Consumer Edge Initiates Coverage on CarGurus (NASDAQ:CARG)

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Consumer Edge assumed coverage on shares of CarGurus (NASDAQ:CARG) in a research note released on Friday, BenzingaRatingsTable reports. The brokerage issued an overweight rating on the stock.

Other equities analysts have also recently issued research reports about the company. Benchmark reissued a buy rating and issued a $51.00 price objective on shares of CarGurus in a report on Friday, May 10th. BidaskClub raised CarGurus from a sell rating to a hold rating in a report on Thursday, August 1st. BTIG Research decreased their price objective on CarGurus to $48.00 and set a buy rating for the company in a report on Wednesday, April 17th. TheStreet cut CarGurus from a c- rating to a d+ rating in a report on Tuesday, May 14th. Finally, Zacks Investment Research raised CarGurus from a hold rating to a buy rating and set a $40.00 price objective for the company in a report on Tuesday, July 9th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. CarGurus presently has a consensus rating of Buy and a consensus target price of $48.92.

Shares of CARG opened at $34.36 on Friday. The stock’s 50-day moving average price is $36.69. CarGurus has a one year low of $30.29 and a one year high of $57.25. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.25. The firm has a market cap of $4.01 billion, a PE ratio of 124.65, a P/E/G ratio of 4.00 and a beta of 1.83.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.12 EPS for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.09. CarGurus had a return on equity of 18.43% and a net margin of 13.94%. The company had revenue of $135.30 million during the quarter, compared to analysts’ expectations of $129.54 million. During the same quarter in the previous year, the firm posted $0.06 EPS. The firm’s revenue was up 37.2% compared to the same quarter last year. As a group, equities research analysts predict that CarGurus will post 0.23 EPS for the current fiscal year.

In related news, CEO Langley Steinert sold 117,406 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $36.69, for a total value of $4,307,626.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sarah Amory Welch sold 2,500 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $36.00, for a total value of $90,000.00. The disclosure for this sale can be found here. Insiders sold a total of 2,867,219 shares of company stock valued at $104,780,851 in the last ninety days. 34.51% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CARG. Advisor Group Inc. raised its holdings in CarGurus by 55.1% in the 2nd quarter. Advisor Group Inc. now owns 1,194 shares of the company’s stock worth $42,000 after purchasing an additional 424 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in CarGurus during the 1st quarter worth approximately $136,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in CarGurus during the 2nd quarter worth approximately $145,000. Raymond James Trust N.A. purchased a new stake in CarGurus during the 1st quarter worth approximately $203,000. Finally, Janus Henderson Group PLC purchased a new stake in CarGurus during the 2nd quarter worth approximately $203,000. 74.81% of the stock is owned by institutional investors.

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.

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Analyst Recommendations for CarGurus (NASDAQ:CARG)

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