Van ECK Associates Corp Buys 4,482,226 Shares of Copart, Inc. $CPRT

Van ECK Associates Corp raised its stake in Copart, Inc. (NASDAQ:CPRT) by 97.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,059,273 shares of the business services provider’s stock after acquiring an additional 4,482,226 shares during the period. Van ECK Associates Corp owned approximately 0.98% of Copart worth $255,381,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Copart in a research note on Wednesday, July 29th. Zacks Research cut Copart from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. Barclays set a $25.00 price objective on Copart and gave the stock an “underweight” rating in a research report on Wednesday. Freedom Capital raised Copart to a “strong-buy” rating in a research note on Friday, June 26th. Finally, Jefferies Financial Group set a $45.00 target price on Copart in a research note on Friday, May 22nd. Three 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 assigned a Sell rating to the stock. According to MarketBeat.com, Copart has an average rating of “Hold” and an average price target of $41.50.

Copart Price Performance

NASDAQ:CPRT opened at $32.99 on Friday. Copart, Inc. has a one year low of $26.81 and a one year high of $50.11. The firm’s 50 day simple moving average is $29.77 and its 200 day simple moving average is $32.47. The company has a market cap of $30.54 billion, a PE ratio of 20.49 and a beta of 1.01.

Insiders Place Their Bets

In related news, CEO Jeffrey Liaw sold 27,745 shares of the firm’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 completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 9.60% of the stock is 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.