CarGurus’ (CARG) Buy Rating Reiterated at Needham & Company LLC

CarGurus (NASDAQ:CARGGet Rating)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research report issued on Tuesday, TipRanks reports. They currently have a $40.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 77.38% from the stock’s previous close.

Several other brokerages also recently issued reports on CARG. Royal Bank of Canada reduced their price objective on CarGurus from $56.00 to $45.00 in a research note on Tuesday, May 10th. BTIG Research reduced their price objective on CarGurus from $49.00 to $43.00 in a research note on Tuesday, May 10th. TheStreet downgraded CarGurus from a “b” rating to a “c” rating in a research note on Tuesday, March 22nd. Northcoast Research started coverage on CarGurus in a research note on Wednesday, February 2nd. They set a “buy” rating and a $43.00 price target for the company. Finally, Truist Financial raised their price target on CarGurus from $44.00 to $58.00 in a research note on Monday, February 28th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $43.75.

CarGurus stock traded up $0.42 during mid-day trading on Tuesday, hitting $22.55. The company’s stock had a trading volume of 36,431 shares, compared to its average volume of 1,294,561. The firm’s 50 day moving average is $36.45 and its 200 day moving average is $35.81. The company has a market cap of $2.67 billion, a PE ratio of -30.30, a price-to-earnings-growth ratio of 3.02 and a beta of 1.54. CarGurus has a 52-week low of $20.15 and a 52-week high of $50.03.

CarGurus (NASDAQ:CARGGet Rating) last announced its quarterly earnings data on Monday, May 9th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.01. The firm had revenue of $430.60 million during the quarter, compared to the consensus estimate of $392.66 million. CarGurus had a return on equity of 22.94% and a net margin of 2.05%. The business’s revenue for the quarter was up 151.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. As a group, equities analysts forecast that CarGurus will post 0.6 earnings per share for the current fiscal year.

In other CarGurus news, COO Samuel Zales sold 11,669 shares of the firm’s stock in a transaction that occurred on Friday, February 25th. The stock was sold at an average price of $45.00, for a total value of $525,105.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Scot Christopher Fredo sold 3,580 shares of the firm’s stock in a transaction that occurred on Friday, February 25th. The shares were sold at an average price of $39.00, for a total value of $139,620.00. The disclosure for this sale can be found here. Insiders sold a total of 30,146 shares of company stock worth $1,282,441 over the last three months. 21.72% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sawtooth Solutions LLC acquired a new stake in CarGurus in the 1st quarter valued at approximately $226,000. Avalon Investment & Advisory grew its holdings in shares of CarGurus by 12.4% during the 1st quarter. Avalon Investment & Advisory now owns 177,582 shares of the company’s stock worth $7,540,000 after purchasing an additional 19,656 shares in the last quarter. Virtu Financial LLC grew its holdings in shares of CarGurus by 17.7% during the 1st quarter. Virtu Financial LLC now owns 7,257 shares of the company’s stock worth $308,000 after purchasing an additional 1,093 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of CarGurus during the 1st quarter worth approximately $236,000. Finally, Provident Investment Management Inc. grew its holdings in shares of CarGurus by 0.9% during the 1st quarter. Provident Investment Management Inc. now owns 1,055,982 shares of the company’s stock worth $44,837,000 after purchasing an additional 9,724 shares in the last quarter.

CarGurus Company Profile (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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