Bank of Nova Scotia Sells 351,586 Shares of Copart, Inc. $CPRT

Bank of Nova Scotia trimmed its position in shares of Copart, Inc. (NASDAQ:CPRT) by 62.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 208,995 shares of the business services provider’s stock after selling 351,586 shares during the quarter. Bank of Nova Scotia’s holdings in Copart were worth $6,939,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Lodestone Wealth Management LLC acquired a new position in shares of Copart during the fourth quarter worth approximately $25,000. Cache Advisors LLC acquired a new stake in shares of Copart in the first quarter valued at approximately $31,000. Reflection Asset Management acquired a new stake in shares of Copart in the fourth quarter valued at approximately $34,000. Triumph Capital Management raised its position in Copart by 424.2% in the 4th quarter. Triumph Capital Management now owns 1,017 shares of the business services provider’s stock worth $40,000 after purchasing an additional 823 shares during the last quarter. Finally, SJS Investment Consulting Inc. lifted its holdings in Copart by 129.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,350 shares of the business services provider’s stock worth $45,000 after buying an additional 761 shares in the last quarter. Institutional investors and hedge funds own 85.78% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CPRT shares. Jefferies Financial Group set a $45.00 price target on Copart in a report on Friday, May 22nd. Zacks Research upgraded shares of Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Barclays set a $26.00 target price on shares of Copart and gave the company an “underweight” rating in a research note on Tuesday, July 21st. Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a research report on Friday, June 26th. Finally, Weiss Ratings downgraded shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 1st. Three research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Copart presently has an average rating of “Moderate Buy” and an average target price of $43.50.

Copart Trading Up 6.6%

CPRT opened at $29.79 on Tuesday. The stock has a market capitalization of $27.58 billion, a P/E ratio of 18.50 and a beta of 1.02. Copart, Inc. has a 12 month low of $26.81 and a 12 month high of $50.11. The firm’s fifty day simple moving average is $30.10 and its 200 day simple moving average is $33.98.

Copart (NASDAQ:CPRT) last released its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.02. Copart had a return on equity of 16.63% and a net margin of 33.48%.The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the business posted $0.42 EPS. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, equities research analysts predict that Copart, Inc. will post 1.58 EPS for the current fiscal year.

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.