Zacks Investment Research upgraded shares of CarGurus (NASDAQ:CARG) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $35.00 target price on the stock.
According to Zacks, “CarGurus, Inc. is an online automotive marketplace connecting buyers and sellers of new and used cars. The company uses proprietary technology, search algorithms and data analytics. It operates primarily in Canada, the United Kingdom and Germany. CarGurus, Inc.is based in CAMBRIDGE, United States. “
CARG has been the subject of several other reports. Consumer Edge initiated coverage on shares of CarGurus in a research report on Friday, August 2nd. They set an overweight rating for the company. Needham & Company LLC initiated coverage on shares of CarGurus in a report on Thursday, September 12th. They set a hold rating on the stock. JMP Securities lowered their target price on shares of CarGurus to $50.00 and set an outperform rating on the stock in a report on Wednesday, August 7th. ValuEngine raised shares of CarGurus from a hold rating to a buy rating in a report on Tuesday, August 6th. Finally, BidaskClub raised shares of CarGurus from a sell rating to a hold rating in a report on Wednesday, September 11th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $48.08.
Shares of CARG stock opened at $31.11 on Wednesday. The firm has a 50 day moving average price of $31.95 and a two-hundred day moving average price of $35.31. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $4.20 billion, a PE ratio of 54.58, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87. CarGurus has a 12-month low of $28.65 and a 12-month high of $49.00.
CarGurus (NASDAQ:CARG) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.03. The firm had revenue of $145.03 million during the quarter, compared to the consensus estimate of $140.67 million. CarGurus had a net margin of 8.22% and a return on equity of 17.12%. The business’s revenue for the quarter was up 31.5% compared to the same quarter last year. During the same period last year, the business posted $0.06 earnings per share. As a group, research analysts expect that CarGurus will post 0.28 EPS for the current year.
In related news, Director Anastasios Parafestas sold 111,400 shares of CarGurus stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $35.65, for a total value of $3,971,410.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Langley Steinert sold 2,500 shares of CarGurus stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $25.05, for a total transaction of $62,625.00. Insiders have sold 1,804,273 shares of company stock worth $60,291,820 over the last ninety days. Insiders own 34.51% of the company’s stock.
A number of large investors have recently made changes to their positions in CARG. Advisor Group Inc. increased its stake in CarGurus by 55.1% in the second quarter. Advisor Group Inc. now owns 1,194 shares of the company’s stock valued at $42,000 after acquiring an additional 424 shares during the last quarter. Point72 Hong Kong Ltd increased its stake in CarGurus by 2,651.8% in the second quarter. Point72 Hong Kong Ltd now owns 2,284 shares of the company’s stock valued at $82,000 after acquiring an additional 2,201 shares during the last quarter. CSat Investment Advisory L.P. bought a new position in CarGurus in the second quarter valued at approximately $90,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in CarGurus in the second quarter valued at approximately $145,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in CarGurus by 21.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,861 shares of the company’s stock valued at $150,000 after acquiring an additional 842 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.
CarGurus Company Profile
CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States, Canada, the United Kingdom, Germany, Italy, and Spain. 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.
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