Citigroup began coverage on shares of CarGurus (NASDAQ:CARG) in a research report report published on Friday, MarketBeat Ratings reports. The firm issued a buy rating and a $45.00 target price on the stock.
A number of other equities research analysts have also recently commented on the company. BidaskClub cut CarGurus from a buy rating to a hold rating in a report on Saturday, October 13th. Zacks Investment Research raised CarGurus from a hold rating to a buy rating and set a $47.00 price target on the stock in a research note on Wednesday, November 14th. ValuEngine raised CarGurus from a hold rating to a buy rating in a research note on Tuesday, August 28th. Royal Bank of Canada increased their price target on CarGurus from $55.00 to $59.00 and gave the stock an outperform rating in a research note on Thursday, November 8th. Finally, SunTrust Banks assumed coverage on CarGurus in a research note on Monday, November 19th. They set a buy rating and a $49.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. CarGurus presently has an average rating of Buy and an average target price of $50.75.
NASDAQ:CARG traded down $2.07 during trading hours on Friday, reaching $35.34. 654,542 shares of the company traded hands, compared to its average volume of 791,785. The stock has a market cap of $4.12 billion, a PE ratio of 294.50, a price-to-earnings-growth ratio of 57.55 and a beta of 1.83. CarGurus has a 1-year low of $28.52 and a 1-year high of $57.25.
CarGurus (NASDAQ:CARG) last announced its earnings results on Wednesday, November 7th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. The firm had revenue of $119.04 million for the quarter, compared to analysts’ expectations of $112.70 million. CarGurus had a return on equity of 9.82% and a net margin of 11.78%. CarGurus’s quarterly revenue was up 43.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.02 EPS. As a group, equities analysts anticipate that CarGurus will post 0.13 EPS for the current year.
In related news, CEO Langley Steinert sold 176,109 shares of the stock in a transaction on Tuesday, September 11th. The stock was sold at an average price of $49.30, for a total value of $8,682,173.70. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Anastasios Parafestas sold 120,000 shares of the stock in a transaction on Monday, September 10th. The stock was sold at an average price of $48.54, for a total value of $5,824,800.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,817,674 shares of company stock worth $231,547,583. Corporate insiders own 51.03% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of CARG. Cubist Systematic Strategies LLC purchased a new position in shares of CarGurus in the 2nd quarter worth $205,000. NEXT Financial Group Inc purchased a new position in shares of CarGurus in the 3rd quarter worth $206,000. CIBC Asset Management Inc purchased a new position in shares of CarGurus in the 3rd quarter worth $209,000. NumerixS Investment Technologies Inc purchased a new position in shares of CarGurus in the 2nd quarter worth $227,000. Finally, LPL Financial LLC purchased a new position in shares of CarGurus in the 3rd quarter worth $234,000. 68.67% of the stock is currently owned by institutional investors and hedge funds.
CarGurus Company Profile
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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