VELA Investment Management LLC Invests $1.68 Million in Copart, Inc. $CPRT

VELA Investment Management LLC acquired a new stake in Copart, Inc. (NASDAQ:CPRT) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 59,608 shares of the business services provider’s stock, valued at approximately $1,680,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Reflection Asset Management purchased a new position in Copart during the fourth quarter worth about $34,000. C M Bidwell & Associates Ltd. acquired a new stake in Copart in the 2nd quarter worth about $25,000. Cache Advisors LLC purchased a new stake in Copart in the 1st quarter valued at about $31,000. Versant Capital Management Inc grew its holdings in Copart by 110.9% in the 2nd quarter. Versant Capital Management Inc now owns 947 shares of the business services provider’s stock valued at $27,000 after buying an additional 498 shares during the period. Finally, Triumph Capital Management increased its stake in shares of Copart by 424.2% during the 4th quarter. Triumph Capital Management now owns 1,017 shares of the business services provider’s stock valued at $40,000 after acquiring an additional 823 shares during the last quarter. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Jeffrey Liaw sold 27,745 shares of the business’s stock in a transaction 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 transaction, the chief executive officer directly owned 99,641 shares of the company’s stock, valued at approximately $3,038,054.09. The trade was a 21.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.60% of the stock is owned by corporate insiders.

Copart Stock Performance

Copart stock opened at $33.72 on Monday. The stock’s 50 day moving average price is $30.07 and its 200 day moving average price is $32.23. The firm has a market capitalization of $31.22 billion, a PE ratio of 20.94, a price-to-earnings-growth ratio of 1.62 and a beta of 1.03. Copart, Inc. has a one year low of $26.81 and a one year high of $49.16.

Analyst Ratings Changes

Several brokerages have recently weighed in on CPRT. Weiss Ratings reiterated a “sell (d+)” rating on shares of Copart in a report on Wednesday, July 29th. Stephens reaffirmed an “equal weight” rating and set a $35.00 price target on shares of Copart in a research report on Thursday, August 20th. Zacks Research downgraded shares of Copart from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 28th. Jefferies Financial Group set a $45.00 price target on shares of Copart in a report on Friday, May 22nd. Finally, JPMorgan Chase & Co. raised shares of Copart from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $32.00 to $40.00 in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Copart has an average rating of “Hold” and a consensus price target of $38.83.

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.