Groesbeck Investment Management Corp NJ Invests $1.38 Million in Copart, Inc. $CPRT

Groesbeck Investment Management Corp NJ acquired a new stake in shares of Copart, Inc. (NASDAQ:CPRT) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 30,595 shares of the business services provider’s stock, valued at approximately $1,376,000. Copart comprises about 2.7% of Groesbeck Investment Management Corp NJ’s holdings, making the stock its 11th largest holding.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Stephens Inc. AR raised its holdings in shares of Copart by 0.7% during the second quarter. Stephens Inc. AR now owns 30,312 shares of the business services provider’s stock valued at $1,487,000 after purchasing an additional 218 shares during the last quarter. Allworth Financial LP raised its stake in Copart by 0.8% during the 2nd quarter. Allworth Financial LP now owns 28,978 shares of the business services provider’s stock valued at $1,422,000 after buying an additional 228 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Copart by 15.4% during the 2nd quarter. Blue Trust Inc. now owns 1,742 shares of the business services provider’s stock valued at $85,000 after buying an additional 232 shares during the period. PDS Planning Inc boosted its stake in shares of Copart by 4.9% in the 3rd quarter. PDS Planning Inc now owns 5,196 shares of the business services provider’s stock worth $234,000 after buying an additional 242 shares during the last quarter. Finally, Unique Wealth LLC grew its holdings in shares of Copart by 2.3% in the third quarter. Unique Wealth LLC now owns 10,785 shares of the business services provider’s stock worth $485,000 after acquiring an additional 245 shares during the period. Institutional investors own 85.78% of the company’s stock.

Insider Activity at Copart

In other news, CEO Jeffrey Liaw sold 24,283 shares of Copart stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $44.79, for a total transaction of $1,087,635.57. Following the sale, the chief executive officer owned 31,332 shares in the company, valued at $1,403,360.28. This trade represents a 43.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas N. Tryforos sold 100,000 shares of the business’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $39.07, for a total transaction of $3,907,000.00. Additional details regarding this sale are available in the official SEC disclosure. 9.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on CPRT shares. Weiss Ratings reissued a “hold (c)” rating on shares of Copart in a report on Wednesday, October 8th. Robert W. Baird lowered their price objective on shares of Copart from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Friday, November 21st. Barclays restated an “underweight” rating and set a $33.00 target price (up from $32.00) on shares of Copart in a research report on Friday, November 21st. CJS Securities upgraded shares of Copart to a “strong-buy” rating in a research note on Thursday, December 11th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Copart from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, November 24th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Copart has an average rating of “Moderate Buy” and an average target price of $47.60.

Copart Stock Performance

Shares of Copart stock opened at $38.19 on Thursday. The company has a market capitalization of $36.97 billion, a P/E ratio of 23.29 and a beta of 1.10. The company has a fifty day moving average of $39.81 and a 200 day moving average of $44.25. Copart, Inc. has a fifty-two week low of $37.41 and a fifty-two week high of $63.85.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Thursday, November 20th. The business services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Copart had a return on equity of 17.78% and a net margin of 34.24%.The business’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the firm earned $0.37 earnings per share. Analysts forecast that Copart, Inc. will post 1.57 EPS for the current year.

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.