CarGurus (NASDAQ:CARG) Updates Q4 Earnings Guidance

by · The Markets Daily

CarGurus (NASDAQ:CARG – Get Free Report) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.50-$0.55 for the period, compared to the consensus earnings per share 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 Trading Up 4.3 %

NASDAQ CARG traded up $1.45 during trading hours on Friday, hitting $34.81. The company’s stock had a trading volume of 1,309,888 shares, compared to its average volume of 478,031. The company’s 50-day simple moving average is $30.25 and its two-hundred day simple moving average is $26.94. The company has a market capitalization of $3.60 billion, a PE ratio of -75.67, a price-to-earnings-growth ratio of 1.83 and a beta of 1.55. CarGurus has a 52 week low of $18.59 and a 52 week high of $37.89.

CarGurus (NASDAQ:CARG – Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. The business had revenue of $218.69 million during the quarter, compared to the consensus estimate of $214.85 million. Research analysts anticipate that CarGurus will post 1.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CARG shares. BTIG Research increased their price target on shares of CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada raised their price target on shares of CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. JMP Securities reiterated a “market outperform” rating and issued a $32.00 price objective on shares of CarGurus in a research note on Monday, September 9th. Jefferies Financial Group raised their target price on CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Oppenheimer boosted their target price on 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 assigned a buy rating to the stock. According to MarketBeat.com, CarGurus has a consensus rating of “Moderate Buy” and a consensus price target of $34.59.

Read Our Latest Research Report on CarGurus

Insider Buying and Selling

In other news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total transaction of $795,812.16. Following the completion of the transaction, the chief operating officer now directly owns 449,821 shares in the company, valued at $14,223,340.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total transaction of $795,812.16. Following the sale, the chief operating officer now owns 449,821 shares in the company, valued at approximately $14,223,340.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Matthew Todd Quinn sold 3,495 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total transaction of $102,857.85. Following the completion of the transaction, the chief technology officer now owns 205,696 shares of the company’s stock, valued at $6,053,633.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,065 shares of company stock valued at $1,823,794. Company insiders own 17.20% of the company’s stock.

CarGurus Company Profile

(Get Free Report)

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.

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