CarGurus (NASDAQ:CARG) Releases Q3 Earnings Guidance

CarGurus (NASDAQ:CARG) issued an update on its third quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.38-$0.44 for the period, compared to the consensus EPS estimate of $0.37. The company issued revenue guidance of $212-$232 million, compared to the consensus revenue estimate of $220.46 million. CarGurus also updated its Q3 2024 guidance to 0.380-0.440 EPS.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Oppenheimer upped their price target on CarGurus from $30.00 to $32.00 and gave the stock an outperform rating in a report on Friday. Royal Bank of Canada upped their price objective on CarGurus from $27.00 to $30.00 and gave the stock an outperform rating in a report on Friday. B. Riley boosted their price objective on shares of CarGurus from $28.00 to $30.00 and gave the stock a buy rating in a research report on Friday. Citigroup boosted their price objective on shares of CarGurus from $24.00 to $27.00 and gave the company a neutral rating in a research report on Wednesday, July 3rd. Finally, BTIG Research increased their target price on CarGurus from $28.00 to $30.00 and gave the stock a buy rating in a research report on Friday. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $28.75.

CarGurus Trading Up 20.3 %

NASDAQ:CARG traded up $4.54 during mid-day trading on Friday, hitting $26.94. The company’s stock had a trading volume of 2,005,431 shares, compared to its average volume of 904,858. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of 96.21, a P/E/G ratio of 1.40 and a beta of 1.57. CarGurus has a fifty-two week low of $16.70 and a fifty-two week high of $27.00. The stock has a fifty day moving average of $25.10 and a 200-day moving average of $23.82.

CarGurus (NASDAQ:CARG) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The firm had revenue of $215.80 million during the quarter, compared to analysts’ expectations of $217.29 million. CarGurus had a return on equity of 8.80% and a net margin of 4.04%. On average, equities analysts anticipate that CarGurus will post 0.98 earnings per share for the current fiscal year.

Insider Buying and Selling at CarGurus

In other CarGurus news, COO Samuel Zales sold 30,000 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $25.00, for a total transaction of $750,000.00. Following the completion of the sale, the chief operating officer now directly owns 518,845 shares of the company’s stock, valued at approximately $12,971,125. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Samuel Zales sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $25.00, for a total transaction of $750,000.00. Following the completion of the transaction, the chief operating officer now owns 518,845 shares in the company, valued at $12,971,125. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Matthew Todd Quinn sold 3,978 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total value of $99,091.98. Following the completion of the sale, the chief technology officer now owns 217,374 shares of the company’s stock, valued at $5,414,786.34. The disclosure for this sale can be found here. In the last 90 days, insiders sold 83,494 shares of company stock worth $2,119,722. 17.20% of the stock is currently owned by corporate insiders.

About CarGurus

CarGurus, Inc operates an online automotive platform for buying and selling vehicles in the United States and internationally. It operates through two segments, U.S. Marketplace and Digital Wholesale. The company provides an online automotive marketplace where customers can search for new and used car listings from its dealers and sell their car to dealers and other consumers; and paid listings subscriptions for enhanced access to its marketplace that connects dealers to a large audience of informed and engaged consumers.