Is Copart (CPRT) Recovering?

Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 10.23% net of fees in the first quarter, compared to the Russell Midcap Growth Index’s 9.14% return. The strategy primarily benefitted from the stock selection while the sector allocation also contributed to the relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Mid Cap Strategy highlighted stocks like Copart, Inc. (NASDAQ:CPRT) in the first quarter 2023 investor letter. Headquartered in Dallas, Texas, Copart, Inc. (NASDAQ:CPRT) is an online auction and vehicle remarketing services company. On May 26, 2023, Copart, Inc. (NASDAQ:CPRT) stock closed at $87.88 per share. One-month return of Copart, Inc. (NASDAQ:CPRT) was 11.17%, and its shares gained 50.62% of their value over the last 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $41.883 billion.

Conestoga Mid Cap Strategy made the following comment about Copart, Inc. (NASDAQ:CPRT) in its Q1 2023 investor letter:

“Copart, Inc. (NASDAQ:CPRT): CPRT is a leading provider of salvage auctions in the US, Canada and the UK. While unit volumes have been pressured since the start of the pandemic (fewer miles driven and insurers more inclined to repair than total cars), the fourth quarter saw an improvement in total loss rate to 19.7% from 17.4% in the prior quarter and 19.2% in 1Q22.”

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Copart, Inc. (NASDAQ:CPRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Copart, Inc. (NASDAQ:CPRT) at the end of the first quarter 2023 which was 48 in the previous quarter.

We discussed Copart, Inc. (NASDAQ:CPRT) in another article and shared best auto and truck dealership stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.