Vancity Investment Management Ltd Sells 122,968 Shares of Copart, Inc. $CPRT

Key Points

• Vancity Investment Management reduced its Copart stake by 20.8%, selling 122,968 shares and retaining 468,837 shares worth approximately $13.2 million. Copart represents about 2% of Vancity’s portfolio.
• Institutional ownership remains substantial at 85.78%, with BlackRock, California State Teachers Retirement System, Bank of New York Mellon, Deutsche Bank and Norges Bank among investors adding or initiating positions.
• Copart shares opened at $33.72, while analyst sentiment was mixed: JPMorgan upgraded the stock and raised its target to $40, but the consensus rating remained “Hold” with an average price target of $38.83.

Vancity Investment Management Ltd lessened its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 20.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 468,837 shares of the business services provider's stock after selling 122,968 shares during the period. Copart makes up approximately 2.0% of Vancity Investment Management Ltd's investment portfolio, making the stock its 19th largest position. Vancity Investment Management Ltd owned about 0.05% of Copart worth $13,217,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Copart in the 2nd quarter valued at $1,908,980,000. California State Teachers Retirement System increased its position 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 buying an additional 39,231,718 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Copart during the second quarter worth $488,663,000. Deutsche Bank AG acquired a new stake in shares of Copart during the second quarter worth $436,413,000. Finally, Norges Bank bought a new stake in shares of Copart in the fourth quarter valued at about $569,569,000. Institutional investors and hedge funds own 85.78% of the company's stock.

Copart Stock Performance

CPRT opened at $33.72 on Monday. Copart, Inc. has a 52-week low of $26.81 and a 52-week high of $49.16. The firm has a market cap of $31.22 billion, a P/E ratio of 20.94, a price-to-earnings-growth ratio of 1.62 and a beta of 1.03. The business's fifty day moving average is $30.07 and its 200-day moving average is $32.23.

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the firm's 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CPRT has been the topic of several research reports. JPMorgan Chase & Co. upgraded shares of Copart from a "neutral" rating to an "overweight" rating and upped their price target for the company from $32.00 to $40.00 in a research note on Thursday. Weiss Ratings reissued a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft set a $40.00 target price on shares of Copart in a research report on Thursday. Stephens reaffirmed an "equal weight" rating and set a $35.00 target price on shares of Copart in a report on Thursday, August 20th. Finally, Freedom Capital upgraded shares of Copart to a "strong-buy" rating in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus 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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