CarGurus (NASDAQ:CARG) Hits New 12-Month High – Here’s What Happened

CarGurus, Inc. (NASDAQ:CARG) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $33.36 and last traded at $33.28, with a volume of 1908 shares traded. The stock had previously closed at $31.75.

Analyst Ratings Changes

CARG has been the topic of a number of analyst reports. Oppenheimer boosted their price objective on shares of CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, August 9th. BTIG Research increased their price objective on shares of CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. JMP Securities reissued a “market outperform” rating and issued a $32.00 price objective on shares of CarGurus in a research note on Monday, September 9th. Jefferies Financial Group upped their target price on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Royal Bank of Canada raised their price target on CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.59.

CarGurus Stock Up 1.4 %

The firm has a 50 day moving average price of $30.14 and a 200 day moving average price of $26.80. The stock has a market cap of $3.45 billion, a PE ratio of -66.72, a price-to-earnings-growth ratio of 1.74 and a beta of 1.55.

CarGurus (NASDAQ:CARG) last posted its earnings results on Thursday, August 8th. The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $218.69 million for the quarter, compared to the consensus estimate of $214.85 million. Equities analysts forecast that CarGurus, Inc. will post 1.16 earnings per share for the current year.

Insider Activity

In related news, CTO Matthew Todd Quinn sold 3,495 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total value of $102,857.85. Following the completion of the transaction, the chief technology officer now owns 205,696 shares of the company’s stock, valued at $6,053,633.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were 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 in the company, valued at approximately $13,619,722.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Matthew Todd Quinn sold 3,495 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total transaction of $102,857.85. Following the transaction, the chief technology officer now owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 61,065 shares of company stock worth $1,823,794. Corporate insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On CarGurus

Several institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its holdings in shares of CarGurus by 18.6% during the 1st quarter. BNP Paribas Financial Markets now owns 95,304 shares of the company’s stock valued at $2,200,000 after purchasing an additional 14,961 shares during the last quarter. Jennison Associates LLC purchased a new stake in CarGurus in the first quarter valued at about $707,000. Texas Permanent School Fund Corp boosted its holdings in CarGurus by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 74,986 shares of the company’s stock worth $1,731,000 after acquiring an additional 980 shares in the last quarter. LSV Asset Management grew its stake in shares of CarGurus by 533.3% during the first quarter. LSV Asset Management now owns 57,000 shares of the company’s stock worth $1,316,000 after acquiring an additional 48,000 shares during the last quarter. Finally, Swiss National Bank increased its holdings in shares of CarGurus by 4.7% during the first quarter. Swiss National Bank now owns 171,000 shares of the company’s stock valued at $3,947,000 after acquiring an additional 7,700 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

CarGurus Company Profile

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.