B. Riley Forecasts Strong Price Appreciation for CarGurus (NASDAQ:CARG) Stock

CarGurus (NASDAQ:CARG) had its target price lifted by B. Riley from $30.00 to $40.00 in a report issued on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on CARG. Jefferies Financial Group upped their price target on shares of CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. BTIG Research upped their price objective on shares of CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. upped their price objective on shares of CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Needham & Company LLC upped their price objective on shares of CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, DA Davidson upped their price objective on shares of CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.41.

CarGurus Stock Performance

Shares of NASDAQ CARG opened at $35.89 on Monday. CarGurus has a 52-week low of $18.90 and a 52-week high of $37.94. The firm has a 50 day moving average price of $30.76 and a two-hundred day moving average price of $27.20. The stock has a market cap of $3.71 billion, a P/E ratio of -78.02, a price-to-earnings-growth ratio of 2.09 and a beta of 1.55.

Insider Buying and Selling

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following 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 2.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Matthew Todd Quinn sold 3,495 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total transaction of $102,857.85. Following the completion of the transaction, the chief technology officer now directly owns 205,696 shares in the company, valued at $6,053,633.28. This trade represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,897 shares of company stock valued at $1,110,533 over the last ninety days. 17.20% of the stock is owned by corporate insiders.

Institutional Trading of CarGurus

Several institutional investors and hedge funds have recently made changes to their positions in CARG. Loomis Sayles & Co. L P purchased a new stake in shares of CarGurus in the third quarter valued at about $21,052,000. Marshall Wace LLP raised its holdings in shares of CarGurus by 3,512.4% in the second quarter. Marshall Wace LLP now owns 480,339 shares of the company’s stock valued at $12,585,000 after purchasing an additional 467,042 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of CarGurus by 629.3% in the third quarter. Assenagon Asset Management S.A. now owns 372,379 shares of the company’s stock valued at $11,183,000 after purchasing an additional 321,318 shares during the last quarter. Fort Washington Investment Advisors Inc. OH raised its holdings in shares of CarGurus by 26.5% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company’s stock valued at $28,567,000 after purchasing an additional 228,380 shares during the last quarter. Finally, SG Capital Management LLC purchased a new stake in shares of CarGurus in the first quarter valued at about $4,222,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

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.