BidaskClub Lowers CarGurus (NASDAQ:CARG) to Hold

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

Several other analysts have also issued reports on the company. DA Davidson reissued a “buy” rating and set a $31.00 price target on shares of CarGurus in a report on Monday, June 1st. BTIG Research raised shares of CarGurus from a “neutral” rating to a “buy” rating and set a $23.00 price target on the stock in a report on Tuesday, March 17th. JMP Securities increased their price objective on shares of CarGurus from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. Citigroup cut shares of CarGurus from a “buy” rating to a “neutral” rating and set a $28.00 target price on the stock. in a research note on Monday, May 11th. Finally, SunTrust Banks increased their price target on CarGurus from $33.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $30.56.

Shares of NASDAQ:CARG opened at $24.50 on Monday. The stock’s 50-day simple moving average is $25.52 and its two-hundred day simple moving average is $27.14. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 66.22, a PEG ratio of 6.40 and a beta of 2.03. CarGurus has a 52-week low of $14.25 and a 52-week high of $40.91. 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 (NASDAQ:CARG) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.12. CarGurus had a net margin of 6.91% and a return on equity of 16.97%. The company had revenue of $157.70 million for the quarter, compared to the consensus estimate of $150.06 million. During the same quarter last year, the firm posted $0.12 earnings per share. The firm’s revenue was up 16.6% compared to the same quarter last year. As a group, equities analysts forecast that CarGurus will post 0.1 earnings per share for the current fiscal year.

In other news, CEO Langley Steinert sold 12,006 shares of CarGurus stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $20.08, for a total value of $241,080.48. Following the sale, the chief executive officer now directly owns 1,818,176 shares of the company’s stock, valued at $36,508,974.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 507,431 shares of company stock valued at $12,759,221. Company insiders own 24.43% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Amalgamated Bank boosted its position in shares of CarGurus by 4.7% during the 4th quarter. Amalgamated Bank now owns 13,746 shares of the company’s stock valued at $484,000 after acquiring an additional 619 shares during the last quarter. Victory Capital Management Inc. raised its stake in CarGurus by 47.6% during the fourth quarter. Victory Capital Management Inc. now owns 2,070 shares of the company’s stock valued at $73,000 after purchasing an additional 668 shares in the last quarter. NWK Group Inc. bought a new position in CarGurus during the fourth quarter valued at $30,000. Public Employees Retirement Association of Colorado lifted its position in CarGurus by 12.6% during the first quarter. Public Employees Retirement Association of Colorado now owns 12,592 shares of the company’s stock valued at $238,000 after purchasing an additional 1,409 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of CarGurus by 15.1% in the 4th quarter. ProShare Advisors LLC now owns 13,568 shares of the company’s stock worth $477,000 after buying an additional 1,778 shares in the last quarter. 78.00% of the stock is currently owned by institutional investors and hedge funds.

About CarGurus

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.

Further Reading: Diluted Earnings Per Share

Analyst Recommendations for CarGurus (NASDAQ:CARG)

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