Sierra Legacy Group significantly increased its stake in Copart, Inc. (NASDAQ: CPRT) by an impressive 207.4% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the fund now owns 12,295 shares of the vehicle remarketing services provider, following the purchase of an additional 8,295 shares. As of the latest SEC filing, Sierra Legacy Group’s holdings in Copart are valued at approximately $603,000.
Several other institutional investors have also made moves in Copart’s stock. GC Wealth Management RIA LLC acquired a new stake valued at about $219,000 during the same quarter. Additionally, Nordea Investment Management AB expanded its holdings by 3.5%, bringing its total to 753,973 shares, worth around $36,153,000. Meanwhile, JPMorgan Chase & Co. increased its position by 15.9% during the first quarter, now owning 15,345,768 shares valued at $868,417,000 after acquiring an additional 2,106,656 shares.
The trend of increasing investments continues with Peak Financial Advisors LLC, which purchased a new position valued at $2,467,000, and Dark Forest Capital Management LP, which boosted its holdings by 395.6% earlier this year, now owning 78,751 shares valued at $4,457,000. Notably, institutional investors and hedge funds now control approximately 85.78% of Copart’s stock.
Insider Transactions and Market Performance
In addition to these investments, insider trading has also occurred. On September 15, 2023, Director Thomas N. Tryforos sold 228,840 shares at an average price of $47.54, resulting in a total transaction of approximately $10,879,053.60. Another significant transaction took place on October 15, 2023, when CEO Jeffrey Liaw sold 24,283 shares at an average price of $44.79, amounting to about $1,087,635.57. Following this sale, Liaw retained 31,332 shares valued at roughly $1,403,360.28, reflecting a 43.66% decrease in his holdings.
As for Copart’s market performance, shares opened at $41.32 on Wednesday. The company has experienced a 52-week range with a low of $39.58 and a high of $64.38. The 50-day moving average stands at $44.20, while the 200-day moving average is at $48.20. With a market capitalization of approximately $39.99 billion, Copart has a price-to-earnings ratio of 25.83 and a beta of 1.06.
On September 4, 2023, Copart reported its quarterly earnings, revealing $0.41 earnings per share, which exceeded the consensus estimate of $0.37 by $0.04. The company generated revenue of $1.13 billion for the quarter, slightly below the forecast of $1.14 billion, but still showed a net margin of 33.41% and a return on equity of 18.17%. This represents a 2.9% increase in revenue compared to the same quarter last year, when earnings per share stood at $0.33. Analysts project that Copart will achieve earnings of $1.57 per share for the current fiscal year.
Copart, Inc. specializes in online auctions and vehicle remarketing services, providing a platform for vehicle sellers, insurance companies, banks, and individual owners to process and sell vehicles. The company employs advanced technology for its auction-style sales, highlighting its position as a leader in the sector.
For more information about Copart’s stock and hedge fund activities, readers can access detailed filings and updates through platforms like HoldingsChannel.com.
