Weybosset Research & Management LLC Sells 48,600 Shares of Copart, Inc. $CPRT

Key Points

• Weybosset Research & Management reduced its Copart stake by 7.5%, selling 48,600 shares in the third quarter while retaining 595,644 shares valued at approximately $16.25 million.
• Analyst sentiment remains mixed but leans positive: Copart has a consensus “Moderate Buy” rating and an average price target of $37.80, despite ratings ranging from sell to overweight.
• Copart’s latest quarter showed revenue of $1.15 billion, slightly above expectations, but earnings of $0.35 per share missed estimates; shares opened at $27.87, near their 52-week low of $25.72.

Weybosset Research & Management LLC trimmed its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 7.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 595,644 shares of the business services provider's stock after selling 48,600 shares during the quarter. Copart accounts for 4.7% of Weybosset Research & Management LLC's holdings, making the stock its 8th largest holding. Weybosset Research & Management LLC owned about 0.06% of Copart worth $16,249,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Reflection Asset Management purchased a new stake in shares of Copart during the fourth quarter worth approximately $34,000. C M Bidwell & Associates Ltd. acquired a new stake in Copart in the second quarter valued at approximately $25,000. Byrne Asset Management LLC purchased a new position in Copart in the third quarter worth approximately $25,000. Cache Advisors LLC purchased a new position in Copart in the first quarter worth approximately $31,000. Finally, Versant Capital Management Inc grew its holdings in Copart by 110.9% during the 2nd quarter. Versant Capital Management Inc now owns 947 shares of the business services provider's stock worth $27,000 after acquiring an additional 498 shares in the last quarter. 85.78% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other 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 completion of the transaction, the chief executive officer owned 99,641 shares in the company, valued at approximately $3,038,054.09. This represents a 21.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 9.60% of the company's stock.

Analysts Set New Price Targets

CPRT has been the topic of a number of recent analyst reports. Weiss Ratings restated a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Barrington Research raised shares of Copart from a "market perform" rating to an "outperform" rating and set a $40.00 price objective for the company in a research report on Friday, September 11th. Freedom Broker lowered their target price on shares of Copart from $39.00 to $36.00 and set a "buy" rating for the company in a research note on Monday, September 14th. HSBC downgraded shares of Copart from a "buy" rating to a "hold" rating and set a $36.00 target price for the company. in a research note on Wednesday, September 16th. Finally, JPMorgan Chase & Co. raised 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 report on Thursday, September 3rd. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $37.80.

Copart Price Performance

Shares of CPRT opened at $27.87 on Monday. The stock has a 50 day moving average price of $30.09 and a 200 day moving average price of $30.80. The company has a market capitalization of $25.82 billion, a price-to-earnings ratio of 17.98, a price-to-earnings-growth ratio of 1.36 and a beta of 1.06. Copart, Inc. has a 52-week low of $25.72 and a 52-week high of $45.89.

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

Copart Company Profile

Copart, Inc is a provider of online vehicle auction and remarketing services. The company operates a digital marketplace that connects vehicle sellers with a broad network of buyers, including licensed dismantlers, rebuilders, used-car dealers, exporters and individual consumers.

Copart primarily sells vehicles that have been damaged, declared total losses by insurers, repossessed, donated or otherwise designated for resale. Its services also include vehicle storage, transportation, towing coordination, title processing, inspection and auction support.

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