PEAK6 Investments LLC Invests $1.74 Million in CarGurus Inc (CARG) Stock

PEAK6 Investments LLC bought a new position in shares of CarGurus Inc (NASDAQ:CARG) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 31,299 shares of the company’s stock, valued at approximately $1,743,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. FMR LLC raised its holdings in CarGurus by 10.4% during the third quarter. FMR LLC now owns 11,022,430 shares of the company’s stock worth $613,838,000 after acquiring an additional 1,040,330 shares in the last quarter. BlackRock Inc. raised its holdings in CarGurus by 19.6% during the third quarter. BlackRock Inc. now owns 3,138,323 shares of the company’s stock worth $174,772,000 after acquiring an additional 513,304 shares in the last quarter. Bank of America Corp DE raised its holdings in CarGurus by 877.9% during the second quarter. Bank of America Corp DE now owns 681,579 shares of the company’s stock worth $23,678,000 after acquiring an additional 611,878 shares in the last quarter. Northern Trust Corp raised its holdings in CarGurus by 2,401.8% during the second quarter. Northern Trust Corp now owns 503,590 shares of the company’s stock worth $17,494,000 after acquiring an additional 483,461 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in CarGurus by 470.2% in the second quarter. Wells Fargo & Company MN now owns 389,552 shares of the company’s stock valued at $13,532,000 after buying an additional 321,230 shares during the period. Institutional investors and hedge funds own 64.76% of the company’s stock.

In other news, CEO Langley Steinert sold 176,109 shares of the company’s stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $48.16, for a total value of $8,481,409.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Argonaut 22 Llc sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $49.89, for a total value of $4,989,000.00. The disclosure for this sale can be found here. Insiders sold 5,420,291 shares of company stock worth $265,550,396 in the last 90 days. Corporate insiders own 51.03% of the company’s stock.

NASDAQ:CARG opened at $38.04 on Monday. The company has a market capitalization of $4.19 billion and a price-to-earnings ratio of 317.00. CarGurus Inc has a 12-month low of $28.00 and a 12-month high of $57.25.

CarGurus (NASDAQ:CARG) last released its quarterly earnings data on Wednesday, November 7th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.03. The firm had revenue of $119.04 million for the quarter, compared to analyst estimates of $112.70 million. CarGurus had a return on equity of 9.82% and a net margin of 11.78%. The business’s revenue for the quarter was up 43.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.02 earnings per share. On average, equities research analysts forecast that CarGurus Inc will post 0.13 EPS for the current fiscal year.

Several research firms have issued reports on CARG. ValuEngine lowered CarGurus from a “buy” rating to a “hold” rating in a research note on Thursday, September 27th. Benchmark upped their price objective on CarGurus from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, August 8th. DA Davidson set a $53.00 price objective on CarGurus and gave the company a “buy” rating in a research note on Wednesday, August 8th. BidaskClub lowered CarGurus from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 3rd. Finally, Zacks Investment Research lowered CarGurus from a “buy” rating to a “hold” rating in a research note on Monday, August 13th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. CarGurus currently has a consensus rating of “Buy” and a consensus price target of $51.57.

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About CarGurus

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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Institutional Ownership by Quarter for CarGurus (NASDAQ:CARG)

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