With a general bullishness amongst the heavyweights, key hedge funds have jumped into Copart, Inc. (NASDAQ:CPRT) headfirst. Hitchwood Capital Management, run by James Crichton, established the biggest position in Copart, Inc. (NASDAQ:CPRT). The fund had $21.5 million invested in the company at the end of the quarter according to regulatory filings. Jim Simons’s Renaissance Technologies also made a $17 million investment in the stock during the quarter. The following funds were also among the new CPRT investors: Panayotis Takis Sparaggis’s Alkeon Capital Management, Dmitry Balyasny’s Balyasny Asset Management, and Ken Griffin’s Citadel Investment Group.
Let’s now take a look at hedge fund activity in other stocks similar to Copart, Inc. (NASDAQ:CPRT). These stocks are Assurant, Inc. (NYSE:AIZ), JetBlue Airways Corporation (NASDAQ:JBLU), Post Holdings Inc (NYSE:POST), and Calpine Corporation (NYSE:CPN). All of these stocks’ market caps are closest to CPRT’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| AIZ | 16 | 219776 | -8 |
| JBLU | 32 | 486895 | -6 |
| POST | 44 | 1553643 | 4 |
| CPN | 35 | 836596 | 3 |
As you can see these stocks had an average of 32 hedge funds with bullish positions and the average amount invested in these stocks was $774 million. That figure was $349 million in CPRT’s case. Post Holdings Inc (NYSE:POST) is the most popular stock in this table. On the other hand Assurant, Inc. (NYSE:AIZ) is the least popular one with only 16 bullish hedge fund positions. Copart, Inc. (NASDAQ:CPRT) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard POST might be a better candidate to consider a long position.
Disclosure: none.
