CarGurus (NASDAQ:CARG) Trading Down 3.4%

CarGurus, Inc. (NASDAQ:CARG) shares fell 3.4% during mid-day trading on Thursday . The stock traded as low as $23.87 and last traded at $24.10. 240,801 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 964,504 shares. The stock had previously closed at $24.96.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CARG. UBS Group upped their price objective on CarGurus from $26.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, March 15th. JMP Securities restated a “market perform” rating on shares of CarGurus in a research note on Wednesday, April 17th. Royal Bank of Canada upped their price objective on shares of CarGurus from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, May 10th. Oppenheimer raised their target price on shares of CarGurus from $26.00 to $30.00 and gave the company an “outperform” rating in a research report on Tuesday, February 27th. Finally, Needham & Company LLC upped their price target on shares of CarGurus from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $25.77.

CarGurus Trading Down 4.6 %

The stock has a market cap of $2.56 billion, a P/E ratio of 89.14, a price-to-earnings-growth ratio of 1.46 and a beta of 1.57. The business has a 50-day simple moving average of $22.92 and a 200 day simple moving average of $22.51.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Monday, February 26th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. CarGurus had a net margin of 4.04% and a return on equity of 8.80%. The firm had revenue of $223.12 million for the quarter, compared to the consensus estimate of $220.05 million. During the same quarter in the previous year, the company earned $0.25 EPS. The company’s revenue for the quarter was down 22.2% on a year-over-year basis. As a group, equities analysts expect that CarGurus, Inc. will post 0.94 earnings per share for the current year.

Insiders Place Their Bets

In other CarGurus news, insider Andrea Lee Eldridge sold 22,358 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $22.13, for a total transaction of $494,782.54. Following the transaction, the insider now directly owns 117,432 shares in the company, valued at approximately $2,598,770.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, General Counsel Javier Esquivel Zamora sold 23,557 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $22.13, for a total transaction of $521,316.41. Following the transaction, the general counsel now directly owns 111,589 shares of the company’s stock, valued at approximately $2,469,464.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Andrea Lee Eldridge sold 22,358 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $22.13, for a total value of $494,782.54. Following the completion of the sale, the insider now directly owns 117,432 shares of the company’s stock, valued at approximately $2,598,770.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,793 shares of company stock worth $2,523,342. Company insiders own 15.70% of the company’s stock.

Institutional Trading of CarGurus

Hedge funds have recently bought and sold shares of the business. Acadian Asset Management LLC bought a new stake in shares of CarGurus during the third quarter worth about $32,000. GAMMA Investing LLC acquired a new position in CarGurus during the 4th quarter valued at about $32,000. Headlands Technologies LLC bought a new stake in CarGurus during the 1st quarter worth approximately $49,000. PNC Financial Services Group Inc. boosted its position in shares of CarGurus by 298.2% during the third quarter. PNC Financial Services Group Inc. now owns 2,951 shares of the company’s stock valued at $52,000 after buying an additional 2,210 shares during the last quarter. Finally, Daiwa Securities Group Inc. bought a new stake in CarGurus during the fourth quarter worth $65,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

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.