CarGurus Inc (NASDAQ:CARG) Short Interest Up 6.8% in November

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CarGurus Inc (NASDAQ:CARG) saw a large growth in short interest in the month of November. As of November 29th, there was short interest totalling 11,580,000 shares, a growth of 6.8% from the November 14th total of 10,840,000 shares. Currently, 14.7% of the shares of the company are short sold. Based on an average trading volume of 1,020,000 shares, the days-to-cover ratio is currently 11.4 days.

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada cut their target price on CarGurus to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. TheStreet raised CarGurus from a “d+” rating to a “c-” rating in a research note on Thursday, November 7th. Needham & Company LLC assumed coverage on CarGurus in a research note on Thursday, September 12th. They set a “hold” rating for the company. BidaskClub downgraded CarGurus from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 7th. Finally, Zacks Investment Research downgraded CarGurus from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. CarGurus presently has a consensus rating of “Buy” and an average price target of $47.58.

In other news, insider Thomas Michael Caputo sold 5,301 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $38.00, for a total transaction of $201,438.00. Following the completion of the transaction, the insider now directly owns 92,758 shares of the company’s stock, valued at approximately $3,524,804. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ian G. Smith sold 117,732 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $39.75, for a total value of $4,679,847.00. Following the transaction, the director now directly owns 283,725 shares of the company’s stock, valued at $11,278,068.75. The disclosure for this sale can be found here. Insiders have sold a total of 1,404,511 shares of company stock valued at $49,828,499 over the last ninety days. 34.51% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC increased its stake in CarGurus by 208.6% in the 3rd quarter. Tower Research Capital LLC TRC now owns 1,114 shares of the company’s stock valued at $34,000 after purchasing an additional 753 shares in the last quarter. Advisor Group Inc. increased its stake in CarGurus by 55.1% in the 2nd quarter. Advisor Group Inc. now owns 1,194 shares of the company’s stock valued at $42,000 after purchasing an additional 424 shares in the last quarter. Point72 Hong Kong Ltd increased its stake in CarGurus by 2,651.8% in the 2nd quarter. Point72 Hong Kong Ltd now owns 2,284 shares of the company’s stock valued at $82,000 after purchasing an additional 2,201 shares in the last quarter. CSat Investment Advisory L.P. purchased a new position in CarGurus in the 2nd quarter valued at approximately $90,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in CarGurus in the 2nd quarter valued at approximately $145,000. 79.93% of the stock is owned by hedge funds and other institutional investors.

NASDAQ CARG traded down $0.16 during mid-day trading on Friday, hitting $37.21. The stock had a trading volume of 649,195 shares, compared to its average volume of 960,253. CarGurus has a 52-week low of $28.65 and a 52-week high of $45.25. The company has a market cap of $4.17 billion, a price-to-earnings ratio of 65.28, a P/E/G ratio of 2.65 and a beta of 1.97. The company has a 50 day simple moving average of $37.47 and a 200 day simple moving average of $34.80. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 0.24.

CarGurus (NASDAQ:CARG) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.10. CarGurus had a return on equity of 18.30% and a net margin of 7.44%. The firm had revenue of $150.50 million during the quarter, compared to the consensus estimate of $147.99 million. During the same period last year, the business posted $0.08 EPS. CarGurus’s quarterly revenue was up 26.4% on a year-over-year basis. As a group, equities analysts anticipate that CarGurus will post 0.35 earnings per share for the current fiscal year.

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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