CarGurus (NASDAQ:CARG) Issues Q2 Earnings Guidance

CarGurus (NASDAQ:CARG) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.29-0.34 for the period, compared to the consensus estimate of $0.30. The company issued revenue guidance of $202-222 million, compared to the consensus revenue estimate of $224.51 million. CarGurus also updated its Q2 2024 guidance to 0.290-0.340 EPS.

CarGurus Stock Up 0.6 %

NASDAQ CARG opened at $22.28 on Friday. The firm has a 50-day moving average price of $22.77 and a two-hundred day moving average price of $22.28. CarGurus has a 12-month low of $16.70 and a 12-month high of $24.64. The company has a market capitalization of $2.39 billion, a P/E ratio of 123.78, a P/E/G ratio of 1.38 and a beta of 1.57.

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, beating the consensus estimate of $0.34 by $0.01. CarGurus had a return on equity of 7.74% and a net margin of 3.40%. The business had revenue of $223.12 million during the quarter, compared to analysts’ expectations of $220.05 million. During the same period in the previous year, the company posted $0.25 earnings per share. The firm’s revenue for the quarter was down 22.2% compared to the same quarter last year. Equities analysts expect that CarGurus will post 0.94 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CARG shares. Needham & Company LLC boosted their price target on CarGurus from $24.00 to $25.00 and gave the company a buy rating in a research note on Friday. Oppenheimer upped their price target on shares of CarGurus from $26.00 to $30.00 and gave the stock an outperform rating in a report on Tuesday, February 27th. JMP Securities restated a market perform rating on shares of CarGurus in a research report on Wednesday, April 17th. Finally, UBS Group raised their target price on CarGurus from $26.00 to $27.00 and gave the company a neutral rating in a report on Friday, March 15th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $25.00.

Insiders Place Their Bets

In other news, COO Samuel Zales sold 17,668 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $21.42, for a total transaction of $378,448.56. Following the sale, the chief operating officer now directly owns 548,845 shares in the company, valued at $11,756,259.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, COO Samuel Zales sold 17,668 shares of the stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $21.42, for a total value of $378,448.56. Following the completion of the sale, the chief operating officer now owns 548,845 shares of the company’s stock, valued at $11,756,259.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Javier Esquivel Zamora sold 23,557 shares of CarGurus stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $22.13, for a total value of $521,316.41. Following the completion of the transaction, the general counsel now directly owns 111,589 shares in the company, valued at $2,469,464.57. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,793 shares of company stock valued at $2,523,342. 15.70% of the stock is currently owned by 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.