CarGurus, Inc. (NASDAQ:CARG – Get Rating) fell 1.7% during mid-day trading on Tuesday after Truist Financial lowered their price target on the stock from $38.00 to $31.00. The company traded as low as $13.90 and last traded at $13.91. 7,627 shares were traded during trading, a decline of 99% from the average session volume of 1,260,379 shares. The stock had previously closed at $14.15.
Other equities analysts have also issued reports about the stock. JMP Securities began coverage on shares of CarGurus in a research report on Thursday, June 30th. They set a “market perform” rating on the stock. DA Davidson lowered their price target on shares of CarGurus from $34.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 9th. Benchmark lowered their price target on shares of CarGurus to $37.00 in a research report on Monday, August 15th. BTIG Research decreased their target price on shares of CarGurus from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, September 20th. Finally, Raymond James decreased their target price on shares of CarGurus from $28.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, September 30th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $29.55.
Insider Activity at CarGurus
In related news, COO Samuel Zales sold 17,707 shares of CarGurus stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $25.02, for a total transaction of $443,029.14. Following the sale, the chief operating officer now directly owns 392,587 shares of the company’s stock, valued at approximately $9,822,526.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 14.80% of the stock is currently owned by insiders.
Institutional Investors Weigh In On CarGurus
Several hedge funds and other institutional investors have recently made changes to their positions in CARG. National Bank of Canada FI boosted its position in CarGurus by 62.1% during the 3rd quarter. National Bank of Canada FI now owns 53,687 shares of the company’s stock worth $801,000 after buying an additional 20,569 shares during the period. Mackenzie Financial Corp acquired a new stake in CarGurus during the 3rd quarter worth approximately $203,000. Hussman Strategic Advisors Inc. boosted its position in CarGurus by 43.1% during the 2nd quarter. Hussman Strategic Advisors Inc. now owns 37,200 shares of the company’s stock worth $799,000 after buying an additional 11,200 shares during the period. Legal & General Group Plc boosted its position in CarGurus by 2.0% during the 2nd quarter. Legal & General Group Plc now owns 84,666 shares of the company’s stock worth $1,819,000 after buying an additional 1,650 shares during the period. Finally, Advisory Research Inc. acquired a new stake in CarGurus during the 2nd quarter worth approximately $439,000. 86.18% of the stock is owned by institutional investors.
CarGurus Trading Up 0.3 %
The firm’s 50-day moving average is $17.16 and its 200 day moving average is $24.10. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -13.35, a P/E/G ratio of 3.73 and a beta of 1.66.
CarGurus (NASDAQ:CARG – Get Rating) last posted its earnings results on Monday, August 8th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.11 by $0.04. CarGurus had a negative net margin of 0.90% and a positive return on equity of 20.37%. The business had revenue of $511.20 million for the quarter, compared to the consensus estimate of $507.31 million. During the same period last year, the company earned $0.29 EPS. The firm’s revenue was up 134.7% compared to the same quarter last year. Analysts predict that CarGurus, Inc. will post 0.28 EPS for the current year.
About CarGurus
CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States and internationally. The company provides consumers an online automotive marketplace where they can search for new and used car listings from its dealers, as well as sell their car in the United States marketplace.
