Van ECK Associates Corp Purchases 4,482,226 Shares of Copart, Inc. $CPRT

Van ECK Associates Corp raised its position in shares of Copart, Inc. (NASDAQ:CPRT) by 97.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,059,273 shares of the business services provider’s stock after acquiring an additional 4,482,226 shares during the quarter. Van ECK Associates Corp’s holdings in Copart were worth $255,381,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Quadrant Capital Group LLC grew its stake in Copart by 1.3% during the third quarter. Quadrant Capital Group LLC now owns 20,693 shares of the business services provider’s stock worth $931,000 after purchasing an additional 264 shares during the period. Geneos Wealth Management Inc. boosted its holdings in shares of Copart by 23.8% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,384 shares of the business services provider’s stock worth $68,000 after buying an additional 266 shares in the last quarter. Valeo Financial Advisors LLC grew its position in shares of Copart by 4.6% during the 4th quarter. Valeo Financial Advisors LLC now owns 6,395 shares of the business services provider’s stock worth $250,000 after buying an additional 282 shares during the period. Parkside Financial Bank & Trust increased its stake in shares of Copart by 11.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,793 shares of the business services provider’s stock valued at $109,000 after acquiring an additional 288 shares in the last quarter. Finally, American Trust lifted its position in shares of Copart by 2.1% during the 3rd quarter. American Trust now owns 14,230 shares of the business services provider’s stock valued at $640,000 after acquiring an additional 295 shares during the period. 85.78% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of Copart stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.60% of the company’s stock.

Copart Price Performance

Shares of NASDAQ CPRT opened at $32.99 on Friday. The company has a 50-day moving average price of $29.77 and a 200-day moving average price of $32.47. The stock has a market capitalization of $30.54 billion, a P/E ratio of 20.49 and a beta of 1.01. Copart, Inc. has a 1 year low of $26.81 and a 1 year high of $50.11.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Stephens reaffirmed an “equal weight” rating and issued a $35.00 price target on shares of Copart in a research note on Thursday, August 20th. Jefferies Financial Group set a $45.00 target price on Copart in a research report on Friday, May 22nd. Zacks Research downgraded Copart from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 28th. Freedom Capital raised Copart to a “strong-buy” rating in a research note on Friday, June 26th. Finally, Barclays set a $25.00 price objective on Copart and gave the company an “underweight” rating in a report on Wednesday. Three investment analysts have rated the stock with a Strong Buy rating, one has assigned 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 has a consensus rating of “Hold” and a consensus target price of $41.50.

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.