E Fund Management Co. Ltd. Makes New $1.01 Million Investment in Copart, Inc. $CPRT

E Fund Management Co. Ltd. acquired a new position in shares of Copart, Inc. (NASDAQ:CPRT) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 35,960 shares of the business services provider’s stock, valued at approximately $1,014,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Copart in the second quarter valued at about $1,908,980,000. State Street Corp boosted its holdings in Copart by 1.3% in the 4th quarter. State Street Corp now owns 37,555,437 shares of the business services provider’s stock valued at $1,470,295,000 after purchasing an additional 492,506 shares during the last quarter. Capital World Investors boosted its holdings in Copart by 25.1% in the 4th quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock valued at $1,085,588,000 after purchasing an additional 5,555,101 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Copart by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider’s stock valued at $906,836,000 after buying an additional 131,703 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Copart by 21.7% in the 4th quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider’s stock valued at $860,618,000 after buying an additional 3,918,610 shares during the period. 85.78% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Jeffrey Liaw sold 27,745 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the sale, the chief executive officer owned 99,641 shares in the company, valued at approximately $3,038,054.09. The trade was a 21.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 9.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CPRT. Barclays set a $26.00 price objective on Copart and gave the stock an “underweight” rating in a research report on Tuesday, July 21st. Jefferies Financial Group set a $45.00 price target on Copart in a research note on Friday, May 22nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Copart in a report on Wednesday, July 29th. Zacks Research lowered shares of Copart from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. Finally, Freedom Capital raised shares of Copart to a “strong-buy” rating in a research report on Friday, June 26th. Three 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $43.50.

Copart Price Performance

CPRT stock opened at $33.85 on Thursday. The business’s 50-day moving average is $29.37 and its two-hundred day moving average is $32.74. The firm has a market capitalization of $31.34 billion, a P/E ratio of 21.02 and a beta of 1.01. Copart, Inc. has a 1 year low of $26.81 and a 1 year high of $50.11.

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

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.