CarGurus (NASDAQ:CARG) Issues FY 2024 Earnings Guidance

CarGurus (NASDAQ:CARG) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 1.670-1.730 for the period, compared to the consensus EPS estimate of 1.640. The company issued revenue guidance of $885.0 million-$905.0 million, compared to the consensus revenue estimate of $883.6 million. CarGurus also updated its Q4 guidance to $0.50-$0.55 EPS.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Jefferies Financial Group lifted their price objective on CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. BTIG Research lifted their price target on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. DA Davidson restated a “neutral” rating and issued a $26.50 target price on shares of CarGurus in a report on Tuesday, September 10th. JPMorgan Chase & Co. lifted their target price on shares of CarGurus from $29.00 to $32.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Finally, B. Riley increased their price target on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.59.

CarGurus Price Performance

CarGurus stock traded up $0.47 during mid-day trading on Thursday, reaching $33.36. 1,095,130 shares of the company traded hands, compared to its average volume of 825,272. CarGurus has a 52-week low of $18.59 and a 52-week high of $33.95. The firm has a market capitalization of $3.45 billion, a price-to-earnings ratio of -66.72, a P/E/G ratio of 1.74 and a beta of 1.55. The firm’s 50 day moving average price is $30.05 and its 200 day moving average price is $26.76.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.07. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. The company had revenue of $218.69 million for the quarter, compared to analysts’ expectations of $214.85 million. On average, sell-side analysts anticipate that CarGurus will post 1.16 EPS for the current year.

Insider Buying and Selling at CarGurus

In other CarGurus news, COO Samuel Zales sold 25,168 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $28.34, for a total value of $713,261.12. Following the completion of the transaction, the chief operating officer now owns 480,583 shares in the company, valued at approximately $13,619,722.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other CarGurus news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $28.34, for a total value of $713,261.12. Following the sale, the chief operating officer now directly owns 480,583 shares of the company’s stock, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Dafna Sarnoff sold 4,127 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $29.94, for a total value of $123,562.38. Following the completion of the sale, the chief marketing officer now directly owns 119,330 shares in the company, valued at approximately $3,572,740.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 61,065 shares of company stock valued at $1,823,794. 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.