Cowen Begins Coverage on CarGurus (CARG)

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Cowen began coverage on shares of CarGurus (NASDAQ:CARG) in a research report released on Monday, 24/7 WallStreet reports. The firm issued a market perform rating and a $42.00 target price on the stock.

Other equities analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of CarGurus from a hold rating to a buy rating and set a $48.00 target price for the company in a report on Friday, March 1st. Benchmark reiterated a buy rating and issued a $50.00 target price on shares of CarGurus in a report on Friday, March 1st. Citigroup boosted their target price 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 upgraded shares of CarGurus from a hold rating to a buy rating in a report on Thursday, January 31st. Finally, Goldman Sachs Group upgraded shares of CarGurus from a neutral rating to a buy rating and boosted their target price for the stock from $43.00 to $48.00 in a report on Monday, March 18th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. CarGurus presently has a consensus rating of Buy and a consensus price target of $49.08.

CARG stock opened at $35.46 on Monday. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $3.92 billion, a P/E ratio of 62.21, a PEG ratio of 7.04 and a beta of 1.86. CarGurus has a 1-year low of $30.29 and a 1-year high of $57.25.

CarGurus (NASDAQ:CARG) last released its quarterly earnings data on Thursday, May 9th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.09. The firm had revenue of $135.30 million during the quarter, compared to the consensus estimate of $129.54 million. CarGurus had a return on equity of 18.43% and a net margin of 13.94%. The firm’s quarterly revenue was up 37.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.06 earnings per share. On average, sell-side analysts anticipate that CarGurus will post 0.23 EPS for the current fiscal year.

In other news, Director Anastasios Parafestas sold 140,848 shares of the business’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $42.29, for a total transaction of $5,956,461.92. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Langley Steinert sold 130,456 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $39.05, for a total value of $5,094,306.80. The disclosure for this sale can be found here. Insiders have sold 3,426,832 shares of company stock worth $135,311,798 in the last 90 days. Insiders own 34.51% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp grew its stake in shares of CarGurus by 8.7% during the third quarter. Bank of New York Mellon Corp now owns 152,439 shares of the company’s stock worth $8,489,000 after acquiring an additional 12,174 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of CarGurus by 13.6% during the fourth quarter. Geode Capital Management LLC now owns 824,067 shares of the company’s stock worth $27,795,000 after acquiring an additional 98,854 shares during the last quarter. 361 Capital LLC purchased a new stake in shares of CarGurus during the fourth quarter worth about $2,336,000. Strs Ohio grew its stake in shares of CarGurus by 23.8% during the fourth quarter. Strs Ohio now owns 28,600 shares of the company’s stock worth $964,000 after acquiring an additional 5,500 shares during the last quarter. Finally, Quantamental Technologies LLC purchased a new stake in shares of CarGurus during the fourth quarter worth about $78,000. Institutional investors and hedge funds own 71.94% of the company’s stock.

About CarGurus

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States, Canada, the United Kingdom, Germany, Italy, and Spain. The company provides consumers an online automotive marketplace where they can search for new and used car listings from its dealers, as well as sell their car in the United States marketplace.

See Also: Golden Cross

Analyst Recommendations for CarGurus (NASDAQ:CARG)

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