CarGurus (NASDAQ:CARG) Updates FY 2024 Earnings Guidance

CarGurus (NASDAQ:CARG) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 1.670-1.730 for the period, compared to the consensus earnings per share estimate of 1.640. The company issued revenue guidance of $885.0 million-$905.0 million, compared to the consensus revenue estimate of $883.6 million. CarGurus also updated its Q4 guidance to $0.50-$0.55 EPS.

Analysts Set New Price Targets

CARG has been the subject of several research reports. B. Riley lifted their target price on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 9th. JMP Securities reaffirmed a “market outperform” rating and issued a $32.00 price objective on shares of CarGurus in a research note on Monday, September 9th. BTIG Research increased their target price on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Needham & Company LLC lifted their target price on CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a research report on Friday. Finally, Jefferies Financial Group boosted their price target on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $34.59.

CarGurus Price Performance

Shares of CarGurus stock traded up $1.45 on Friday, reaching $34.81. 1,309,888 shares of the company were exchanged, compared to its average volume of 478,031. The stock’s 50 day moving average price is $30.25 and its 200-day moving average price is $26.94. CarGurus has a 1-year low of $18.59 and a 1-year high of $37.89. The company has a market cap of $3.60 billion, a P/E ratio of -75.67, a price-to-earnings-growth ratio of 1.83 and a beta of 1.55.

CarGurus (NASDAQ:CARG) last issued 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 company had revenue of $218.69 million during the quarter, compared to the consensus estimate of $214.85 million. On average, research analysts predict that CarGurus will post 1.16 earnings per share for the current fiscal year.

Insider Transactions at CarGurus

In related news, COO Samuel Zales sold 25,168 shares of the 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 transaction, the chief operating officer now owns 480,583 shares of the company’s stock, valued at $13,619,722.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CMO Dafna Sarnoff sold 4,127 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $29.94, for a total transaction of $123,562.38. Following the completion of the sale, the chief marketing officer now owns 119,330 shares in the company, valued at approximately $3,572,740.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $28.34, for a total transaction of $713,261.12. Following the completion of the transaction, the chief operating officer now 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 61,065 shares of company stock valued at $1,823,794. Insiders own 17.20% 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.