $45.89. The stock's 50-day simple moving average is $30.13 and its 200-day simple moving average is $30.84. The firm has a market cap of $25.71 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 1.29 and a beta of 1.06.

Copart (NASDAQ:CPRT - Get Free Report) last issued its quarterly earnings results on Thursday, September 10th. The business services provider reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). The business had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.14 billion. Copart had a net margin of 31.81% and a return on equity of 15.93%. The company's revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 EPS. As a group, research analysts predict that Copart, Inc. will post 1.63 EPS for the current year.

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the firm's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the transaction, the chief executive officer directly owned 99,641 shares of the company's stock, valued at $3,038,054.09. This trade represents a 21.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CPRT has been the subject of a number of recent research reports. 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 note on Thursday, September 3rd. HSBC lowered Copart from a "buy" rating to a "hold" rating and set a $36.00 price target on the stock. in a research report on Wednesday, September 16th. Stephens reissued an "equal weight" rating and set a $35.00 price target on shares of Copart in a research report on Thursday, August 20th. Freedom Broker decreased their price target on Copart from $39.00 to $36.00 and set a "buy" rating for the company in a report on Monday, September 14th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Copart has a consensus rating of "Moderate Buy" and an average target price of $37.80.

Copart Company Profile

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company's facilities.

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