BidaskClub Upgrades CarGurus (CARG) to Buy

CarGurus (NASDAQ:CARG) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday.

A number of other brokerages also recently weighed in on CARG. DA Davidson upgraded CarGurus from a “neutral” rating to a “buy” rating and set a $41.00 price target on the stock in a report on Tuesday, May 1st. They noted that the move was a valuation call. Zacks Investment Research downgraded CarGurus from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Benchmark started coverage on CarGurus in a report on Thursday, March 22nd. They set a “buy” rating and a $42.00 price target on the stock. Finally, ValuEngine downgraded CarGurus from a “hold” rating to a “sell” rating in a report on Tuesday, May 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $35.80.

Shares of CarGurus opened at $34.61 on Thursday, MarketBeat.com reports. CarGurus has a 1-year low of $25.85 and a 1-year high of $40.60. The firm has a market cap of $3.78 billion and a PE ratio of 288.42.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Thursday, May 3rd. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.04. The business had revenue of $98.70 million for the quarter, compared to analysts’ expectations of $94.15 million. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. analysts expect that CarGurus will post 0.11 EPS for the current fiscal year.

In related news, major shareholder Argonaut 22 Llc sold 849,225 shares of CarGurus stock in a transaction on Thursday, May 31st. The stock was sold at an average price of $32.31, for a total transaction of $27,438,459.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ian G. Smith sold 5,300 shares of CarGurus stock in a transaction on Wednesday, June 20th. The shares were sold at an average price of $35.77, for a total value of $189,581.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,182,019 shares of company stock valued at $135,429,505. Insiders own 51.03% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CARG. The Manufacturers Life Insurance Company boosted its position in CarGurus by 13.9% during the first quarter. The Manufacturers Life Insurance Company now owns 3,808,722 shares of the company’s stock valued at $146,522,000 after purchasing an additional 466,106 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in CarGurus by 55.6% during the first quarter. Lord Abbett & CO. LLC now owns 970,288 shares of the company’s stock valued at $37,327,000 after purchasing an additional 346,567 shares during the last quarter. Abdiel Capital Advisors LP acquired a new stake in CarGurus during the fourth quarter valued at $7,495,000. Clearbridge Investments LLC acquired a new stake in CarGurus during the fourth quarter valued at $6,752,000. Finally, Geode Capital Management LLC acquired a new stake in CarGurus during the fourth quarter valued at $5,533,000. 50.56% of the stock is owned by hedge funds and other institutional investors.

About CarGurus

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.

Analyst Recommendations for CarGurus (NASDAQ:CARG)

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