CarGurus (NASDAQ:CARG) Rating Lowered to Hold at BidaskClub

CarGurus (NASDAQ:CARG) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, BidAskClub reports.

Other research analysts have also issued reports about the stock. Benchmark dropped their price target on shares of CarGurus from $35.00 to $32.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Zacks Investment Research raised shares of CarGurus from a “sell” rating to a “hold” rating in a research report on Tuesday, March 24th. Royal Bank of Canada upped their target price on CarGurus from $22.00 to $25.00 and gave the company a “sector perform” rating in a report on Monday, May 11th. Citigroup downgraded CarGurus from a “buy” rating to a “neutral” rating and set a $28.00 price target for the company. in a research report on Monday, May 11th. Finally, Oppenheimer reissued a “buy” rating and issued a $31.00 price target on shares of CarGurus in a report on Wednesday, May 27th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. CarGurus has an average rating of “Buy” and a consensus price target of $30.56.

Shares of NASDAQ CARG opened at $24.50 on Monday. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 66.22, a PEG ratio of 6.40 and a beta of 2.03. The company has a debt-to-equity ratio of 0.24, a quick ratio of 3.60 and a current ratio of 3.60. CarGurus has a fifty-two week low of $14.25 and a fifty-two week high of $40.91. The firm’s 50-day simple moving average is $25.52 and its 200 day simple moving average is $27.14.

CarGurus (NASDAQ:CARG) last announced its earnings results on Thursday, May 7th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.12. The company had revenue of $157.70 million for the quarter, compared to analysts’ expectations of $150.06 million. CarGurus had a return on equity of 16.97% and a net margin of 6.91%. CarGurus’s quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.12 earnings per share. On average, sell-side analysts predict that CarGurus will post 0.1 EPS for the current year.

In other CarGurus news, CEO Langley Steinert sold 24,011 shares of the stock in a transaction that occurred on Friday, June 19th. The shares were sold at an average price of $27.21, for a total value of $653,339.31. Following the sale, the chief executive officer now directly owns 1,100,778 shares in the company, valued at approximately $29,952,169.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 507,431 shares of company stock worth $12,759,221 in the last ninety days. 24.43% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Barclays PLC boosted its stake in CarGurus by 94.5% during the fourth quarter. Barclays PLC now owns 84,454 shares of the company’s stock valued at $2,970,000 after buying an additional 41,023 shares during the period. NumerixS Investment Technologies Inc boosted its position in shares of CarGurus by 373.8% during the 4th quarter. NumerixS Investment Technologies Inc now owns 11,371 shares of the company’s stock valued at $400,000 after acquiring an additional 8,971 shares during the last quarter. Norges Bank bought a new stake in shares of CarGurus during the 4th quarter valued at about $16,632,000. JPMorgan Chase & Co. grew its holdings in shares of CarGurus by 1,272.0% during the first quarter. JPMorgan Chase & Co. now owns 405,870 shares of the company’s stock worth $7,686,000 after purchasing an additional 376,287 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of CarGurus in the first quarter worth approximately $3,917,000. 78.00% of the stock is currently owned by hedge funds and other institutional investors.

CarGurus Company Profile

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States, Canada, the United Kingdom, Germany, Italy, and Spain. The company provides consumers an online automotive marketplace where they can search for new and used car listings from its dealers, as well as sell their car in the United States marketplace.

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Analyst Recommendations for CarGurus (NASDAQ:CARG)

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