VELA Investment Management LLC Buys Shares of 66,034 Copart, Inc. $CPRT

VELA Investment Management LLC purchased a new stake in shares of Copart, Inc. (NASDAQ:CPRT) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 66,034 shares of the business services provider’s stock, valued at approximately $1,861,000.

A number of other large investors have also recently made changes to their positions in the stock. C M Bidwell & Associates Ltd. bought a new position in Copart during the second quarter valued at approximately $25,000. Versant Capital Management Inc boosted its holdings in Copart by 110.9% in the second quarter. Versant Capital Management Inc now owns 947 shares of the business services provider’s stock worth $27,000 after purchasing an additional 498 shares during the last quarter. Cache Advisors LLC bought a new stake in Copart in the 1st quarter worth approximately $31,000. Compass Financial Management LLC purchased a new stake in Copart during the 2nd quarter valued at $33,000. Finally, Reflection Asset Management purchased a new stake in Copart during the 4th quarter valued at $34,000. 85.78% of the stock is currently owned by institutional investors.

Insider Transactions at Copart

In other news, CEO Jeffrey Liaw sold 27,745 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total value 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 trade represents a 21.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 9.60% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on CPRT. JPMorgan Chase & Co. upgraded Copart from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $32.00 to $40.00 in a research note on Thursday. 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 target price on Copart in a report on Friday, May 22nd. Barclays set a $25.00 target price on Copart and gave the stock an “underweight” rating in a research report on Wednesday, August 26th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Copart in a research report on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $38.83.

Copart Price Performance

Shares of CPRT stock opened at $33.72 on Monday. The company has a market cap of $31.22 billion, a price-to-earnings ratio of 20.94, a PEG ratio of 1.62 and a beta of 1.03. Copart, Inc. has a 1 year low of $26.81 and a 1 year high of $49.16. The firm has a fifty day moving average price of $30.07 and a 200-day moving average price of $32.23.

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.