CarGurus (NASDAQ:CARG) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of CarGurus (NASDAQ:CARGGet Rating) from a hold rating to a sell rating in a research report report published on Tuesday morning, Zacks.com reports.

According to Zacks, “CarGurus, Inc. is an online automotive marketplace connecting buyers and sellers of new and used cars. The company uses proprietary technology, search algorithms and data analytics. It operates primarily in Canada, the United Kingdom and Germany. CarGurus, Inc.is based in CAMBRIDGE, United States. “

Other research analysts have also issued research reports about the company. BTIG Research dropped their price objective on CarGurus from $49.00 to $43.00 in a report on Tuesday. TheStreet lowered CarGurus from a b rating to a c rating in a report on Tuesday, March 22nd. Raymond James dropped their price objective on CarGurus from $52.00 to $34.00 in a report on Tuesday. Northcoast Research initiated coverage on CarGurus in a report on Wednesday, February 2nd. They issued a buy rating and a $43.00 target price on the stock. Finally, Piper Sandler upped their target price on CarGurus from $35.00 to $40.00 and gave the company a neutral rating in a report on Wednesday, March 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, CarGurus has an average rating of Buy and an average price target of $43.75.

NASDAQ:CARG opened at $23.01 on Tuesday. The firm has a market cap of $2.72 billion, a P/E ratio of -1,150.50, a PEG ratio of 2.38 and a beta of 1.54. The stock’s 50 day simple moving average is $39.43 and its 200-day simple moving average is $36.49. CarGurus has a 12-month low of $20.15 and a 12-month high of $50.03.

CarGurus (NASDAQ:CARGGet Rating) last released its earnings results on Monday, May 9th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. The business had revenue of $430.60 million for the quarter, compared to analyst estimates of $392.66 million. CarGurus had a return on equity of 23.53% and a net margin of 11.48%. The company’s revenue for the quarter was up 151.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 earnings per share. On average, analysts expect that CarGurus will post 1.03 earnings per share for the current fiscal year.

In other news, COO Samuel Zales sold 1,667 shares of the company’s stock in a transaction on Friday, March 18th. The stock was sold at an average price of $45.00, for a total value of $75,015.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Scot Christopher Fredo sold 2,269 shares of the company’s stock in a transaction on Monday, April 4th. The shares were sold at an average price of $44.55, for a total value of $101,083.95. Following the completion of the sale, the chief financial officer now owns 123,822 shares in the company, valued at $5,516,270.10. The disclosure for this sale can be found here. Insiders sold 39,185 shares of company stock worth $1,615,924 over the last 90 days. Company insiders own 21.72% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CARG. The Manufacturers Life Insurance Company lifted its position in CarGurus by 31.3% during the third quarter. The Manufacturers Life Insurance Company now owns 9,197,097 shares of the company’s stock worth $288,881,000 after buying an additional 2,191,237 shares during the period. Wellington Management Group LLP lifted its position in CarGurus by 23.3% during the third quarter. Wellington Management Group LLP now owns 9,120,472 shares of the company’s stock worth $286,473,000 after buying an additional 1,725,266 shares during the period. Contour Asset Management LLC lifted its position in CarGurus by 34.8% during the fourth quarter. Contour Asset Management LLC now owns 4,815,767 shares of the company’s stock worth $162,002,000 after buying an additional 1,241,975 shares during the period. Loomis Sayles & Co. L P purchased a new position in CarGurus during the fourth quarter worth about $37,553,000. Finally, Norges Bank purchased a new position in CarGurus during the fourth quarter worth about $35,806,000.

About CarGurus (Get Rating)

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States and internationally. The company provides consumers an online automotive marketplace where they can search for new and used car listings from its dealers, as well as sell their car in the United States marketplace.

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