Delta Global Management LP Invests $2.04 Million in Copart, Inc. $CPRT

Delta Global Management LP bought a new position in Copart, Inc. (NASDAQ:CPRT) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 61,594 shares of the business services provider’s stock, valued at approximately $2,045,000.

Several other large investors have also recently modified their holdings of CPRT. Brighton Jones LLC lifted its stake in shares of Copart by 92.1% in the fourth quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider’s stock worth $816,000 after buying an additional 6,817 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of Copart by 365.8% during the first quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider’s stock valued at $63,000 after acquiring an additional 878 shares in the last quarter. Jump Financial LLC purchased a new position in Copart in the 2nd quarter worth approximately $2,677,000. Sei Investments Co. raised its holdings in Copart by 110.0% in the 2nd quarter. Sei Investments Co. now owns 900,330 shares of the business services provider’s stock worth $44,179,000 after acquiring an additional 471,571 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its position in Copart by 3.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 413,083 shares of the business services provider’s stock valued at $20,270,000 after acquiring an additional 13,860 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Copart Stock Up 2.7%

CPRT opened at $27.94 on Friday. The stock has a market capitalization of $25.87 billion, a price-to-earnings ratio of 17.35 and a beta of 1.02. The firm has a 50 day moving average price of $30.17 and a 200-day moving average price of $34.07. Copart, Inc. has a twelve month low of $26.81 and a twelve month high of $50.11.

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

Analyst Upgrades and Downgrades

Several analysts have commented on CPRT shares. Weiss Ratings downgraded Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 1st. Barclays set a $26.00 price target on Copart and gave the stock an “underweight” rating in a research note on Tuesday. Zacks Research raised Copart from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Freedom Capital raised Copart to a “strong-buy” rating in a report on Friday, June 26th. Finally, Jefferies Financial Group set a $45.00 price objective on Copart in a research report on Friday, May 22nd. Three analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Copart has an average rating of “Moderate Buy” and a consensus target price of $43.50.

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.