Force Capital Management Lowers stake in Copart (CPRT)

Copart (CPRT) : Force Capital Management reduced its stake in Copart by 71.81% during the most recent quarter end. The investment management company now holds a total of 89,900 shares of Copart which is valued at $4,960,682 after selling 229,033 shares in Copart , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Copart makes up approximately 5.79% of Force Capital Management’s portfolio.

Other Hedge Funds, Including , Clinton Group Inc reduced its stake in CPRT by selling 4,454 shares or 24.43% in the most recent quarter. The Hedge Fund company now holds 13,780 shares of CPRT which is valued at $760,380. Copart makes up approx 0.03% of Clinton Group Inc’s portfolio.Hodges Capital Management reduced its stake in CPRT by selling 2,000 shares or 25.0% in the most recent quarter. The Hedge Fund company now holds 6,000 shares of CPRT which is valued at $319,560. Copart makes up approx 0.01% of Hodges Capital Management’s portfolio.Blackrock Investment Management reduced its stake in CPRT by selling 7,908 shares or 2.78% in the most recent quarter. The Hedge Fund company now holds 276,230 shares of CPRT which is valued at $14,328,050. Copart makes up approx 0.02% of Blackrock Investment Management’s portfolio. Trimtabs Asset Management sold out all of its stake in CPRT during the most recent quarter. The investment firm sold 39,097 shares of CPRT which is valued $1,985,737.

Copart closed down -0.58 points or -1.02% at $56.06 with 9,98,157 shares getting traded on Monday. Post opening the session at $56.6, the shares hit an intraday low of $55.64 and an intraday high of $56.65 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Copart reported $0.59 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Sep 20, 2016. Analyst had a consensus of $0.55. The company had revenue of $332.70 million for the quarter, compared to analysts expectations of $317.98 million. The company’s revenue was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS.

Many Wall Street Analysts have commented on Copart. Company shares were Upgraded by BofA/Merrill on Sep 23, 2016 to ” Buy”, Firm has raised the Price Target to $ 63 from a previous price target of $52 .Copart was Downgraded by Barrington Research to ” Mkt Perform” on Sep 23, 2016. Susquehanna Initiated Copart on Aug 26, 2016 to “Neutral”, Price Target of the shares are set at $53.

Copart Inc. is a provider of online auctions and vehicle remarketing services in the United States Canada the United Kingdom the United Arab Emirates Oman Bahrain and Brazil. The Company also provides vehicle remarketing services in Germany and Spain. It provides vehicle sellers with services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3). It sells vehicles primarily to insurance companies and also to banks and financial institutions charities car dealerships fleet operators and vehicle rental companies. It sells the vehicles to licensed vehicle dismantlers rebuilders repair licensees used vehicle dealers and exporters and at certain locations to the general public. The Company that sells vehicles on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles.

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