BTIG Research Upgrades CarGurus (NASDAQ:CARG) to Buy

BTIG Research upgraded shares of CarGurus (NASDAQ:CARG) from a neutral rating to a buy rating in a research report sent to investors on Friday morning, AR Network reports. They currently have $26.00 price target on the stock.

CARG has been the topic of several other research reports. Zacks Investment Research downgraded CarGurus from a strong-buy rating to a hold rating in a report on Monday, October 12th. ValuEngine downgraded shares of CarGurus from a buy rating to a hold rating in a research note on Monday, August 3rd. Benchmark boosted their price target on shares of CarGurus from $32.00 to $35.00 and gave the stock a buy rating in a research note on Wednesday, August 5th. Piper Sandler began coverage on CarGurus in a research note on Monday, July 27th. They issued a neutral rating and a $27.00 price objective on the stock. Finally, BidaskClub cut CarGurus from a sell rating to a strong sell rating in a research note on Wednesday, September 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. CarGurus currently has an average rating of Hold and a consensus price target of $29.60.

NASDAQ CARG opened at $20.88 on Friday. The stock has a fifty day simple moving average of $22.42 and a 200-day simple moving average of $24.23. The stock has a market cap of $2.36 billion, a PE ratio of 54.95, a P/E/G ratio of 2.04 and a beta of 1.86. CarGurus has a twelve month low of $14.25 and a twelve month high of $40.91.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.18. The business had revenue of $94.70 million during the quarter, compared to analysts’ expectations of $86.55 million. CarGurus had a net margin of 7.73% and a return on equity of 18.56%. The business’s revenue for the quarter was down 34.7% on a year-over-year basis. During the same period last year, the business earned $0.10 earnings per share. Analysts expect that CarGurus will post 0.33 EPS for the current fiscal year.

In other news, CEO Langley Steinert sold 12,006 shares of the business’s stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $20.60, for a total value of $247,323.60. Following the completion of the sale, the chief executive officer now directly owns 800,784 shares of the company’s stock, valued at approximately $16,496,150.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jason Trevisan sold 3,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $27.79, for a total value of $83,370.00. Following the completion of the sale, the chief financial officer now directly owns 369,308 shares of the company’s stock, valued at $10,263,069.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 676,192 shares of company stock valued at $17,269,325. Company insiders own 24.43% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC boosted its stake in CarGurus by 265,982.9% during the 2nd quarter. FMR LLC now owns 3,443,113 shares of the company’s stock worth $87,283,000 after purchasing an additional 3,441,819 shares during the period. Dragoneer Investment Group LLC boosted its stake in shares of CarGurus by 56.3% during the second quarter. Dragoneer Investment Group LLC now owns 5,691,167 shares of the company’s stock worth $144,271,000 after buying an additional 2,050,262 shares during the period. StackLine Partners LP purchased a new position in shares of CarGurus during the second quarter worth about $24,447,000. Morgan Stanley grew its holdings in shares of CarGurus by 181.2% during the first quarter. Morgan Stanley now owns 1,125,727 shares of the company’s stock worth $21,322,000 after buying an additional 725,384 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in CarGurus by 7.3% in the 2nd quarter. Vanguard Group Inc. now owns 7,735,746 shares of the company’s stock valued at $196,100,000 after acquiring an additional 525,598 shares during the period. Institutional investors and hedge funds own 79.73% of the company’s stock.

About CarGurus

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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Analyst Recommendations for CarGurus (NASDAQ:CARG)

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