UBS Group Initiates Coverage on CarGurus (NASDAQ:CARG)

UBS Group started coverage on shares of CarGurus (NASDAQ:CARG) in a report issued on Friday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $21.00 price objective on the stock.

A number of other equities analysts also recently issued reports on CARG. Needham & Company LLC lifted their price objective on shares of CarGurus from $20.00 to $22.00 and gave the stock a buy rating in a report on Thursday, August 10th. BTIG Research lifted their target price on CarGurus from $22.00 to $26.00 in a research note on Thursday, June 29th. Piper Sandler lifted their target price on CarGurus from $12.00 to $15.00 in a research note on Wednesday, July 5th. JPMorgan Chase & Co. lowered their target price on CarGurus from $29.00 to $27.00 and set an overweight rating on the stock in a research note on Monday, August 14th. Finally, Jefferies Financial Group lifted their target price on CarGurus from $24.00 to $27.00 and gave the stock a buy rating in a research note on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, CarGurus presently has an average rating of Moderate Buy and a consensus target price of $23.00.

CarGurus Trading Up 1.2 %

NASDAQ CARG opened at $17.86 on Friday. The company has a fifty day simple moving average of $19.90 and a 200 day simple moving average of $19.25. CarGurus has a 12-month low of $9.14 and a 12-month high of $24.22. The company has a market cap of $2.03 billion, a P/E ratio of 31.89, a PEG ratio of 1.80 and a beta of 1.62.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Wednesday, August 9th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.05. CarGurus had a net margin of 25.21% and a return on equity of 17.12%. The business had revenue of $239.74 million during the quarter, compared to the consensus estimate of $229.97 million. Sell-side analysts predict that CarGurus will post 0.7 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Truist Financial Corp purchased a new position in CarGurus during the 1st quarter valued at about $432,000. Foxhaven Asset Management LP grew its holdings in CarGurus by 9.1% during the 1st quarter. Foxhaven Asset Management LP now owns 4,789,873 shares of the company’s stock valued at $89,475,000 after buying an additional 397,984 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of CarGurus by 492.3% during the fourth quarter. Victory Capital Management Inc. now owns 78,627 shares of the company’s stock worth $1,388,000 after purchasing an additional 65,353 shares in the last quarter. Seven Eight Capital LP purchased a new position in shares of CarGurus during the fourth quarter worth about $991,000. Finally, Oversea Chinese Banking CORP Ltd purchased a new position in shares of CarGurus during the fourth quarter worth about $1,299,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

CarGurus Company Profile

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States and internationally. It operates through two segments, U.S. Marketplace and Digital Wholesale 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 to dealers and other consumers.