Short Interest in CarGurus, Inc. (NASDAQ:CARG) Grows By 9.3%

CarGurus, Inc. (NASDAQ:CARG – Get Rating) was the recipient of a significant increase in short interest in February. As of February 28th, there was short interest totalling 10,130,000 shares, an increase of 9.3% from the February 13th total of 9,270,000 shares. Based on an average trading volume of 1,280,000 shares, the days-to-cover ratio is currently 7.9 days. Approximately 11.9% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Piper Sandler lowered shares of CarGurus from a “neutral” rating to an “underweight” rating and set a $12.00 price objective on the stock. in a research report on Thursday, February 16th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of CarGurus in a research report on Wednesday, March 1st. Oppenheimer lifted their price target on shares of CarGurus from $16.00 to $21.00 and gave the company an “outperform” rating in a research report on Wednesday, March 1st. Royal Bank of Canada lifted their price target on shares of CarGurus from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Wednesday, March 1st. Finally, Citigroup lifted their price target on shares of CarGurus from $14.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, March 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $20.82.

CarGurus Trading Up 2.4 %

Shares of CARG stock opened at $17.81 on Friday. CarGurus has a 1 year low of $9.14 and a 1 year high of $45.68. The firm’s fifty day simple moving average is $16.88 and its 200 day simple moving average is $15.39. The firm has a market capitalization of $2.05 billion, a P/E ratio of -63.61, a price-to-earnings-growth ratio of 30.27 and a beta of 1.57.

Institutional Investors Weigh In On CarGurus

A number of institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its stake in CarGurus by 30.4% during the first quarter. Wellington Management Group LLP now owns 14,128,717 shares of the company’s stock worth $599,905,000 after buying an additional 3,294,532 shares in the last quarter. BlackRock Inc. boosted its stake in shares of CarGurus by 1.5% in the 3rd quarter. BlackRock Inc. now owns 6,664,958 shares of the company’s stock valued at $94,443,000 after purchasing an additional 95,846 shares in the last quarter. Par Capital Management Inc. boosted its stake in shares of CarGurus by 53.5% in the 3rd quarter. Par Capital Management Inc. now owns 6,295,000 shares of the company’s stock valued at $89,200,000 after purchasing an additional 2,195,233 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its stake in shares of CarGurus by 182.1% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 6,276,807 shares of the company’s stock valued at $87,938,000 after purchasing an additional 4,051,950 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of CarGurus by 44.9% in the 4th quarter. Morgan Stanley now owns 6,112,679 shares of the company’s stock valued at $85,639,000 after purchasing an additional 1,893,891 shares in the last quarter. Institutional investors and hedge funds own 89.37% of the company’s stock.

CarGurus Company Profile

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Cargurus, Inc is an online automotive platform, which engages in buying and selling vehicles that is building upon its listings marketplace with digital retail solutions and the CarOffer digital wholesale platform. It operates through the following segments: U.S. Marketplace, Digital Wholesale, and Other.