CarGurus Target of Unusually High Options Trading (CARG)

CarGurus Inc (NASDAQ:CARG) was the recipient of some unusual options trading on Monday. Stock traders acquired 902 put options on the stock. This is an increase of approximately 735% compared to the typical daily volume of 108 put options.

Shares of CARG stock opened at $47.35 on Tuesday. CarGurus has a twelve month low of $25.85 and a twelve month high of $57.25. The firm has a market capitalization of $6.10 billion and a price-to-earnings ratio of 394.58.

CarGurus (NASDAQ:CARG) last issued its earnings results on Tuesday, August 7th. The company reported $0.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.04. CarGurus had a return on equity of 12.60% and a net margin of 10.34%. The business had revenue of $110.33 million during the quarter, compared to analysts’ expectations of $103.84 million. As a group, sell-side analysts predict that CarGurus will post 0.1 earnings per share for the current fiscal year.

In other CarGurus news, Director Anastasios Parafestas sold 120,000 shares of the company’s stock in a transaction on Friday, September 28th. The stock was sold at an average price of $55.53, for a total value of $6,663,600.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ian G. Smith sold 5,975 shares of the company’s stock in a transaction on Friday, July 13th. The shares were sold at an average price of $36.97, for a total value of $220,895.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,165,417 shares of company stock worth $258,130,559. Corporate insiders own 51.03% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Northern Trust Corp lifted its stake in shares of CarGurus by 2,401.8% during the 2nd quarter. Northern Trust Corp now owns 503,590 shares of the company’s stock worth $17,494,000 after purchasing an additional 483,461 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of CarGurus by 1,442.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 140,265 shares of the company’s stock worth $4,872,000 after purchasing an additional 131,170 shares during the last quarter. California Public Employees Retirement System purchased a new stake in shares of CarGurus during the 2nd quarter worth $345,000. Millennium Management LLC lifted its stake in shares of CarGurus by 33.4% during the 2nd quarter. Millennium Management LLC now owns 17,302 shares of the company’s stock worth $601,000 after purchasing an additional 4,334 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of CarGurus during the 2nd quarter worth $2,899,000. Institutional investors and hedge funds own 63.33% of the company’s stock.

Several equities analysts have commented on CARG shares. Benchmark upped their price objective on CarGurus from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, August 8th. DA Davidson set a $53.00 price objective on CarGurus and gave the company a “buy” rating in a research report on Wednesday, August 8th. Zacks Investment Research raised CarGurus from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research report on Thursday, August 2nd. ValuEngine raised CarGurus from a “hold” rating to a “buy” rating in a research report on Tuesday, August 28th. Finally, BidaskClub raised CarGurus from a “hold” rating to a “buy” rating in a research report on Thursday, June 21st. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $44.17.

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.

Featured Story: Why is the ex-dividend date different from the record date?

Receive News & Ratings for CarGurus Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CarGurus and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply