CarGurus (NASDAQ:CARG) Updates Q4 Earnings Guidance

CarGurus (NASDAQ:CARG) 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.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CARG. JMP Securities reaffirmed a “market outperform” rating and issued a $32.00 price target on shares of CarGurus in a report on Monday, September 9th. Needham & Company LLC upped their price target on shares of CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a report on Friday. Oppenheimer upped their price target on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a report on Friday. JPMorgan Chase & Co. upped their price target on shares of CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a report on Friday. Finally, B. Riley upped their price target on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, CarGurus presently has an average rating of “Moderate Buy” and an average price target of $34.59.

CarGurus Stock Performance

Shares of CarGurus stock traded up $1.45 during trading on Friday, hitting $34.81. 1,309,888 shares of the stock were exchanged, compared to its average volume of 478,031. The stock’s fifty day moving average is $30.25 and its 200 day moving average is $26.94. The stock has a market cap of $3.60 billion, a PE ratio of -75.67, a P/E/G ratio of 1.83 and a beta of 1.55. CarGurus has a 12 month low of $18.59 and a 12 month high of $37.89.

CarGurus (NASDAQ:CARG) last announced its earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. The firm had revenue of $218.69 million during the quarter, compared to analyst estimates of $214.85 million. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. Sell-side analysts anticipate that CarGurus will post 1.16 EPS for the current fiscal year.

Insider Activity at CarGurus

In related news, COO Samuel Zales sold 25,168 shares of the 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 completion of the transaction, the chief operating officer now owns 480,583 shares in the company, valued at $13,619,722.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other CarGurus news, CTO Matthew Todd Quinn sold 3,495 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total transaction of $102,857.85. Following the completion of the sale, the chief technology officer now directly owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. This 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 available through this hyperlink. Also, 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 transaction of $713,261.12. Following the sale, the chief operating officer now directly 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 disclosure for this sale can be found here. Insiders sold 61,065 shares of company stock worth $1,823,794 in the last 90 days. Corporate insiders own 17.20% of the company’s stock.

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.