CarGurus Target of Unusually Large Options Trading (CARG)

CarGurus Inc (NASDAQ:CARG) saw some unusual options trading on Tuesday. Stock traders acquired 1,286 put options on the stock. This is an increase of approximately 2,043% compared to the typical daily volume of 60 put options.

In related news, CEO Langley Steinert sold 176,109 shares of the firm’s stock in a transaction on Thursday, February 7th. The stock was sold at an average price of $41.17, for a total transaction of $7,250,407.53. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Sarah Amory Welch sold 2,500 shares of the firm’s stock in a transaction on Tuesday, February 12th. The shares were sold at an average price of $39.49, for a total value of $98,725.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,906,370 shares of company stock worth $116,430,621. 34.51% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James Trust N.A. acquired a new position in CarGurus during the 1st quarter worth about $203,000. CMH Wealth Management LLC acquired a new position in CarGurus during the 1st quarter worth about $401,000. Calamos Advisors LLC acquired a new position in CarGurus during the 1st quarter worth about $210,000. Deutsche Bank AG lifted its stake in shares of CarGurus by 109.3% in the 4th quarter. Deutsche Bank AG now owns 661,143 shares of the company’s stock valued at $22,299,000 after purchasing an additional 345,250 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of CarGurus by 13.6% in the 4th quarter. Geode Capital Management LLC now owns 824,067 shares of the company’s stock valued at $27,795,000 after purchasing an additional 98,854 shares during the period. 72.05% of the stock is currently owned by hedge funds and other institutional investors.

Shares of CARG opened at $37.62 on Wednesday. The stock has a market cap of $4.54 billion, a price-to-earnings ratio of 66.00, a P/E/G ratio of 37.27 and a beta of 1.93. CarGurus has a 12 month low of $29.18 and a 12 month high of $57.25.

CarGurus (NASDAQ:CARG) last announced its earnings results on Thursday, February 28th. The company reported $0.11 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.07. The firm had revenue of $126.09 million for the quarter, compared to the consensus estimate of $122.13 million. CarGurus had a return on equity of 15.03% and a net margin of 13.10%. Equities analysts anticipate that CarGurus will post 0.22 earnings per share for the current fiscal year.

CARG has been the topic of several recent research reports. DA Davidson set a $54.00 price objective on CarGurus and gave the company a “buy” rating in a report on Tuesday, March 26th. BidaskClub downgraded CarGurus from a “buy” rating to a “hold” rating in a report on Thursday, February 7th. Zacks Investment Research raised CarGurus from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Wednesday, March 13th. CIBC initiated coverage on CarGurus in a report on Wednesday, January 9th. They set an “outperform” rating and a $42.00 price objective on the stock. Finally, Goldman Sachs Group raised CarGurus from a “neutral” rating to a “buy” rating and raised their price objective for the company from $43.00 to $48.00 in a report on Monday, March 18th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $49.27.

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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.

Further Reading: Intrinsic Value and Stock Selection

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