CarGurus (NASDAQ:CARG) Issues FY 2024 Earnings Guidance

CarGurus (NASDAQ:CARG) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 1.670-1.730 for the period, compared to the consensus EPS estimate of 1.640. The company issued revenue guidance of $885.0 million-$905.0 million, compared to the consensus revenue estimate of $883.6 million. CarGurus also updated its Q4 guidance to $0.50-$0.55 EPS.

CarGurus Stock Performance

CARG traded up $1.45 during trading on Friday, reaching $34.81. 1,309,888 shares of the company traded hands, compared to its average volume of 478,031. The company has a market cap of $3.60 billion, a P/E ratio of -75.67, a PEG ratio of 1.83 and a beta of 1.55. CarGurus has a 12-month low of $18.59 and a 12-month high of $37.89. The firm has a fifty day simple moving average of $30.25 and a 200 day simple moving average of $26.94.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. The company had revenue of $218.69 million for the quarter, compared to the consensus estimate of $214.85 million. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. As a group, sell-side analysts expect that CarGurus will post 1.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CARG has been the topic of several recent research reports. Royal Bank of Canada upped their price objective on CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. JMP Securities reaffirmed a “market outperform” rating and set a $32.00 price target on shares of CarGurus in a research note on Monday, September 9th. JPMorgan Chase & Co. lifted their price objective on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday. B. Riley upped their target price on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Finally, BTIG Research lifted their price target on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $34.59.

Insider Buying and Selling at CarGurus

In related news, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $28.34, for a total transaction of $713,261.12. Following the completion of the sale, the chief operating officer now owns 480,583 shares of the company’s stock, valued at $13,619,722.22. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $28.34, for a total transaction of $713,261.12. Following the completion of the transaction, the chief operating officer now owns 480,583 shares of the company’s stock, valued at $13,619,722.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CMO Dafna Sarnoff sold 4,127 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $29.94, for a total value of $123,562.38. Following the sale, the chief marketing officer now directly owns 119,330 shares in the company, valued at $3,572,740.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,065 shares of company stock worth $1,823,794. 17.20% of the stock is currently owned by insiders.

About CarGurus

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.