CarGurus (NASDAQ:CARG) Releases Q2 Earnings Guidance

CarGurus (NASDAQ:CARG) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.29-0.34 for the period, compared to the consensus estimate of $0.30. The company issued revenue guidance of $202-222 million, compared to the consensus revenue estimate of $224.51 million. CarGurus also updated its Q2 2024 guidance to 0.290-0.340 EPS.

CarGurus Price Performance

Shares of CARG traded up $0.13 during mid-day trading on Thursday, hitting $22.28. The stock had a trading volume of 1,420,972 shares, compared to its average volume of 960,599. The firm has a market cap of $2.39 billion, a P/E ratio of 124.00, a PEG ratio of 1.38 and a beta of 1.57. CarGurus has a 52 week low of $16.70 and a 52 week high of $24.64. The business has a fifty day moving average price of $22.77 and a 200-day moving average price of $22.28.

CarGurus (NASDAQ:CARG) last released its quarterly earnings data on Monday, February 26th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. CarGurus had a net margin of 3.40% and a return on equity of 7.74%. The business had revenue of $223.12 million for the quarter, compared to the consensus estimate of $220.05 million. During the same period in the prior year, the firm earned $0.25 earnings per share. The company’s revenue was down 22.2% compared to the same quarter last year. As a group, research analysts expect that CarGurus will post 0.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CARG. Needham & Company LLC increased their price objective on CarGurus from $22.00 to $24.00 and gave the stock a buy rating in a report on Tuesday, February 27th. UBS Group upped their target price on shares of CarGurus from $26.00 to $27.00 and gave the stock a neutral rating in a report on Friday, March 15th. Oppenheimer raised their price target on shares of CarGurus from $26.00 to $30.00 and gave the company an outperform rating in a report on Tuesday, February 27th. Finally, JMP Securities reiterated a market perform rating on shares of CarGurus in a research report on Wednesday, April 17th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $24.90.

Insiders Place Their Bets

In related news, insider Andrea Lee Eldridge sold 22,358 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $22.13, for a total transaction of $494,782.54. Following the transaction, the insider now directly owns 117,432 shares of the company’s stock, valued at approximately $2,598,770.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, General Counsel Javier Esquivel Zamora sold 23,557 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $22.13, for a total value of $521,316.41. Following the completion of the sale, the general counsel now owns 111,589 shares of the company’s stock, valued at approximately $2,469,464.57. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Andrea Lee Eldridge sold 22,358 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $22.13, for a total value of $494,782.54. Following the transaction, the insider now owns 117,432 shares in the company, valued at $2,598,770.16. The disclosure for this sale can be found here. Insiders sold a total of 113,793 shares of company stock valued at $2,523,342 over the last 90 days. Insiders own 15.70% 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.