CarGurus (NASDAQ:CARG) Updates Q2 Earnings Guidance

CarGurus (NASDAQ:CARG) issued an update on its second quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.29-0.34 for the period, compared to the consensus EPS estimate of $0.30. The company issued revenue guidance of $202-222 million, compared to the consensus revenue estimate of $224.51 million. CarGurus also updated its Q2 2024 guidance to 0.290-0.340 EPS.

Analysts Set New Price Targets

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

CarGurus Stock Up 0.6 %

CARG stock traded up $0.13 during midday trading on Thursday, reaching $22.28. The stock had a trading volume of 1,420,972 shares, compared to its average volume of 960,599. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 124.00, a PEG ratio of 1.38 and a beta of 1.57. CarGurus has a twelve month low of $16.70 and a twelve month high of $24.64. The business has a fifty day simple moving average of $22.77 and a two-hundred day simple moving average of $22.28.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Monday, February 26th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01. CarGurus had a net margin of 3.40% and a return on equity of 7.74%. The company had revenue of $223.12 million during the quarter, compared to analysts’ expectations of $220.05 million. During the same quarter in the previous year, the company earned $0.25 EPS. CarGurus’s revenue was down 22.2% on a year-over-year basis. On average, equities analysts predict that CarGurus will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling at CarGurus

In other news, CMO Dafna Sarnoff sold 4,301 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $23.04, for a total value of $99,095.04. Following the completion of the sale, the chief marketing officer now directly owns 163,798 shares of the company’s stock, valued at approximately $3,773,905.92. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other CarGurus news, COO Samuel Zales sold 17,668 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $22.22, for a total transaction of $392,582.96. Following the sale, the chief operating officer now directly owns 564,609 shares in the company, valued at approximately $12,545,611.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Dafna Sarnoff sold 4,301 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $23.04, for a total transaction of $99,095.04. Following the completion of the transaction, the chief marketing officer now owns 163,798 shares of the company’s stock, valued at approximately $3,773,905.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,793 shares of company stock valued at $2,523,342. 15.70% of the stock is currently owned by company 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.