Bank of Nova Scotia Sells 351,586 Shares of Copart, Inc. $CPRT

Bank of Nova Scotia lessened its holdings in Copart, Inc. (NASDAQ:CPRT) by 62.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 208,995 shares of the business services provider’s stock after selling 351,586 shares during the quarter. Bank of Nova Scotia’s holdings in Copart were worth $6,939,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Lodestone Wealth Management LLC acquired a new stake in shares of Copart in the 4th quarter valued at $25,000. Cache Advisors LLC bought a new stake in shares of Copart during the 1st quarter worth $31,000. Reflection Asset Management bought a new stake in shares of Copart during the 4th quarter worth $34,000. Triumph Capital Management boosted its stake in Copart by 424.2% in the fourth quarter. Triumph Capital Management now owns 1,017 shares of the business services provider’s stock valued at $40,000 after buying an additional 823 shares in the last quarter. Finally, SJS Investment Consulting Inc. grew its position in Copart by 129.2% in the first quarter. SJS Investment Consulting Inc. now owns 1,350 shares of the business services provider’s stock valued at $45,000 after acquiring an additional 761 shares during the last quarter. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on CPRT. Zacks Research upgraded shares of Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Weiss Ratings cut shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 1st. Jefferies Financial Group set a $45.00 price objective on Copart in a report on Friday, May 22nd. Barclays set a $26.00 target price on Copart and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Finally, Freedom Capital raised Copart to a “strong-buy” rating in a research note on Friday, June 26th. Three research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.50.

Copart Trading Up 6.6%

Shares of CPRT opened at $29.79 on Tuesday. The stock’s 50-day moving average price is $30.10 and its two-hundred day moving average price is $33.98. Copart, Inc. has a 12 month low of $26.81 and a 12 month high of $50.11. The company has a market capitalization of $27.58 billion, a PE ratio of 18.50 and a beta of 1.02.

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

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.