CarGurus (NASDAQ:CARG) Hits New 12-Month High at $29.54

CarGurus, Inc. (NASDAQ:CARG) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $29.54 and last traded at $29.31, with a volume of 27838 shares traded. The stock had previously closed at $28.99.

Analyst Upgrades and Downgrades

CARG has been the topic of a number of recent research reports. BTIG Research upped their price objective on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. increased their price target on CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Citigroup lifted their price objective on shares of CarGurus from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada boosted their price objective on shares of CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Friday, August 9th. Finally, Oppenheimer raised their target price on shares of CarGurus from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $29.35.

CarGurus Stock Up 0.9 %

The stock has a market capitalization of $3.13 billion, a PE ratio of 107.14, a price-to-earnings-growth ratio of 1.33 and a beta of 1.56. The stock’s 50 day moving average price is $26.80 and its 200-day moving average price is $24.80.

CarGurus (NASDAQ:CARG) last issued its earnings results on Thursday, August 8th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. The business had revenue of $218.69 million for the quarter, compared to the consensus estimate of $214.85 million. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. As a group, sell-side analysts predict that CarGurus, Inc. will post 1.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CarGurus news, CTO Matthew Todd Quinn sold 3,978 shares of the company’s stock in a transaction on 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 directly owns 217,374 shares in the company, valued at approximately $5,414,786.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CTO Matthew Todd Quinn sold 3,978 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were 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 in the company, valued at approximately $5,414,786.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $26.49, for a total transaction of $666,700.32. Following the completion of the sale, the chief operating officer now directly owns 488,083 shares of the company’s stock, valued at approximately $12,929,318.67. The disclosure for this sale can be found here. Insiders have sold 57,421 shares of company stock worth $1,567,354 in the last ninety days. 17.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CARG. Prevatt Capital Ltd bought a new stake in CarGurus during the fourth quarter valued at about $24,160,000. Pale Fire Capital SE purchased a new stake in shares of CarGurus during the fourth quarter valued at about $1,800,000. UniSuper Management Pty Ltd bought a new stake in shares of CarGurus in the 1st quarter valued at about $483,000. Capstone Investment Advisors LLC purchased a new position in shares of CarGurus in the 1st quarter worth approximately $1,315,000. Finally, Jennison Associates LLC bought a new position in shares of CarGurus during the 1st quarter worth approximately $707,000. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

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.