Wealthfront Advisers LLC Takes $1.82 Million Position in Copart, Inc. $CPRT

Wealthfront Advisers LLC bought a new stake in shares of Copart, Inc. (NASDAQ:CPRT) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 64,598 shares of the business services provider’s stock, valued at approximately $1,821,000.

Several other hedge funds have also added to or reduced their stakes in the business. Park State Asset Management purchased a new stake in Copart during the second quarter valued at about $3,409,000. JLB & Associates Inc. purchased a new stake in shares of Copart during the second quarter valued at approximately $9,591,000. Meeder Advisory Services Inc. bought a new position in shares of Copart in the second quarter worth approximately $447,000. Meeder Asset Management Inc. bought a new position in shares of Copart in the second quarter worth approximately $7,321,000. Finally, Citizens Financial Group Inc. RI purchased a new position in shares of Copart in the second quarter worth $555,000. 85.78% of the stock is owned by institutional investors.

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total value of $845,945.05. Following the completion of the transaction, the chief executive officer directly owned 99,641 shares in the company, valued at approximately $3,038,054.09. This represents a 21.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 9.60% of the company’s stock.

Copart Stock Performance

CPRT opened at $34.33 on Friday. The stock has a market capitalization of $31.78 billion, a PE ratio of 21.32 and a beta of 1.01. The stock’s 50 day moving average price is $29.43 and its 200-day moving average price is $32.70. Copart, Inc. has a 52-week low of $26.81 and a 52-week high of $50.11.

Copart (NASDAQ:CPRT) last announced its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.19 billion. Copart had a return on equity of 16.63% and a net margin of 33.48%.The firm’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.42 earnings per share. Research analysts forecast that Copart, Inc. will post 1.58 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on CPRT. Weiss Ratings reiterated a “sell (d+)” rating on shares of Copart in a report on Wednesday, July 29th. Barclays set a $26.00 price target on shares of Copart and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a research report on Friday, June 26th. Zacks Research downgraded shares of Copart from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 28th. Finally, Stephens reiterated an “equal weight” rating and set a $35.00 target price on shares of Copart in a report on Thursday. Three research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $41.67.

About Copart

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.