CarGurus (NASDAQ:CARG) Shares Gap Up to $18.36

CarGurus, Inc. (NASDAQ:CARG) gapped up prior to trading on Wednesday . The stock had previously closed at $18.36, but opened at $19.71. CarGurus shares last traded at $19.61, with a volume of 640,280 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CARG shares. DA Davidson boosted their price objective on CarGurus from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Friday, August 11th. JPMorgan Chase & Co. cut their price target on CarGurus from $29.00 to $27.00 and set an “overweight” rating for the company in a research note on Monday, August 14th. Needham & Company LLC restated a “buy” rating and set a $22.00 price target on shares of CarGurus in a research note on Wednesday. Jefferies Financial Group upped their price target on CarGurus from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Finally, UBS Group assumed coverage on CarGurus in a research note on Friday, September 15th. They set a “neutral” rating and a $21.00 price target for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.08.

CarGurus Stock Down 2.2 %

The company has a market cap of $2.13 billion, a price-to-earnings ratio of 31.76, a price-to-earnings-growth ratio of 1.75 and a beta of 1.57. The company has a fifty day simple moving average of $17.82 and a two-hundred day simple moving average of $19.23.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings data on Wednesday, August 9th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.05. The business had revenue of $239.74 million for the quarter, compared to analyst estimates of $229.97 million. CarGurus had a return on equity of 15.20% and a net margin of 21.89%. On average, research analysts predict that CarGurus, Inc. will post 0.7 EPS for the current year.

Institutional Trading of CarGurus

A number of large investors have recently made changes to their positions in CARG. BlackRock Inc. boosted its stake in shares of CarGurus by 113.0% during the second quarter. BlackRock Inc. now owns 14,824,129 shares of the company’s stock valued at $335,470,000 after acquiring an additional 7,863,827 shares during the last quarter. Wellington Management Group LLP lifted its position in CarGurus by 30.4% during the first quarter. Wellington Management Group LLP now owns 14,128,717 shares of the company’s stock worth $599,905,000 after buying an additional 3,294,532 shares during the period. Durable Capital Partners LP purchased a new position in CarGurus during the fourth quarter worth about $45,581,000. ArrowMark Colorado Holdings LLC lifted its position in CarGurus by 48.9% during the first quarter. ArrowMark Colorado Holdings LLC now owns 9,347,377 shares of the company’s stock worth $174,609,000 after buying an additional 3,070,570 shares during the period. Finally, Morgan Stanley lifted its position in CarGurus by 44.9% during the fourth quarter. Morgan Stanley now owns 6,112,679 shares of the company’s stock worth $85,639,000 after buying an additional 1,893,891 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.

About CarGurus

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.