CarGurus (CARG) Stock Price Down 5% on Insider Selling

Shares of CarGurus Inc (NASDAQ:CARG) traded down 5% on Wednesday after an insider sold shares in the company. The stock traded as low as $39.80 and last traded at $40.13. 1,856,816 shares changed hands during mid-day trading, an increase of 160% from the average session volume of 713,973 shares. The stock had previously closed at $42.25.

Specifically, CFO Jason Trevisan sold 30,000 shares of the stock in a transaction on Friday, August 10th. The stock was sold at an average price of $52.43, for a total value of $1,572,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Anastasios Parafestas sold 120,000 shares of the stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $49.89, for a total value of $5,986,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,829,265 shares of company stock valued at $289,140,643. 51.03% of the stock is owned by insiders.

Several analysts recently issued reports on the company. BidaskClub downgraded CarGurus from a “buy” rating to a “hold” rating in a report on Saturday, October 13th. ValuEngine upgraded CarGurus from a “hold” rating to a “buy” rating in a report on Tuesday, October 9th. Zacks Investment Research downgraded CarGurus from a “buy” rating to a “hold” rating in a report on Monday, August 13th. Benchmark increased their price target on CarGurus from $44.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, August 8th. Finally, DA Davidson set a $53.00 price target on CarGurus and gave the company a “buy” rating in a report on Wednesday, August 8th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $48.00.

The stock has a market cap of $4.62 billion and a price-to-earnings ratio of 334.42.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings data on Wednesday, November 7th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. The company had revenue of $119.04 million during the quarter, compared to analysts’ expectations of $112.70 million. CarGurus had a net margin of 10.34% and a return on equity of 12.60%. The firm’s revenue for the quarter was up 43.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.02 EPS. As a group, equities research analysts anticipate that CarGurus Inc will post 0.1 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of CARG. First Interstate Bank boosted its position in CarGurus by 100,560.0% in the 2nd quarter. First Interstate Bank now owns 5,033 shares of the company’s stock valued at $175,000 after buying an additional 5,028 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in CarGurus in the 2nd quarter valued at about $205,000. NEXT Financial Group Inc purchased a new position in CarGurus in the 3rd quarter valued at about $206,000. CIBC Asset Management Inc purchased a new position in CarGurus in the 3rd quarter valued at about $209,000. Finally, NumerixS Investment Technologies Inc purchased a new position in CarGurus in the 2nd quarter valued at about $227,000. 63.35% of the stock is owned by institutional investors.

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About CarGurus (NASDAQ:CARG)

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars worldwide. The company's marketplace enables users with third-party validation on pricing, dealer reputation, and other information. As of June 30, 2017, it had an active dealer network of approximately 40,000 dealers; and approximately 5.4 million car listings.

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