VELA Investment Management LLC Buys New Stake in Copart, Inc. $CPRT

VELA Investment Management LLC purchased a new position in shares of Copart, Inc. (NASDAQ:CPRT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 59,608 shares of the business services provider’s stock, valued at approximately $1,680,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Reflection Asset Management purchased a new position in shares of Copart during the fourth quarter worth about $34,000. C M Bidwell & Associates Ltd. purchased a new stake in shares of Copart in the 2nd quarter valued at about $25,000. Cache Advisors LLC purchased a new stake in shares of Copart in the 1st quarter valued at about $31,000. Versant Capital Management Inc boosted its position in shares of Copart by 110.9% in the 2nd quarter. Versant Capital Management Inc now owns 947 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 498 shares during the period. Finally, Triumph Capital Management boosted its position in shares of Copart by 424.2% in 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 period. 85.78% of the stock is owned by hedge funds and other institutional investors.

Copart Price Performance

NASDAQ CPRT opened at $33.72 on Monday. The firm has a market cap of $31.22 billion, a P/E ratio of 20.94, a P/E/G ratio of 1.62 and a beta of 1.03. Copart, Inc. has a 52-week low of $26.81 and a 52-week high of $49.16. The business’s 50-day moving average price is $30.07 and its 200 day moving average price is $32.23.

Analysts Set New Price Targets

CPRT has been the topic of several research analyst reports. JPMorgan Chase & Co. raised Copart from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $32.00 to $40.00 in a research report on Thursday. Jefferies Financial Group set a $45.00 price objective on Copart in a report on Friday, May 22nd. Stephens reissued an “equal weight” rating and issued a $35.00 price objective on shares of Copart in a report on Thursday, August 20th. Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a research report on Friday, June 26th. Finally, Zacks Research cut shares of Copart from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $38.83.

Insider Buying and Selling

In related news, CEO Jeffrey Liaw sold 27,745 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total transaction of $845,945.05. Following the transaction, the chief executive officer owned 99,641 shares of the company’s stock, valued at $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 9.60% of the stock is currently owned by insiders.

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.