CarGurus (NASDAQ:CARG) Issues Q4 Earnings Guidance

CarGurus (NASDAQ:CARG) updated its fourth quarter earnings guidance on Thursday. The company provided EPS guidance of $0.50-$0.55 for the period, compared to the consensus EPS 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.

CarGurus Price Performance

NASDAQ:CARG traded up $1.45 during trading hours on Friday, reaching $34.81. 1,309,888 shares of the company were exchanged, compared to its average volume of 478,031. The company has a market capitalization of $3.60 billion, a P/E ratio of -75.67, a P/E/G ratio of 1.83 and a beta of 1.55. The business has a 50 day moving average of $30.25 and a 200 day moving average of $26.94. CarGurus has a 1-year low of $18.59 and a 1-year high of $37.89.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $218.69 million for the quarter, compared to analysts’ expectations of $214.85 million. As a group, equities research analysts anticipate that CarGurus will post 1.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on CARG. Needham & Company LLC raised their target price on CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a report on Friday. JMP Securities reiterated a “market outperform” rating and issued a $32.00 target price on shares of CarGurus in a research report on Monday, September 9th. Royal Bank of Canada boosted their price target on CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. JPMorgan Chase & Co. raised their price objective on shares of CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a report on Friday. Finally, Oppenheimer raised their price target on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.59.

Insider Buying and Selling at CarGurus

In related news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $28.34, for a total transaction of $713,261.12. Following the transaction, the chief operating officer now owns 480,583 shares in the company, valued at $13,619,722.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the transaction, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $28.34, for a total transaction of $713,261.12. Following the completion of the transaction, the chief operating officer now directly owns 480,583 shares in the company, valued at approximately $13,619,722.22. 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 have sold 61,065 shares of company stock valued at $1,823,794. 17.20% of the stock is currently 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.