CarGurus (NASDAQ:CARG) Updates Q2 2024 Earnings Guidance

CarGurus (NASDAQ:CARG) updated its second quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 0.290-0.340 for the period, compared to the consensus earnings per share estimate of 0.300. The company issued revenue guidance of $202.0 million-$222.0 million, compared to the consensus revenue estimate of $224.5 million. CarGurus also updated its Q2 guidance to $0.29-0.34 EPS.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CARG. Needham & Company LLC upped their price target on shares of CarGurus from $22.00 to $24.00 and gave the stock a buy rating in a research report on Tuesday, February 27th. UBS Group upped their price target on shares of CarGurus from $26.00 to $27.00 and gave the stock a neutral rating in a research report on Friday, March 15th. JMP Securities reiterated a market perform rating on shares of CarGurus in a research report on Wednesday, April 17th. Finally, Oppenheimer increased 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. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, CarGurus currently has an average rating of Moderate Buy and a consensus price target of $24.90.

CarGurus Stock Performance

Shares of NASDAQ:CARG traded up $0.13 during trading hours on Thursday, hitting $22.28. 1,457,297 shares of the company’s stock traded hands, compared to its average volume of 961,002. CarGurus has a 52 week low of $16.70 and a 52 week high of $24.64. The company has a market cap of $2.39 billion, a price-to-earnings ratio of 124.00, a price-to-earnings-growth ratio of 1.38 and a beta of 1.57. The company’s fifty day simple moving average is $22.77 and its two-hundred day simple moving average is $22.28.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings data on Monday, February 26th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. CarGurus had a net margin of 3.40% and a return on equity of 7.74%. The company had revenue of $223.12 million during the quarter, compared to analyst estimates of $220.05 million. During the same period in the prior year, the firm earned $0.25 earnings per share. The business’s quarterly revenue was down 22.2% on a year-over-year basis. On average, analysts anticipate that CarGurus will post 0.94 EPS for the current fiscal year.

Insider Transactions at CarGurus

In other news, COO Samuel Zales sold 17,668 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $22.22, for a total value of $392,582.96. Following the completion of the sale, the chief operating officer now directly owns 564,609 shares of the company’s stock, valued at $12,545,611.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Samuel Zales sold 17,668 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $22.22, for a total value of $392,582.96. Following the completion of the sale, the chief operating officer now directly owns 564,609 shares of the company’s stock, valued at $12,545,611.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Javier Esquivel Zamora sold 23,557 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 $521,316.41. Following the completion of the sale, the general counsel now directly owns 111,589 shares of the company’s stock, valued at $2,469,464.57. The disclosure for this sale can be found here. Insiders sold 113,793 shares of company stock valued at $2,523,342 over the last three months. 15.70% of the stock is owned by corporate insiders.

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.