CarGurus (NASDAQ:CARG) Sets New 1-Year High – What’s Next?

CarGurus, Inc. (NASDAQ:CARG)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $31.01 and last traded at $30.97, with a volume of 123167 shares traded. The stock had previously closed at $30.31.

Analyst Ratings Changes

Several analysts recently issued reports on CARG shares. DA Davidson reissued a “neutral” rating and set a $26.50 target price on shares of CarGurus in a research note on Tuesday, September 10th. JPMorgan Chase & Co. boosted their target price on shares of CarGurus from $29.00 to $32.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Oppenheimer raised their target price on shares of CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. JMP Securities reissued a “market outperform” rating and set a $32.00 price objective on shares of CarGurus in a report on Monday, September 9th. Finally, Needham & Company LLC raised their price objective on CarGurus from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.35.

CarGurus Price Performance

The stock’s fifty day moving average is $28.19 and its 200 day moving average is $25.55.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.07. The business had revenue of $218.69 million during the quarter, compared to analyst estimates of $214.85 million. CarGurus had a positive return on equity of 11.06% and a negative net margin of 5.57%. On average, research analysts expect that CarGurus, Inc. will post 1.18 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Matthew Todd Quinn sold 3,495 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total value of $102,857.85. Following the sale, the chief technology officer now owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $26.49, for a total transaction of $666,700.32. Following the completion of the transaction, the chief operating officer now owns 488,083 shares in the company, valued at $12,929,318.67. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Matthew Todd Quinn sold 3,495 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total value of $102,857.85. Following the completion of the transaction, the chief technology officer now directly owns 205,696 shares in the company, valued at $6,053,633.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 61,065 shares of company stock valued at $1,694,683 over the last three months. 17.20% of the stock is owned by company insiders.

Institutional Trading of CarGurus

Large investors have recently made changes to their positions in the stock. CWM LLC increased its stake in CarGurus by 54.1% in the 2nd quarter. CWM LLC now owns 1,381 shares of the company’s stock worth $36,000 after buying an additional 485 shares during the period. Nisa Investment Advisors LLC increased its position in shares of CarGurus by 43.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock worth $41,000 after acquiring an additional 479 shares during the period. GAMMA Investing LLC raised its stake in shares of CarGurus by 25.9% during the second quarter. GAMMA Investing LLC now owns 2,066 shares of the company’s stock valued at $54,000 after acquiring an additional 425 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of CarGurus in the first quarter valued at approximately $49,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of CarGurus in the second quarter valued at approximately $87,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

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.