CarGurus (NASDAQ:CARG) Releases Q4 2024 Earnings Guidance

CarGurus (NASDAQ:CARG) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.500-0.550 for the period, compared to the consensus estimate of 0.460. The company issued revenue guidance of $219.0 million-$239.0 million, compared to the consensus revenue estimate of $225.6 million. CarGurus also updated its FY 2024 guidance to 1.670-1.730 EPS.

Analysts Set New Price Targets

A number of brokerages have issued reports on CARG. Needham & Company LLC lifted their price target on CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a report on Friday. Royal Bank of Canada raised their price objective on shares of CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. increased their target price on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday. Oppenheimer upped their price objective on CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday. Finally, B. Riley lifted their target price on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, CarGurus has an average rating of “Moderate Buy” and an average target price of $34.59.

CarGurus Stock Performance

CARG stock 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 stock’s 50 day moving average price is $30.25 and its 200 day moving average price is $26.94. CarGurus has a 52-week low of $18.59 and a 52-week high of $37.89. The company 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 released its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. The business had revenue of $218.69 million for the quarter, compared to analysts’ expectations of $214.85 million. CarGurus had a positive return on equity of 11.06% and a negative net margin of 5.57%. As a group, equities research analysts forecast that CarGurus will post 1.16 EPS for the current year.

Insider Activity

In other CarGurus news, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the sale, the chief operating officer now owns 480,583 shares of the company’s stock, valued at $13,619,722.22. This 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 accessible through the SEC website. In other news, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $28.34, for a total value of $713,261.12. Following the sale, the chief operating officer now directly owns 480,583 shares in the company, valued at $13,619,722.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Dafna Sarnoff sold 4,127 shares of CarGurus stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $29.94, for a total value of $123,562.38. Following the sale, the chief marketing officer now owns 119,330 shares of the company’s stock, valued at approximately $3,572,740.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 61,065 shares of company stock worth $1,823,794 over the last 90 days. 17.20% of the stock is currently owned by corporate 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.