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.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on CarGurus from $29.00 to $32.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Jefferies Financial Group raised their target price on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. BTIG Research raised their target price on CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. B. Riley raised 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. Finally, JMP Securities restated a “market outperform” rating and issued a $32.00 target price on shares of CarGurus in a research note on Monday, September 9th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.59.

CarGurus Stock Up 1.4 %

NASDAQ:CARG traded up $0.47 during trading hours on Thursday, reaching $33.36. 1,095,053 shares of the company traded hands, compared to its average volume of 825,272. The business’s 50-day moving average price is $30.05 and its two-hundred day moving average price is $26.76. CarGurus has a 1 year low of $18.59 and a 1 year high of $33.95.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $218.69 million during the quarter, compared to analysts’ expectations of $214.85 million. On average, research analysts anticipate that CarGurus will post 1.16 earnings per share for the current fiscal year.

Insider Transactions at CarGurus

In other news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total value of $795,812.16. Following the completion of the transaction, the chief operating officer now owns 449,821 shares in the company, valued at $14,223,340.02. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total value of $795,812.16. Following the completion of the transaction, the chief operating officer now owns 449,821 shares in the company, valued at $14,223,340.02. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the completion of the transaction, the chief marketing officer now owns 128,952 shares of the company’s stock, valued at $3,664,815.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 61,065 shares of company stock worth $1,823,794 over the last quarter. 17.20% of the stock is currently owned by insiders.

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.