CarGurus (NASDAQ:CARG) Updates FY 2024 Earnings Guidance

CarGurus (NASDAQ:CARG) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 1.670-1.730 for the period, compared to the consensus earnings per share estimate of 1.640. The company issued revenue guidance of $885.0 million-$905.0 million, compared to the consensus revenue estimate of $883.6 million. CarGurus also updated its Q4 guidance to $0.50-$0.55 EPS.

Wall Street Analyst Weigh In

CARG has been the topic of several analyst reports. DA Davidson raised their price target on shares of CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a research report on Friday. JPMorgan Chase & Co. increased their target price on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday. Needham & Company LLC lifted their price target on CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a research note on Friday. Oppenheimer upped their price target on CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Jefferies Financial Group raised their price objective on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $34.59.

CarGurus Stock Performance

Shares of NASDAQ:CARG traded up $1.45 during trading on Friday, reaching $34.81. The stock had a trading volume of 1,309,888 shares, compared to its average volume of 478,031. CarGurus has a 1-year low of $18.59 and a 1-year high of $37.89. The stock has a market cap of $3.60 billion, a PE ratio of -75.67, a PEG ratio of 1.83 and a beta of 1.55. The business has a fifty day moving average price of $30.25 and a 200-day moving average price of $26.94.

CarGurus (NASDAQ:CARG) last released its earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. The business had revenue of $218.69 million during the quarter, compared to analyst estimates of $214.85 million. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. Sell-side analysts expect that CarGurus will post 1.16 earnings per share for the current year.

Insider Activity at CarGurus

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the transaction, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at $3,664,815.84. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the completion of the sale, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at $3,664,815.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $28.34, for a total transaction of $713,261.12. Following the transaction, the chief operating officer now directly owns 480,583 shares in the company, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,065 shares of company stock valued at $1,823,794. Corporate insiders own 17.20% of the company’s stock.

CarGurus Company Profile

CarGurus, Inc operates an online automotive platform for buying and selling vehicles in the United States and internationally. It operates through two segments, U.S. Marketplace and Digital Wholesale. The company provides an online automotive marketplace where customers can search for new and used car listings from its dealers and sell their car to dealers and other consumers; and paid listings subscriptions for enhanced access to its marketplace that connects dealers to a large audience of informed and engaged consumers.