Squarepoint Ops LLC Acquires 1,375,784 Shares of Copart, Inc. $CPRT

Key Points

• Squarepoint Ops LLC nearly doubled its Copart stake in the second quarter, adding 1.38 million shares to own 2.92 million shares valued at approximately $82.2 million.
• Institutional ownership remains substantial, with hedge funds and other institutional investors holding 85.78% of Copart. BlackRock and California State Teachers Retirement System made particularly large additions during the period.
• Copart shares opened at $32.60, down 3.3%, while analyst views remained mixed: the consensus rating was “Hold” with an average price target of $38.83. CEO Jeffrey Liaw also sold 27,745 shares valued at about $846,000.

Squarepoint Ops LLC grew its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 89.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,915,298 shares of the business services provider's stock after purchasing an additional 1,375,784 shares during the period. Squarepoint Ops LLC owned about 0.31% of Copart worth $82,182,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in CPRT. BlackRock Inc. purchased a new stake in shares of Copart in the second quarter valued at approximately $1,908,980,000. California State Teachers Retirement System increased its holdings in Copart by 2,995.5% during the 2nd quarter. California State Teachers Retirement System now owns 40,541,392 shares of the business services provider's stock worth $1,142,862,000 after purchasing an additional 39,231,718 shares during the period. State Street Corp raised its position in Copart by 1.3% during the 4th quarter. State Street Corp now owns 37,555,437 shares of the business services provider's stock valued at $1,470,295,000 after purchasing an additional 492,506 shares in the last quarter. Capital World Investors raised its position in Copart by 25.1% during the 4th quarter. Capital World Investors now owns 27,728,398 shares of the business services provider's stock valued at $1,085,588,000 after purchasing an additional 5,555,101 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Copart by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider's stock worth $906,836,000 after buying an additional 131,703 shares during the period. 85.78% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Copart

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the company's stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.60% of the stock is owned by company insiders.

Copart Stock Down 3.3%

CPRT stock opened at $32.60 on Wednesday. The stock has a market capitalization of $30.18 billion, a PE ratio of 20.25, a price-to-earnings-growth ratio of 1.62 and a beta of 1.03. Copart, Inc. has a 52 week low of $26.81 and a 52 week high of $49.11. The firm has a 50 day moving average of $30.27 and a 200 day moving average of $32.16.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Copart from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $32.00 to $40.00 in a research note on Thursday, September 3rd. Deutsche Bank Aktiengesellschaft set a $40.00 target price on shares of Copart in a research report on Thursday, September 3rd. Weiss Ratings restated a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Freedom Capital upgraded shares of Copart to a "strong-buy" rating in a research note on Friday, June 26th. Finally, Barclays set a $25.00 price objective on shares of Copart and gave the stock an "underweight" rating in a research note on Wednesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $38.83.

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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