Hedge Funds Are Crazy About Copart, Inc. (CPRT)

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.

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.