CarGurus (NASDAQ:CARG) Reaches New 52-Week High on Analyst Upgrade

CarGurus, Inc. (NASDAQ:CARG) shares reached a new 52-week high on Tuesday after BTIG Research raised their price target on the stock from $30.00 to $35.00. BTIG Research currently has a buy rating on the stock. CarGurus traded as high as $31.99 and last traded at $31.96, with a volume of 35574 shares changing hands. The stock had previously closed at $31.66.

A number of other equities research analysts also recently weighed in on the stock. Jefferies Financial Group raised their price target on shares of CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday. Royal Bank of Canada raised their price target on shares of CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Needham & Company LLC lifted their target price on shares of CarGurus from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. JMP Securities reiterated a “market outperform” rating and set a $32.00 target price on shares of CarGurus in a research report on Monday, September 9th. Finally, B. Riley lifted their target price on shares of CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.59.

Insider Transactions at CarGurus

In other news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the transaction, the chief operating officer now owns 480,583 shares in the company, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the transaction, the chief operating officer now owns 480,583 shares in the company, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 completion of the transaction, the chief technology officer now owns 205,696 shares in the company, valued at $6,053,633.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,065 shares of company stock worth $1,823,794. Company insiders own 17.20% of the company’s stock.

Institutional Trading of CarGurus

Hedge funds have recently modified their holdings of the stock. UniSuper Management Pty Ltd bought a new stake in shares of CarGurus in the 1st quarter valued at $483,000. Capstone Investment Advisors LLC bought a new stake in shares of CarGurus in the 1st quarter valued at $1,315,000. Jennison Associates LLC bought a new stake in shares of CarGurus in the 1st quarter valued at $707,000. Swedbank AB bought a new stake in shares of CarGurus in the 1st quarter valued at $1,352,000. Finally, SG Capital Management LLC bought a new stake in shares of CarGurus in the 1st quarter valued at $4,222,000. Institutional investors own 86.90% of the company’s stock.

CarGurus Stock Performance

The firm’s 50 day moving average price is $29.32 and its two-hundred day moving average price is $26.07. The company has a market cap of $3.34 billion, a P/E ratio of 114.43, a price-to-earnings-growth ratio of 1.48 and a beta of 1.56.

CarGurus (NASDAQ:CARG) last announced its quarterly 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. The business had revenue of $218.69 million during the quarter, compared to analyst estimates 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, analysts forecast that CarGurus, Inc. will post 1.18 EPS for the current fiscal year.

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.