Morse Asset Management Inc Takes Position in Copart, Inc. (NASDAQ:CPRT)

Morse Asset Management Inc bought a new stake in Copart, Inc. (NASDAQ:CPRT) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 6,415 shares of the business services provider’s stock, valued at approximately $372,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of CPRT. CVA Family Office LLC bought a new stake in shares of Copart in the 4th quarter valued at about $45,000. Pacer Advisors Inc. lifted its holdings in Copart by 22.2% in the 4th quarter. Pacer Advisors Inc. now owns 145,950 shares of the business services provider’s stock worth $7,152,000 after buying an additional 26,558 shares during the period. Planned Solutions Inc. purchased a new stake in Copart in the 4th quarter worth approximately $106,000. Trueblood Wealth Management LLC purchased a new stake in Copart in the 4th quarter worth approximately $436,000. Finally, Meadow Creek Wealth Advisors LLC purchased a new stake in Copart in the 4th quarter worth approximately $238,000. Institutional investors own 85.78% of the company’s stock.

Copart Stock Up 1.2 %

Shares of NASDAQ:CPRT traded up $0.62 during trading on Friday, hitting $51.05. The stock had a trading volume of 3,969,340 shares, compared to its average volume of 5,057,478. Copart, Inc. has a 12 month low of $42.41 and a 12 month high of $58.58. The company has a market capitalization of $49.13 billion, a PE ratio of 35.95 and a beta of 1.27. The firm’s fifty day moving average is $53.64 and its 200 day moving average is $53.35.

Copart (NASDAQ:CPRT) last announced its earnings results on Thursday, May 16th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Copart had a return on equity of 20.80% and a net margin of 33.33%. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the company earned $0.36 EPS. The business’s revenue was up 10.3% compared to the same quarter last year. Equities research analysts expect that Copart, Inc. will post 1.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. increased their price objective on Copart from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $51.00.

Copart Profile

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.