PenderFund Capital Management Ltd. Invests $1.24 Million in Copart, Inc. $CPRT

PenderFund Capital Management Ltd. acquired a new stake in shares of Copart, Inc. (NASDAQ:CPRT) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 43,900 shares of the business services provider’s stock, valued at approximately $1,238,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Reflection Asset Management bought a new stake in Copart in the 4th quarter worth approximately $34,000. C M Bidwell & Associates Ltd. purchased a new stake in Copart during the 2nd quarter valued at $25,000. Cache Advisors LLC bought a new position in shares of Copart during the 1st quarter valued at $31,000. Versant Capital Management Inc lifted its holdings in shares of Copart by 110.9% during 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 boosted its stake in shares of Copart by 424.2% in the 4th quarter. Triumph Capital Management now owns 1,017 shares of the business services provider’s stock worth $40,000 after buying an additional 823 shares during the last quarter. Institutional investors own 85.78% of the company’s stock.

Copart Trading Up 0.3%

NASDAQ CPRT opened at $32.76 on Friday. Copart, Inc. has a 12 month low of $26.81 and a 12 month high of $50.11. The stock has a market cap of $30.33 billion, a price-to-earnings ratio of 20.35 and a beta of 1.01. The company’s 50 day moving average is $29.72 and its two-hundred day moving average is $32.47.

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on the company. Zacks Research lowered Copart from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. Freedom Capital raised 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 research note on Wednesday, July 29th. Barclays set a $25.00 price target on shares of Copart and gave the company an “underweight” rating in a research report on Wednesday. Finally, Stephens reiterated an “equal weight” rating and issued a $35.00 price objective on shares of Copart in a research note on Thursday, August 20th. Three research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $41.50.

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.