Pallas Capital Advisors LLC Makes New $787,000 Investment in Copart, Inc. $CPRT

Pallas Capital Advisors LLC acquired a new stake in Copart, Inc. (NASDAQ:CPRT) in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm acquired 27,929 shares of the business services provider’s stock, valued at approximately $787,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CPRT. Bank of New York Mellon Corp purchased a new position in shares of Copart in the 2nd quarter worth approximately $488,663,000. Deutsche Bank AG bought a new position in shares of Copart in the second quarter valued at approximately $436,413,000. Norges Bank purchased a new stake in shares of Copart during the fourth quarter valued at approximately $569,569,000. Capital World Investors increased its position in shares of Copart by 25.1% during the fourth quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock valued at $1,085,588,000 after acquiring an additional 5,555,101 shares during the last quarter. Finally, Capital International Investors bought a new stake in Copart during the fourth quarter worth $195,637,000. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the sale, the chief executive officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 9.60% of the company’s stock.

Copart Price Performance

NASDAQ:CPRT opened at $31.51 on Wednesday. The company has a market capitalization of $29.17 billion, a P/E ratio of 19.57 and a beta of 1.01. The business has a fifty day simple moving average of $29.32 and a two-hundred day simple moving average of $32.79. Copart, Inc. has a 1 year low of $26.81 and a 1 year high of $50.11.

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CPRT. Barclays set a $26.00 price objective on Copart and gave the company an “underweight” rating in a research note on Tuesday, July 21st. Weiss Ratings reiterated a “sell (d+)” rating on shares of Copart in a research note on Wednesday, July 29th. Freedom Capital raised shares of Copart to a “strong-buy” rating in a report on Friday, June 26th. Jefferies Financial Group set a $45.00 price target on shares of Copart in a research report on Friday, May 22nd. Finally, Zacks Research downgraded shares of Copart from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. Three equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $43.50.

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.