CarGurus Inc (NASDAQ:CARG) Short Interest Up 9.7% in August

CarGurus Inc (NASDAQ:CARG) was the target of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 12,022,800 shares, a growth of 9.7% from the July 31st total of 10,961,600 shares. Based on an average daily trading volume, of 963,800 shares, the days-to-cover ratio is presently 12.5 days. Currently, 16.0% of the shares of the stock are short sold.

Several equities analysts recently weighed in on CARG shares. BidaskClub raised CarGurus from a “sell” rating to a “hold” rating in a research note on Wednesday. Cowen started coverage on CarGurus in a research note on Monday, May 20th. They issued a “market perform” rating and a $42.00 price objective for the company. SunTrust Banks reaffirmed a “buy” rating and issued a $54.00 price objective on shares of CarGurus in a research note on Wednesday, June 12th. Zacks Investment Research raised CarGurus from a “hold” rating to a “strong-buy” rating and set a $39.00 price objective for the company in a research note on Friday, August 9th. Finally, Consumer Edge started coverage on CarGurus in a research note on Friday, August 2nd. They issued an “overweight” rating for the company. Three research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. CarGurus has an average rating of “Buy” and a consensus target price of $48.42.

In related news, insider Thomas Michael Caputo sold 5,300 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $38.06, for a total value of $201,718.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Anastasios Parafestas sold 80,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $36.26, for a total value of $2,900,800.00. The disclosure for this sale can be found here. Insiders sold a total of 2,526,396 shares of company stock valued at $89,796,316 over the last three months. Insiders own 34.51% of the company’s stock.

Several hedge funds have recently bought and sold shares of CARG. BlackRock Inc. boosted its holdings in shares of CarGurus by 46.1% during the second quarter. BlackRock Inc. now owns 5,176,925 shares of the company’s stock worth $186,939,000 after purchasing an additional 1,632,759 shares during the last quarter. HMI Capital LLC acquired a new position in CarGurus in the second quarter valued at $45,149,000. Nuveen Asset Management LLC acquired a new position in CarGurus in the second quarter valued at $26,835,000. Vanguard Group Inc. boosted its holdings in CarGurus by 10.1% in the second quarter. Vanguard Group Inc. now owns 5,585,376 shares of the company’s stock valued at $201,687,000 after acquiring an additional 512,647 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in CarGurus by 93.4% in the second quarter. Wells Fargo & Company MN now owns 891,158 shares of the company’s stock valued at $32,179,000 after acquiring an additional 430,302 shares during the last quarter. Institutional investors and hedge funds own 66.59% of the company’s stock.

Shares of CARG stock traded up $1.20 during mid-day trading on Friday, hitting $35.57. 958,925 shares of the company’s stock were exchanged, compared to its average volume of 653,319. CarGurus has a fifty-two week low of $30.22 and a fifty-two week high of $57.25. The stock has a 50-day simple moving average of $33.42 and a two-hundred day simple moving average of $36.75. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.23. The stock has a market cap of $4.73 billion, a price-to-earnings ratio of 62.40, a PEG ratio of 3.51 and a beta of 1.88.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.03. CarGurus had a return on equity of 17.12% and a net margin of 8.22%. The business had revenue of $145.03 million for the quarter, compared to analysts’ expectations of $140.67 million. During the same quarter last year, the firm earned $0.06 earnings per share. The business’s revenue was up 31.5% on a year-over-year basis. As a group, analysts anticipate that CarGurus will post 0.28 earnings per share for the current fiscal year.

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.

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