CarGurus (NASDAQ:CARG) Releases Q4 Earnings Guidance

CarGurus (NASDAQ:CARG) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.50-$0.55 for the period, compared to the consensus estimate of $0.46. The company issued revenue guidance of $219-$239 million, compared to the consensus revenue estimate of $225.59 million. CarGurus also updated its FY 2024 guidance to 1.670-1.730 EPS.

CarGurus Stock Performance

Shares of NASDAQ CARG traded up $1.45 during mid-day trading on Friday, reaching $34.81. The company had a trading volume of 1,309,888 shares, compared to its average volume of 478,031. The stock has a fifty day moving average of $30.25 and a two-hundred day moving average of $26.94. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of -75.67, a PEG ratio of 1.83 and a beta of 1.55. CarGurus has a 12-month low of $18.59 and a 12-month high of $37.89.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. The business had revenue of $218.69 million during the quarter, compared to analyst estimates of $214.85 million. Sell-side analysts forecast that CarGurus will post 1.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. B. Riley increased their price objective on CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 9th. JMP Securities restated a “market outperform” rating and issued a $32.00 price objective on shares of CarGurus in a report on Monday, September 9th. DA Davidson increased their price objective on CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a report on Friday. Oppenheimer increased their price objective on CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Jefferies Financial Group increased their price target on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.59.

Insider Activity

In related news, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $28.34, for a total value of $713,261.12. Following the completion of the transaction, the chief operating officer now directly owns 480,583 shares of the company’s stock, valued at $13,619,722.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of CarGurus stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total transaction of $88,300.94. Following the completion of the transaction, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction on Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the transaction, the chief operating officer now directly owns 480,583 shares of the company’s stock, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 61,065 shares of company stock valued at $1,823,794. 17.20% of the stock is 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.