CarGurus (NASDAQ:CARG) Shares Down 4.6% Following Insider Selling

CarGurus, Inc. (NASDAQ:CARG)’s stock price was down 4.6% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $24.16 and last traded at $24.33. Approximately 1,339,342 shares changed hands during trading, an increase of 42% from the average daily volume of 943,658 shares. The stock had previously closed at $25.49.

Specifically, COO Samuel Zales sold 30,000 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $25.00, for a total transaction of $750,000.00. Following the completion of the transaction, the chief operating officer now owns 518,845 shares of the company’s stock, valued at $12,971,125. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CTO Matthew Todd Quinn sold 3,978 shares of CarGurus stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total transaction of $99,091.98. Following the sale, the chief technology officer now directly owns 217,374 shares of the company’s stock, valued at $5,414,786.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Samuel Zales sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $25.00, for a total value of $750,000.00. Following the completion of the transaction, the chief operating officer now directly owns 518,845 shares of the company’s stock, valued at approximately $12,971,125. The disclosure for this sale can be found here. Insiders have sold 75,994 shares of company stock valued at $1,831,470 over the last ninety days. 17.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CARG shares. DA Davidson lifted their price target on shares of CarGurus from $22.00 to $25.50 and gave the stock a “neutral” rating in a report on Monday, May 13th. UBS Group increased their price target on CarGurus from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. Needham & Company LLC lifted their price objective on CarGurus from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. JMP Securities raised shares of CarGurus from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Friday, June 7th. Finally, Citigroup increased their price objective on shares of CarGurus from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, CarGurus presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.41.

CarGurus Stock Up 2.1 %

The company has a market capitalization of $2.59 billion, a P/E ratio of 86.89, a P/E/G ratio of 1.41 and a beta of 1.57. The firm’s 50-day moving average price is $24.34 and its 200 day moving average price is $23.57.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings data on Thursday, May 9th. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The firm had revenue of $215.80 million during the quarter, compared to analyst estimates of $217.29 million. CarGurus had a return on equity of 8.80% and a net margin of 4.04%. As a group, equities research analysts expect that CarGurus, Inc. will post 0.98 EPS for the current year.

Institutional Investors Weigh In On CarGurus

A number of institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new stake in shares of CarGurus during the fourth quarter valued at approximately $32,000. Headlands Technologies LLC bought a new stake in shares of CarGurus during the 1st quarter worth $49,000. Daiwa Securities Group Inc. purchased a new position in shares of CarGurus in the 4th quarter worth about $65,000. EntryPoint Capital LLC grew its position in CarGurus by 358.2% during the first quarter. EntryPoint Capital LLC now owns 4,596 shares of the company’s stock valued at $106,000 after buying an additional 3,593 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in CarGurus by 87.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,519 shares of the company’s stock worth $133,000 after buying an additional 2,568 shares during the last quarter. 86.90% of the stock is owned by 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.