CarGurus (NASDAQ:CARG) Issues Q2 2024 Earnings Guidance

CarGurus (NASDAQ:CARG) updated its second quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.290-0.340 for the period, compared to the consensus EPS estimate of 0.300. The company issued revenue guidance of $202.0 million-$222.0 million, compared to the consensus revenue estimate of $224.5 million. CarGurus also updated its Q2 guidance to $0.29-0.34 EPS.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. JMP Securities restated a market perform rating on shares of CarGurus in a research note on Wednesday, April 17th. Needham & Company LLC lifted their price target on CarGurus from $22.00 to $24.00 and gave the company a buy rating in a research report on Tuesday, February 27th. Oppenheimer lifted their price target on CarGurus from $26.00 to $30.00 and gave the company an outperform rating in a research report on Tuesday, February 27th. Finally, UBS Group lifted their price target on CarGurus from $26.00 to $27.00 and gave the company a neutral rating in a research report on Friday, March 15th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $24.90.

CarGurus Price Performance

Shares of CarGurus stock traded up $0.13 during trading on Thursday, reaching $22.28. 1,457,297 shares of the stock traded hands, compared to its average volume of 961,002. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of 124.00, a P/E/G ratio of 1.38 and a beta of 1.57. The business has a fifty day simple moving average of $22.77 and a two-hundred day simple moving average of $22.28. CarGurus has a 52-week low of $16.70 and a 52-week high of $24.64.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings data on Monday, February 26th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $223.12 million during the quarter, compared to analyst estimates of $220.05 million. CarGurus had a return on equity of 7.74% and a net margin of 3.40%. The business’s quarterly revenue was down 22.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 earnings per share. On average, research analysts predict that CarGurus will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CarGurus news, COO Samuel Zales sold 17,668 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $21.42, for a total value of $378,448.56. Following the completion of the sale, the chief operating officer now owns 548,845 shares of the company’s stock, valued at $11,756,259.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, General Counsel Javier Esquivel Zamora sold 23,557 shares of CarGurus stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $22.13, for a total transaction of $521,316.41. Following the completion of the sale, the general counsel now owns 111,589 shares of the company’s stock, valued at $2,469,464.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Samuel Zales sold 17,668 shares of CarGurus stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $21.42, for a total transaction of $378,448.56. Following the sale, the chief operating officer now directly owns 548,845 shares of the company’s stock, valued at approximately $11,756,259.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,793 shares of company stock worth $2,523,342. Corporate insiders own 15.70% 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.