CarGurus (NASDAQ:CARG) Sets New 1-Year High at $29.05

CarGurus, Inc. (NASDAQ:CARG)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $29.05 and last traded at $28.82, with a volume of 161855 shares traded. The stock had previously closed at $28.27.

Analyst Upgrades and Downgrades

CARG has been the topic of a number of analyst reports. JMP Securities lifted their price objective on CarGurus from $30.00 to $32.00 and gave the company a “market outperform” rating in a research report on Monday, August 12th. DA Davidson lifted their price objective on CarGurus from $22.00 to $25.50 and gave the company a “neutral” rating in a research report on Monday, May 13th. Citigroup lifted their price objective on CarGurus from $24.00 to $27.00 and gave the company a “neutral” rating in a research report on Wednesday, July 3rd. BTIG Research lifted their price objective on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Finally, B. Riley lifted their price objective on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $29.25.

CarGurus Stock Performance

The stock has a market capitalization of $3.03 billion, a PE ratio of 100.96, a PEG ratio of 1.40 and a beta of 1.57. The business has a 50 day moving average of $25.83 and a two-hundred day moving average of $24.25.

Insider Activity at CarGurus

In related news, CTO Matthew Todd Quinn sold 3,978 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total transaction of $99,091.98. Following the transaction, the chief technology officer now directly owns 217,374 shares of the company’s stock, valued at approximately $5,414,786.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CTO Matthew Todd Quinn sold 3,978 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total transaction of $99,091.98. Following the transaction, the chief technology officer now directly owns 217,374 shares of the company’s stock, valued at approximately $5,414,786.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Samuel Zales sold 30,000 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $25.00, for a total value of $750,000.00. Following the transaction, the chief operating officer now directly owns 518,845 shares in the company, valued at $12,971,125. The disclosure for this sale can be found here. Insiders have sold 90,994 shares of company stock valued at $2,396,053 in the last ninety days. Corporate insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CARG. GAMMA Investing LLC acquired a new position in shares of CarGurus in the fourth quarter valued at about $32,000. CWM LLC increased its holdings in shares of CarGurus by 54.1% in the second 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. Nisa Investment Advisors LLC increased its holdings in shares of CarGurus by 43.5% in the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock valued at $41,000 after purchasing an additional 479 shares during the period. Headlands Technologies LLC acquired a new position in shares of CarGurus in the first quarter valued at about $49,000. Finally, Point72 DIFC Ltd acquired a new position in shares of CarGurus in the second quarter valued at about $87,000. 86.90% of the stock is owned by institutional investors and hedge funds.

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.