Copart, Inc. $CPRT Shares Sold by CI Investments Inc.

CI Investments Inc. decreased its position in Copart, Inc. (NASDAQ:CPRT) by 95.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,920 shares of the business services provider’s stock after selling 59,694 shares during the quarter. CI Investments Inc.’s holdings in Copart were worth $131,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CPRT. Cloud Capital Management LLC acquired a new stake in shares of Copart during the 3rd quarter valued at approximately $25,000. Tripletail Wealth Management LLC acquired a new position in Copart in the third quarter worth $27,000. LRI Investments LLC increased its stake in Copart by 125.2% during the third quarter. LRI Investments LLC now owns 653 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 363 shares during the last quarter. Cornerstone Planning Group LLC raised its holdings in shares of Copart by 54.0% during the third quarter. Cornerstone Planning Group LLC now owns 730 shares of the business services provider’s stock worth $31,000 after purchasing an additional 256 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Copart by 173.4% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 864 shares of the business services provider’s stock worth $39,000 after buying an additional 548 shares during the last quarter. 85.78% of the stock is currently owned by institutional investors.

Insider Activity at Copart

In other Copart news, CEO Jeffrey Liaw sold 25,137 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $40.17, for a total value of $1,009,753.29. Following the sale, the chief executive officer owned 55,970 shares in the company, valued at approximately $2,248,314.90. This trade represents a 30.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 9.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Robert W. Baird set a $48.00 price target on shares of Copart and gave the company an “outperform” rating in a report on Friday, February 20th. Barclays reissued an “underweight” rating and issued a $32.00 target price (down from $33.00) on shares of Copart in a report on Monday, February 23rd. CJS Securities upgraded Copart to a “strong-buy” rating in a research note on Thursday, December 11th. JPMorgan Chase & Co. lowered their target price on Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. Finally, Zacks Research cut Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 24th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $44.40.

Copart Stock Performance

Copart stock opened at $37.72 on Monday. The company has a 50-day simple moving average of $39.07 and a 200-day simple moving average of $41.83. The firm has a market capitalization of $36.34 billion, a P/E ratio of 23.58 and a beta of 1.09. Copart, Inc. has a one year low of $33.81 and a one year high of $63.85.

Copart (NASDAQ:CPRT) last issued its quarterly earnings data on Thursday, February 19th. The business services provider reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.03). The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.15 billion. Copart had a net margin of 33.76% and a return on equity of 16.68%. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.40 earnings per share. As a group, sell-side analysts forecast that Copart, Inc. will post 1.57 earnings per share for the current year.

Copart Company 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.