Zacks: Brokerages Expect CarGurus Inc (CARG) Will Post Earnings of $0.05 Per Share

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Analysts expect CarGurus Inc (NASDAQ:CARG) to report earnings per share (EPS) of $0.05 for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for CarGurus’ earnings. CarGurus posted earnings of $0.02 per share in the same quarter last year, which indicates a positive year over year growth rate of 150%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, November 13th.

According to Zacks, analysts expect that CarGurus will report full year earnings of $0.23 per share for the current fiscal year, with EPS estimates ranging from $0.22 to $0.24. For the next year, analysts expect that the business will post earnings of $0.30 per share, with EPS estimates ranging from $0.27 to $0.34. Zacks’ EPS averages are an average based on a survey of sell-side analysts that that provide coverage for CarGurus.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings data on Tuesday, August 7th. The company reported $0.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.04. CarGurus had a return on equity of 12.60% and a net margin of 10.34%. The business had revenue of $110.33 million for the quarter, compared to analysts’ expectations of $103.84 million.

Several research firms have weighed in on CARG. Benchmark boosted their price objective on CarGurus from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, August 8th. DA Davidson set a $53.00 price objective on CarGurus and gave the stock a “buy” rating in a research report on Wednesday, August 8th. Zacks Investment Research cut CarGurus from a “buy” rating to a “hold” rating in a research report on Monday. BidaskClub raised CarGurus from a “hold” rating to a “buy” rating in a research report on Thursday, June 21st. Finally, Royal Bank of Canada raised CarGurus from a “sector perform” rating to an “outperform” rating and set a $33.00 price objective on the stock in a research report on Wednesday, August 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $44.17.

In other news, CEO Langley Steinert sold 117,406 shares of the company’s stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $31.48, for a total transaction of $3,695,940.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Oliver Ian Chrzan sold 6,000 shares of the company’s stock in a transaction on Friday, May 25th. The shares were sold at an average price of $30.99, for a total value of $185,940.00. The disclosure for this sale can be found here. In the last three months, insiders sold 4,743,300 shares of company stock worth $169,682,838. Insiders own 51.03% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. California Public Employees Retirement System purchased a new position in shares of CarGurus during the 2nd quarter valued at $345,000. Millennium Management LLC lifted its position in shares of CarGurus by 33.4% during the 2nd quarter. Millennium Management LLC now owns 17,302 shares of the company’s stock valued at $601,000 after buying an additional 4,334 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of CarGurus during the 2nd quarter valued at $2,899,000. Cubist Systematic Strategies LLC purchased a new position in shares of CarGurus during the 2nd quarter valued at $205,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of CarGurus during the 2nd quarter valued at $1,688,000. 48.88% of the stock is currently owned by hedge funds and other institutional investors.

CARG stock traded up $0.04 during midday trading on Friday, hitting $50.00. The company’s stock had a trading volume of 658,300 shares, compared to its average volume of 608,965. CarGurus has a 1 year low of $25.85 and a 1 year high of $56.17. The stock has a market cap of $5.60 billion and a P/E ratio of 413.50.

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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