Mangrove Partners IM LLC Takes Position in Copart, Inc. $CPRT

Mangrove Partners IM LLC bought a new stake in shares of Copart, Inc. (NASDAQ:CPRT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 24,665 shares of the business services provider’s stock, valued at approximately $966,000.

Other large investors have also recently made changes to their positions in the company. Lodestone Wealth Management LLC purchased a new stake in shares of Copart during the 4th quarter valued at $25,000. Aventura Private Wealth LLC purchased a new stake in shares of Copart during the 4th quarter valued at $33,000. Board of the Pension Protection Fund purchased a new stake in shares of Copart during the 4th quarter valued at $35,000. FNY Investment Advisers LLC purchased a new stake in shares of Copart during the 3rd quarter valued at $36,000. Finally, Triumph Capital Management increased its position in shares of Copart by 424.2% during the 4th quarter. Triumph Capital Management now owns 1,017 shares of the business services provider’s stock valued at $40,000 after purchasing an additional 823 shares during the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Copart news, CEO Jeffrey Liaw sold 26,213 shares of the stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total value of $869,747.34. Following the transaction, the chief executive officer owned 79,532 shares of the company’s stock, valued at approximately $2,638,871.76. This represents a 24.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on CPRT shares. Weiss Ratings downgraded Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 1st. Robert W. Baird set a $48.00 price target on Copart and gave the stock an “outperform” rating in a research note on Friday, February 20th. JPMorgan Chase & Co. reduced their target price on shares of Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a research note on Monday, February 23rd. Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Finally, Jefferies Financial Group set a $45.00 price target on shares of Copart in a research report on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $44.50.

Copart Price Performance

Shares of Copart stock opened at $30.74 on Wednesday. The business’s 50 day simple moving average is $32.74 and its two-hundred day simple moving average is $36.06. The stock has a market capitalization of $28.46 billion, a P/E ratio of 19.09 and a beta of 1.00. Copart, Inc. has a one year low of $29.97 and a one year high of $50.11.

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