CarGurus (NASDAQ:CARG) Issues FY 2024 Earnings Guidance

CarGurus (NASDAQ:CARG) issued an update on its FY 2024 earnings guidance on Thursday morning. 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 Price Performance

Shares of NASDAQ:CARG traded up $1.45 during trading on Friday, reaching $34.81. 1,309,888 shares of the company were exchanged, compared to its average volume of 478,031. The firm has a market capitalization of $3.60 billion, a PE ratio of -75.67, a P/E/G ratio of 1.83 and a beta of 1.55. The business’s fifty day simple moving average is $30.25 and its 200-day simple moving average is $26.94. CarGurus has a 12-month low of $18.59 and a 12-month high of $37.89.

CarGurus (NASDAQ:CARG) last issued 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 company had revenue of $218.69 million for the quarter, compared to analyst estimates of $214.85 million. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. On average, sell-side analysts anticipate that CarGurus will post 1.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CARG shares. DA Davidson lifted their price objective on shares of CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a report on Friday. B. Riley lifted their price target on shares of CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Needham & Company LLC lifted their price target on shares of CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a report on Friday. Royal Bank of Canada lifted their price target on shares of CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $32.00 price target on shares of CarGurus in a report on Monday, September 9th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $34.59.

Insider Activity at CarGurus

In other CarGurus news, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total value of $795,812.16. Following the completion of the transaction, the chief operating officer now owns 449,821 shares in the company, valued at approximately $14,223,340.02. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CTO Matthew Todd Quinn sold 3,495 shares of CarGurus stock in a transaction dated 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 in the company, valued at approximately $6,053,633.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total value of $795,812.16. Following the completion of the sale, the chief operating officer now owns 449,821 shares in the company, valued at approximately $14,223,340.02. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 61,065 shares of company stock worth $1,823,794 over the last three months. Company insiders own 17.20% of the company’s stock.

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.