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One stock that insiders are snapping up a huge amount of is
CPRT), a provider of online auctions and vehicle remarketing services in the U.S., Canada and the U.K. Insiders are buying this stock into modest strength, since shares are up 10.9% so far in 2013.
Copart market cap of 4.12 billion. This stock trades at a fair valuation, with a trailing price-to-earnings of 23.11 and a forward price-to-earnings of 17.65. Its estimated growth rate for this year is 15.1%, and for next year it's pegged at 15.6%.
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The chairman of the board just
bought 227,900 shares, or about $7.05 million worth of stock, at $30.73 to $31.08 a share.
From a technical perspective, CPRT is currently trending above its 50-day moving average and just below its 200-day moving average, which is neutral trendwise. This stock recently gapped down sharply from $34.71 to around $30.50 a share with heavy downside volume. Following that gap down, shares of CPRT have started to rebound sharply and trend back into that gap area.
If you're bullish on CPRT, then I would look for long-biased trades as long as this stock is trending above some near-term support at $32 or at $31.50, and then once breaks out above its 200-day moving average of $33.23 a share with high volume. Look for a sustained move or close above that level with volume that hits near or above its three-month average action of 714,997 shares. If that breakout hits soon, then CPRT will set up to re-test or possibly take out its next major overhead resistance levels at $35 to $37 a share.