The New York State Teachers Retirement System has reduced its investment in Copart, Inc. by 2.5% during the third quarter of 2023. According to data from Holdings Channel, the retirement system now holds 646,983 shares of the vehicle auction company after divesting 16,306 shares during the quarter. As of the end of the latest reporting period, these holdings were valued at approximately $29.1 million.
Institutional investment in Copart remains strong, with several hedge funds adjusting their positions recently. Vanguard Group Inc. increased its stake by 2.1% in the second quarter, acquiring an additional 2,144,946 shares to reach a total of 106,408,868 shares, with a value of about $5.22 billion. Similarly, State Street Corp boosted its holdings by 3.3%, now owning 36,406,503 shares valued at roughly $1.79 billion.
Other significant adjustments include Geode Capital Management LLC, which also increased its position by 3.3%, and Norges Bank, which purchased a new stake worth approximately $549.4 million. Invesco Ltd. expanded its investment by 7.1%, acquiring an additional 670,061 shares to hold 10,160,298 shares valued at about $498.6 million. Overall, institutional investors and hedge funds own approximately 85.8% of Copart’s stock.
Recent Stock Performance and Analyst Ratings
On Tuesday, Copart’s stock opened at $39.92. The company, which has a market capitalization of $38.64 billion, currently has a price-to-earnings ratio of 24.34 and a beta of 1.10. Over the past year, Copart has experienced a low of $37.41 and a high of $63.85. Its fifty-day simple moving average stands at $39.61, while the 200-day moving average is at $44.05.
Analysts have issued mixed ratings for Copart recently. On October 8, Weiss Ratings reaffirmed a “hold (c)” rating on the stock. Meanwhile, Barclays maintained an “underweight” rating but raised its price target from $32.00 to $33.00. CJS Securities upgraded Copart to a “strong-buy” rating on December 11. In contrast, JPMorgan Chase & Co. lowered its price target from $50.00 to $45.00, giving a “neutral” rating. Overall, two analysts have rated the stock as a Strong Buy, two as Buy, four as Hold, and one as Sell. The average rating is “Moderate Buy,” with a price target of $47.60, according to MarketBeat data.
Insider Transactions and Company Profile
In recent insider activity, Director Thomas N. Tryforos sold 100,000 shares of Copart on November 25 at an average price of $39.07, totaling $3.91 million. Additionally, CEO Jeffrey Liaw sold 24,283 shares on October 15 at an average price of $44.79, amounting to approximately $1.09 million. Following this transaction, Liaw retains 31,332 shares in the company, valued at around $1.40 million, reflecting a 43.66% decrease in his stake.
Copart, listed on NASDAQ as CPRT, specializes in online vehicle auction and remarketing services, focusing on the sale of salvage and clean-title vehicles. The company utilizes a technology-driven auction platform to connect sellers—including insurance companies and rental car firms—with a diverse buyer base, including dismantlers and retail buyers. Copart’s business model emphasizes efficient vehicle disposition through digital bidding and logistics services, enhancing recovery value for clients.
As the market adjusts and institutional investors continue to shift their positions, Copart’s stock remains a focal point for many in the investment community.
