Bank of New York Mellon Corp trimmed its stake in shares of CarGurus, Inc. (NASDAQ:CARG – Free Report) by 3.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 421,407 shares of the company’s stock after selling 15,917 shares during the period. Bank of New York Mellon Corp owned about 0.37% of CarGurus worth $7,872,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of CARG. Nisa Investment Advisors LLC lifted its position in shares of CarGurus by 943.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,035 shares of the company’s stock worth $38,000 after acquiring an additional 1,840 shares during the period. Point72 Middle East FZE bought a new stake in shares of CarGurus in the fourth quarter worth about $101,000. Penserra Capital Management LLC acquired a new position in shares of CarGurus during the first quarter worth about $117,000. Point72 Hong Kong Ltd lifted its position in shares of CarGurus by 16.8% in the second quarter. Point72 Hong Kong Ltd now owns 6,491 shares of the company’s stock valued at $139,000 after buying an additional 934 shares during the last quarter. Finally, Macquarie Group Ltd. increased its stake in shares of CarGurus by 11.2% during the second quarter. Macquarie Group Ltd. now owns 8,148 shares of the company’s stock worth $175,000 after purchasing an additional 818 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research firms recently weighed in on CARG. B. Riley started coverage on CarGurus in a report on Wednesday, July 19th. They set a “buy” rating and a $28.00 price objective on the stock. Piper Sandler upped their price target on shares of CarGurus from $12.00 to $15.00 in a research report on Wednesday, July 5th. Citigroup raised their target price on shares of CarGurus from $18.00 to $24.00 and gave the company a “neutral” rating in a research note on Tuesday, August 1st. Needham & Company LLC lifted their target price on shares of CarGurus from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, August 10th. Finally, Jefferies Financial Group raised their target price on shares of CarGurus from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, CarGurus has an average rating of “Moderate Buy” and a consensus target price of $23.17.
CarGurus Stock Up 2.0 %
Shares of CARG stock opened at $18.47 on Monday. The company has a market cap of $2.10 billion, a P/E ratio of 32.98, a P/E/G ratio of 1.77 and a beta of 1.62. CarGurus, Inc. has a twelve month low of $9.14 and a twelve month high of $24.22. The business has a fifty day simple moving average of $20.77 and a 200 day simple moving average of $19.16.
CarGurus (NASDAQ:CARG – Get Free Report) last released its earnings results on Wednesday, August 9th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.13 by $0.05. CarGurus had a return on equity of 17.12% and a net margin of 25.21%. The business had revenue of $239.74 million during the quarter, compared to analysts’ expectations of $229.97 million. As a group, equities research analysts anticipate that CarGurus, Inc. will post 0.7 earnings per share for the current fiscal year.
CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States and internationally. It operates through two segments, U.S. Marketplace and Digital Wholesale 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 to dealers and other consumers.
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