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In the quiet murmur of quarterly disclosures, Argent Capital Management LLC transacted its farewell to Copart (NASDAQ: CPRT). By the close of Q3 2025, the firm had offloaded 1.26 million shares, a transaction valued at $59.52 million. The figures, sterile and cold, tell a story of exit rather than allegiance.
\n
A Record of Departure
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According to the firm’s SEC Form 13-F filing, dated October 14, 2025, the divestiture was methodical. The average closing price for the period, a mathematical convenience if not a moral one, rendered the shares sold worth $59.52 million. By quarter’s end, 162,339 shares remained-a fractional shadow of its former holdings.
\n
This reduction diminished Copart’s presence in Argent’s portfolio to 0.2% of 13F reportable assets. A number, yes, but also a sigh whispered into the ledger. The firm’s top holdings now include Microsoft, Nvidia, and Amazon, their drips of capital more certain than the mercurial tides of the auto remarketing sector.
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A Market of Static Coins
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As of October 13, 2025, Copart’s shares languished at $44.07, a 20% decline over a year and a 36-point underperformance against the S&P 500. Its valuation, at 28 times earnings, clings to a precarious life, as if the company’s moat-once deemed durable-has since eroded into a shallow trench.
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| Metric | Value |
|---|---|
| Market Capitalization | $43.41 billion |
| Revenue (TTM) | $4.65 billion |
| Net Income (TTM) | $1.55 billion |
| Price (as of market close 2025-10-13) | $44.07 |
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A Company Executing Its Script
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Copart, that midwife to the demise of vehicles across continents, persists. Its auctions, virtual and efficient, connect sellers and buyers in a digital amphitheater. Yet one cannot help but wonder if the company’s once-gilded aspirations for growth and disruption now feel as dated as a cassette player in a world of streaming.
\n
Its services-salvage estimation, end-of-life processing, logistics-remain precise, but the broader enterprise lacks the breathless dynamism of its peers. Fleet operators and insurers continue to flock, yet the sparkle of innovation has dimmed, leaving a sheen of respectable but unremarkable.
\n
A Fool’s Enumeration
\n
Though Argent retains a sliver of Copart shares, the withdrawal is a signal-anecdotal but not accidental. For an investor, the move stirs quiet unease. Since Argent’s initial stake reflected a belief in Copart’s long-term potential, the retreat now feels less strategic than resigned.
\n
Could the firm have grown weary of the stock’s flatline-a 15% annual growth slipping to 5% over three quarters? Perhaps. Or perhaps, as markets do, it saw not a flaw, but a reflection: that some companies, for all their scale, remain anchored to the mundane.
\n
For myself, the exit is less a rebuke than a reminder. Markets, like people, are messy. Moats exist, yes, but they do not guarantee immunity to entropy. Copart, with its 28 times earnings, stands as a bridge between optimism and realism, teetering in the space between what is and what might have been.
\n
A Gloss for the Terms
\n
13F reportable AUM: The assets under management that quarterly SEC disclosures demand of managers.
Form 13-F: A document in which institutional holders list their U.S. equity stakes.
TTM: Twelve months ending with the latest quarterly report.
\n
\n
In the quiet murmur of quarterly disclosures, Argent Capital Management LLC transacted its farewell to Copart (NASDAQ: CPRT). By the close of Q3 2025, the firm had offloaded 1.26 million shares, a transaction valued at $59.52 million. The figures, sterile and cold, tell a story of exit rather than allegiance.
A Record of Departure
According to the firm’s SEC Form 13-F filing, dated October 14, 2025, the divestiture was methodical. The average closing price for the period, a mathematical convenience if not a moral one, rendered the shares sold worth $59.52 million. By quarter’s end, 162,339 shares remained-a fractional shadow of its former holdings.
This reduction diminished Copart’s presence in Argent’s portfolio to 0.2% of 13F reportable assets. A number, yes, but also a sigh whispered into the ledger. The firm’s top holdings now include Microsoft, Nvidia, and Amazon, their drips of capital more certain than the mercurial tides of the auto remarketing sector.
A Market of Static Coins
As of October 13, 2025, Copart’s shares languished at $44.07, a 20% decline over a year and a 36-point underperformance against the S&P 500. Its valuation, at 28 times earnings, clings to a precarious life, as if the company’s moat-once deemed durable-has since eroded into a shallow trench.
| Metric | Value |
|---|---|
| Market Capitalization | $43.41 billion |
| Revenue (TTM) | $4.65 billion |
| Net Income (TTM) | $1.55 billion |
| Price (as of market close 2025-10-13) | $44.07 |
A Company Executing Its Script
Copart, that midwife to the demise of vehicles across continents, persists. Its auctions, virtual and efficient, connect sellers and buyers in a digital amphitheater. Yet one cannot help but wonder if the company’s once-gilded aspirations for growth and disruption now feel as dated as a cassette player in a world of streaming.
Its services-salvage estimation, end-of-life processing, logistics-remain precise, but the broader enterprise lacks the breathless dynamism of its peers. Fleet operators and insurers continue to flock, yet the sparkle of innovation has dimmed, leaving a sheen of respectable but unremarkable.
A Fool’s Enumeration
Though Argent retains a sliver of Copart shares, the withdrawal is a signal-anecdotal but not accidental. For an investor, the move stirs quiet unease. Since Argent’s initial stake reflected a belief in Copart’s long-term potential, the retreat now feels less strategic than resigned.
Could the firm have grown weary of the stock’s flatline-a 15% annual growth slipping to 5% over three quarters? Perhaps. Or perhaps, as markets do, it saw not a flaw, but a reflection: that some companies, for all their scale, remain anchored to the mundane.
For myself, the exit is less a rebuke than a reminder. Markets, like people, are messy. Moats exist, yes, but they do not guarantee immunity to entropy. Copart, with its 28 times earnings, stands as a bridge between optimism and realism, teetering in the space between what is and what might have been.
A Gloss for the Terms
13F reportable AUM: The assets under management that quarterly SEC disclosures demand of managers.
Form 13-F: A document in which institutional holders list their U.S. equity stakes.
TTM: Twelve months ending with the latest quarterly report.
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2025-10-15 05:39