GAMMA Investing LLC Takes $32,000 Position in CarGurus, Inc. (NASDAQ:CARG)

GAMMA Investing LLC purchased a new position in shares of CarGurus, Inc. (NASDAQ:CARG) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,356 shares of the company’s stock, valued at approximately $32,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Raymond James & Associates raised its stake in shares of CarGurus by 12.0% in the fourth quarter. Raymond James & Associates now owns 452,182 shares of the company’s stock worth $10,925,000 after acquiring an additional 48,389 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in CarGurus by 207.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 293,730 shares of the company’s stock worth $7,097,000 after purchasing an additional 198,321 shares during the last quarter. Cullinan Associates Inc. acquired a new position in CarGurus during the 4th quarter worth $1,377,000. Pacer Advisors Inc. boosted its position in CarGurus by 20.3% in the 4th quarter. Pacer Advisors Inc. now owns 1,993,523 shares of the company’s stock valued at $48,164,000 after buying an additional 336,245 shares during the last quarter. Finally, Nordea Investment Management AB increased its stake in shares of CarGurus by 42.0% in the 4th quarter. Nordea Investment Management AB now owns 309,651 shares of the company’s stock valued at $7,503,000 after buying an additional 91,626 shares during the period. Institutional investors own 86.90% of the company’s stock.

CarGurus Stock Performance

Shares of NASDAQ:CARG opened at $22.75 on Monday. The company has a 50 day moving average price of $22.80 and a two-hundred day moving average price of $22.21. The company has a market capitalization of $2.44 billion, a PE ratio of 126.39, a PEG ratio of 1.38 and a beta of 1.57. CarGurus, Inc. has a 52 week low of $15.34 and a 52 week high of $24.64.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings results on Monday, February 26th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. The company had revenue of $223.12 million during the quarter, compared to analyst estimates of $220.05 million. CarGurus had a net margin of 3.40% and a return on equity of 7.74%. The firm’s revenue was down 22.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.25 EPS. On average, sell-side analysts forecast that CarGurus, Inc. will post 0.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Andrea Lee Eldridge sold 22,358 shares of CarGurus stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $22.13, for a total transaction of $494,782.54. Following the transaction, the insider now owns 117,432 shares in the company, valued at approximately $2,598,770.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other CarGurus news, CMO Dafna Sarnoff sold 10,573 shares of CarGurus stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $22.56, for a total value of $238,526.88. Following the transaction, the chief marketing officer now owns 168,099 shares of the company’s stock, valued at $3,792,313.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Andrea Lee Eldridge sold 22,358 shares of CarGurus stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $22.13, for a total transaction of $494,782.54. Following the completion of the transaction, the insider now directly owns 117,432 shares in the company, valued at approximately $2,598,770.16. The disclosure for this sale can be found here. Insiders sold 113,793 shares of company stock worth $2,523,342 over the last ninety days. 15.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. JMP Securities reaffirmed a “market perform” rating on shares of CarGurus in a research note on Wednesday, April 17th. UBS Group raised their target price on shares of CarGurus from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. Oppenheimer boosted their price target on shares of CarGurus from $26.00 to $30.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 27th. Finally, Needham & Company LLC increased their price objective on shares of CarGurus from $22.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, February 27th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.90.

CarGurus 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.