CarGurus (NASDAQ:CARG) Issues Q4 Earnings Guidance

CarGurus (NASDAQ:CARG) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.50-$0.55 for the period, compared to the consensus estimate of $0.46. The company issued revenue guidance of $219-$239 million, compared to the consensus revenue estimate of $225.59 million. CarGurus also updated its FY 2024 guidance to 1.670-1.730 EPS.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CARG shares. DA Davidson raised their price objective on shares of CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a report on Friday. Royal Bank of Canada raised their target price on CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Oppenheimer increased their price target on shares of CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday. Jefferies Financial Group increased their target price on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, CarGurus presently has a consensus rating of “Moderate Buy” and an average price target of $34.59.

CarGurus Stock Performance

CARG traded up $1.45 during trading on Friday, reaching $34.81. The stock had a trading volume of 1,309,888 shares, compared to its average volume of 478,031. The business has a 50-day moving average of $30.25 and a 200-day moving average of $26.94. The stock has a market cap of $3.60 billion, a PE ratio of -75.67, a PEG ratio of 1.83 and a beta of 1.55. CarGurus has a one year low of $18.59 and a one year high of $37.89.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. The firm had revenue of $218.69 million for the quarter, compared to analysts’ expectations of $214.85 million. CarGurus had a positive return on equity of 11.06% and a negative net margin of 5.57%. Equities research analysts forecast that CarGurus will post 1.16 EPS for the current fiscal year.

Insider Activity at CarGurus

In other news, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $28.34, for a total transaction of $713,261.12. Following the sale, the chief operating officer now owns 480,583 shares of the company’s stock, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CTO Matthew Todd Quinn sold 3,495 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total value of $102,857.85. Following the sale, the chief technology officer now directly owns 205,696 shares of the company’s stock, valued at $6,053,633.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $28.34, for a total value of $713,261.12. Following the completion of the sale, the chief operating officer now owns 480,583 shares in the company, valued at $13,619,722.22. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 61,065 shares of company stock worth $1,823,794 in the last 90 days. Company insiders own 17.20% of the company’s stock.

CarGurus Company Profile

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.