CarGurus (CARG) Trading Down 0.7%

CarGurus Inc (NASDAQ:CARG) shares dropped 0.7% during mid-day trading on Thursday . The company traded as low as $33.88 and last traded at $33.75. Approximately 216,758 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 259,516 shares. The stock had previously closed at $34.00.

CARG has been the subject of a number of research analyst reports. BidaskClub cut CarGurus from a “hold” rating to a “sell” rating in a research note on Friday, December 29th. Zacks Investment Research raised CarGurus from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Monday, January 8th. Benchmark initiated coverage on CarGurus in a research note on Thursday, March 22nd. They issued a “buy” rating and a $42.00 target price for the company. Finally, DA Davidson initiated coverage on CarGurus in a research note on Wednesday, April 4th. They issued a “neutral” rating and a $41.00 target price for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $35.20.

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The firm has a market cap of $4,039.12 and a P/E ratio of 283.33.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Thursday, March 1st. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $87.71 million during the quarter, compared to the consensus estimate of $86.22 million. The business’s revenue for the quarter was up 197.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.27 earnings per share. analysts forecast that CarGurus Inc will post 0.1 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of the company. Spinnaker Capital LLC bought a new stake in shares of CarGurus in the fourth quarter valued at about $410,972,000. Bollard Group LLC bought a new stake in shares of CarGurus in the fourth quarter valued at about $318,223,000. The Manufacturers Life Insurance Company bought a new stake in shares of CarGurus in the fourth quarter valued at about $100,212,000. Abdiel Capital Advisors LP bought a new stake in shares of CarGurus in the fourth quarter valued at about $7,495,000. Finally, Clearbridge Investments LLC bought a new stake in shares of CarGurus in the fourth quarter valued at about $6,752,000. Institutional investors own 57.41% of the company’s stock.

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About CarGurus

CarGurus, Inc is an online automotive marketplace connecting buyers and sellers of new and used cars. Using proprietary technology, search algorithms, and data analytics. The Company’s marketplace empowers users with unbiased third-party validation on pricing and dealer reputation as well as other information that aids them in finding Great Deals from Great Dealers.

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