CarGurus (NASDAQ:CARG) Hits New 1-Year High – Here’s What Happened

Shares of CarGurus, Inc. (NASDAQ:CARG) hit a new 52-week high on Thursday . The stock traded as high as $39.40 and last traded at $39.41, with a volume of 133017 shares trading hands. The stock had previously closed at $38.49.

Analyst Ratings Changes

CARG has been the topic of several analyst reports. BTIG Research upped their target price on CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. increased their price objective on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. DA Davidson boosted their target price on shares of CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a report on Friday, November 8th. Jefferies Financial Group increased their price target on CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, JMP Securities reissued a “market outperform” rating and issued a $46.00 price objective on shares of CarGurus in a research note on Monday, December 16th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, CarGurus presently has an average rating of “Moderate Buy” and a consensus target price of $38.41.

CarGurus Stock Up 2.1 %

The stock has a market cap of $4.08 billion, a price-to-earnings ratio of -85.47, a PEG ratio of 1.70 and a beta of 1.58. The stock has a 50 day simple moving average of $36.93 and a 200 day simple moving average of $31.59.

Insider Activity at CarGurus

In other CarGurus news, CEO Zachary Emerson Hallowell sold 4,580 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $35.78, for a total transaction of $163,872.40. Following the completion of the sale, the chief executive officer now directly owns 120,051 shares of the company’s stock, valued at approximately $4,295,424.78. The trade was a 3.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $35.43, for a total value of $891,702.24. Following the sale, the chief operating officer now owns 442,321 shares of the company’s stock, valued at $15,671,433.03. This trade represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 74,556 shares of company stock valued at $2,682,940. 17.20% of the stock is owned by company insiders.

Institutional Trading of CarGurus

Several hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in shares of CarGurus by 4.8% in the 3rd quarter. State Street Corp now owns 3,298,894 shares of the company’s stock worth $99,066,000 after purchasing an additional 151,862 shares during the period. Geode Capital Management LLC boosted its holdings in CarGurus by 3.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,055,145 shares of the company’s stock valued at $61,728,000 after purchasing an additional 74,730 shares during the period. Prevatt Capital Ltd grew its position in shares of CarGurus by 7.0% during the 3rd quarter. Prevatt Capital Ltd now owns 1,230,000 shares of the company’s stock valued at $36,937,000 after purchasing an additional 80,000 shares in the last quarter. Select Equity Group L.P. increased its holdings in shares of CarGurus by 2.8% in the second quarter. Select Equity Group L.P. now owns 1,145,692 shares of the company’s stock worth $30,017,000 after purchasing an additional 31,431 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of CarGurus by 9.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company’s stock worth $31,328,000 after buying an additional 89,815 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

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.