CarGurus (NASDAQ:CARG) Reaches New 52-Week High – What’s Next?

Shares of CarGurus, Inc. (NASDAQ:CARG) reached a new 52-week high during trading on Thursday . The company traded as high as $38.95 and last traded at $38.57, with a volume of 18709 shares. The stock had previously closed at $38.78.

Analyst Ratings Changes

Several brokerages recently issued reports on CARG. Jefferies Financial Group lifted their price target on shares of CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their target price on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. BTIG Research increased their price target on CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada boosted their price objective on CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Finally, Oppenheimer increased their target price on CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $37.86.

CarGurus Price Performance

The business has a 50-day simple moving average of $33.08 and a 200 day simple moving average of $28.60.

Insider Activity at CarGurus

In other CarGurus news, CTO Matthew Todd Quinn sold 3,495 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total transaction of $102,857.85. Following the transaction, the chief technology officer now directly owns 205,696 shares in the company, valued at approximately $6,053,633.28. This represents a 1.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Dafna Sarnoff sold 4,127 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $29.94, for a total transaction of $123,562.38. Following the sale, the chief marketing officer now directly owns 119,330 shares of the company’s stock, valued at approximately $3,572,740.20. This trade represents a 3.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,958 shares of company stock worth $2,268,035 over the last ninety days. Insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On CarGurus

Large investors have recently bought and sold shares of the stock. Point72 Hong Kong Ltd bought a new position in CarGurus in the third quarter worth approximately $28,000. Signaturefd LLC raised its position in shares of CarGurus by 81.3% during the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after purchasing an additional 430 shares during the period. Kathleen S. Wright Associates Inc. bought a new position in shares of CarGurus in the 3rd quarter worth $30,000. CWM LLC grew its position in CarGurus by 54.1% in the 2nd quarter. CWM LLC now owns 1,381 shares of the company’s stock valued at $36,000 after purchasing an additional 485 shares during the period. Finally, Quarry LP increased its stake in CarGurus by 155.8% during the 3rd quarter. Quarry LP now owns 1,499 shares of the company’s stock valued at $45,000 after purchasing an additional 913 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

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.