CarGurus (CARG) Cut to Hold at Zacks Investment Research

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Zacks Investment Research cut shares of CarGurus (NASDAQ:CARG) from a buy rating to a hold rating in a research report released on Tuesday.

According to Zacks, “CarGurus, Inc. is an online automotive marketplace connecting buyers and sellers of new and used cars. The company uses proprietary technology, search algorithms and data analytics. It operates primarily in Canada, the United Kingdom and Germany. CarGurus, Inc.is based in CAMBRIDGE, United States. “

A number of other analysts also recently issued reports on the stock. Benchmark restated a buy rating and set a $50.00 price objective on shares of CarGurus in a report on Friday, March 1st. Citigroup raised their price objective on shares of CarGurus from $45.00 to $52.00 and gave the stock a buy rating in a report on Friday, March 1st. BidaskClub downgraded shares of CarGurus from a buy rating to a hold rating in a report on Thursday, February 7th. CIBC assumed coverage on shares of CarGurus in a report on Wednesday, January 9th. They set an outperform rating and a $42.00 price objective for the company. Finally, Oppenheimer initiated coverage on shares of CarGurus in a report on Tuesday, January 8th. They set a buy rating and a $42.00 price objective for the company. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. CarGurus has an average rating of Buy and a consensus price target of $49.40.

NASDAQ CARG opened at $39.09 on Tuesday. CarGurus has a 52-week low of $29.18 and a 52-week high of $57.25. The stock has a market cap of $4.38 billion, a P/E ratio of 68.58, a P/E/G ratio of 37.65 and a beta of 1.97.

In other news, CEO Langley Steinert sold 117,406 shares of CarGurus stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $42.52, for a total value of $4,992,103.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sarah Amory Welch sold 2,500 shares of CarGurus stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $39.49, for a total transaction of $98,725.00. The disclosure for this sale can be found here. Insiders sold 1,986,127 shares of company stock valued at $77,116,078 in the last quarter. Corporate insiders own 51.03% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of CARG. NumerixS Investment Technologies Inc bought a new position in shares of CarGurus in the fourth quarter valued at approximately $30,000. Quantamental Technologies LLC bought a new position in shares of CarGurus in the fourth quarter valued at approximately $78,000. NEXT Financial Group Inc boosted its position in shares of CarGurus by 50.1% in the fourth quarter. NEXT Financial Group Inc now owns 5,555 shares of the company’s stock valued at $187,000 after acquiring an additional 1,855 shares during the period. CIBC Asset Management Inc bought a new position in shares of CarGurus in the third quarter valued at approximately $209,000. Finally, LPL Financial LLC bought a new position in shares of CarGurus in the third quarter valued at approximately $234,000. Hedge funds and other institutional investors own 72.07% of the company’s stock.

CarGurus Company Profile

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars worldwide. The company's marketplace enables users with third-party validation on pricing, dealer reputation, and other information. As of June 30, 2017, it had an active dealer network of approximately 40,000 dealers; and approximately 5.4 million car listings.

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