CarGurus (NASDAQ:CARG) Issues Q4 Earnings Guidance

CarGurus (NASDAQ:CARG) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.50-$0.55 for the period, compared to the consensus earnings per share estimate of $0.46. The company issued revenue guidance of $219-$239 million, compared to the consensus revenue estimate of $225.59 million. CarGurus also updated its FY 2024 guidance to 1.670-1.730 EPS.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CARG. 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 report on Friday. JMP Securities reaffirmed a “market outperform” rating and issued a $32.00 price objective on shares of CarGurus in a research note on Monday, September 9th. Needham & Company LLC upped their price objective on shares of CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a research note on Friday. Jefferies Financial Group upped their price objective on shares of CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Oppenheimer upped their price objective on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $34.59.

CarGurus Stock Up 4.3 %

CARG traded up $1.45 during trading on Friday, hitting $34.81. 1,309,888 shares of the company’s stock were exchanged, compared to its average volume of 478,031. The business’s 50 day moving average is $30.25 and its two-hundred day moving average is $26.94. CarGurus has a fifty-two week low of $18.59 and a fifty-two week high of $37.89. The stock has a market cap of $3.60 billion, a P/E ratio of -75.67, a PEG ratio of 1.83 and a beta of 1.55.

CarGurus (NASDAQ:CARG) last announced its earnings results on Thursday, August 8th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.23 by $0.07. The company had revenue of $218.69 million during the quarter, compared to the consensus estimate 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 forecast that CarGurus will post 1.16 earnings per share for the current year.

Insider Activity at CarGurus

In other CarGurus news, COO Samuel Zales sold 25,168 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total transaction of $795,812.16. Following the completion of the transaction, the chief operating officer now owns 449,821 shares in the company, valued at $14,223,340.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CMO Dafna Sarnoff sold 4,127 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $29.94, for a total value of $123,562.38. Following the completion of the transaction, the chief marketing officer now directly owns 119,330 shares in the company, valued at approximately $3,572,740.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total transaction of $795,812.16. Following the completion of the sale, the chief operating officer now directly owns 449,821 shares in the company, valued at $14,223,340.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 61,065 shares of company stock worth $1,823,794. 17.20% of the stock is owned by company 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.