Man Group plc Buys New Stake in Copart, Inc. $CPRT

Man Group plc bought a new position in shares of Copart, Inc. (NASDAQ:CPRT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 1,539,117 shares of the business services provider’s stock, valued at approximately $43,388,000. Man Group plc owned approximately 0.17% of Copart at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Western Wealth Management LLC purchased a new stake in shares of Copart during the second quarter worth approximately $322,000. Invst LLC acquired a new position in shares of Copart during the 2nd quarter worth about $914,000. Jupiter Topco LLC acquired a new position in shares of Copart during the 2nd quarter worth about $3,011,000. Hsbc Holdings PLC purchased a new position in shares of Copart in the 2nd quarter valued at about $106,662,000. Finally, Expect Equity LLC acquired a new stake in shares of Copart during the 2nd quarter worth about $1,181,000. Institutional investors and hedge funds own 85.78% of the company’s stock.

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 99,641 shares of the company’s stock, valued at $3,038,054.09. This represents a 21.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.60% of the stock is owned by company insiders.

Copart Price Performance

Shares of Copart stock opened at $32.67 on Thursday. The firm’s fifty day simple moving average is $29.67 and its 200-day simple moving average is $32.52. The stock has a market capitalization of $30.25 billion, a price-to-earnings ratio of 20.29 and a beta of 1.01. Copart, Inc. has a 12 month low of $26.81 and a 12 month high of $50.11.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CPRT shares. Barclays set a $25.00 target price on Copart and gave the stock an “underweight” rating in a research note on Wednesday. Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a research report on Friday, June 26th. Weiss Ratings restated a “sell (d+)” rating on shares of Copart in a report on Wednesday, July 29th. Jefferies Financial Group set a $45.00 target price on shares of Copart in a research report on Friday, May 22nd. Finally, Stephens reaffirmed an “equal weight” rating and set a $35.00 price objective on shares of Copart in a report on Thursday, August 20th. Three investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average 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.