Rakuten Investment Management Inc. Purchases Shares of 218,551 Copart, Inc. $CPRT

Rakuten Investment Management Inc. purchased a new stake in Copart, Inc. (NASDAQ:CPRT) during the second quarter, HoldingsChannel reports. The institutional investor purchased 218,551 shares of the business services provider’s stock, valued at approximately $6,141,000.

A number of other hedge funds have also modified their holdings of CPRT. BlackRock Inc. acquired a new stake in Copart in the 2nd quarter valued at approximately $1,908,980,000. Bank of New York Mellon Corp acquired a new position in Copart during the 2nd quarter worth approximately $488,663,000. Deutsche Bank AG acquired a new position in Copart during the 2nd quarter worth approximately $436,413,000. Norges Bank bought a new position in shares of Copart during the 4th quarter worth approximately $569,569,000. Finally, Bank of America Corp DE acquired a new stake in shares of Copart in the second quarter valued at approximately $191,347,000. 85.78% of the stock is currently owned by institutional investors.

Copart Price Performance

Copart stock opened at $32.99 on Friday. The company’s 50-day moving average is $29.77 and its 200-day moving average is $32.47. The firm has a market capitalization of $30.54 billion, a PE ratio of 20.49 and a beta of 1.01. Copart, Inc. has a fifty-two week low of $26.81 and a fifty-two week high of $50.11.

Insider Transactions at Copart

In other news, CEO Jeffrey Liaw sold 27,745 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total value of $845,945.05. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 9.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Barclays set a $25.00 price objective on shares of Copart and gave the stock an “underweight” rating in a research report on Wednesday. Zacks Research cut Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 28th. Jefferies Financial Group set a $45.00 price target on Copart in a research note on Friday, May 22nd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Copart in a research report on Wednesday, July 29th. Finally, Stephens reiterated an “equal weight” rating and set a $35.00 price objective on shares of Copart in a research note on Thursday, August 20th. Three research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $41.50.

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.