CarGurus (NASDAQ:CARG) Issues FY 2024 Earnings Guidance

CarGurus (NASDAQ:CARG) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 1.670-1.730 for the period, compared to the consensus estimate of 1.640. The company issued revenue guidance of $885.0 million-$905.0 million, compared to the consensus revenue estimate of $883.6 million. CarGurus also updated its Q4 guidance to $0.50-$0.55 EPS.

CarGurus Stock Up 1.4 %

Shares of NASDAQ:CARG traded up $0.47 during trading on Thursday, reaching $33.36. 1,095,130 shares of the company traded hands, compared to its average volume of 825,272. CarGurus has a 52 week low of $18.59 and a 52 week high of $33.95. The company’s 50 day moving average is $30.05 and its two-hundred day moving average is $26.76. The firm has a market capitalization of $3.45 billion, a PE ratio of -66.72, a PEG ratio of 1.74 and a beta of 1.55.

CarGurus (NASDAQ:CARG) last released its earnings results on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.07. CarGurus had a positive return on equity of 11.06% and a negative net margin of 5.57%. The firm had revenue of $218.69 million during the quarter, compared to analysts’ expectations of $214.85 million. As a group, research analysts anticipate that CarGurus will post 1.16 EPS for the current year.

Analyst Ratings Changes

CARG has been the subject of several recent research reports. Jefferies Financial Group upped their price objective on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. raised their target price on CarGurus from $29.00 to $32.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. BTIG Research upped their price target on CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. JMP Securities reissued a “market outperform” rating and issued a $32.00 price target on shares of CarGurus in a research note on Monday, September 9th. Finally, Oppenheimer upped their target price on CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.59.

Insider Activity at CarGurus

In related news, CMO Dafna Sarnoff sold 3,107 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total transaction of $88,300.94. Following the completion of the transaction, the chief marketing officer now owns 128,952 shares in the company, valued at approximately $3,664,815.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the sale, the chief marketing officer now directly owns 128,952 shares in the company, valued at $3,664,815.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Samuel Zales sold 25,168 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total value of $795,812.16. Following the transaction, the chief operating officer now owns 449,821 shares of the company’s stock, valued at $14,223,340.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 61,065 shares of company stock valued at $1,823,794. 17.20% of the stock is owned by insiders.

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.