CarGurus (NASDAQ:CARG) Hits New 52-Week High – What’s Next?

CarGurus, Inc. (NASDAQ:CARG)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $39.40 and last traded at $39.41, with a volume of 133017 shares trading hands. The stock had previously closed at $38.49.

Analysts Set New Price Targets

CARG has been the subject of several recent research reports. B. Riley increased their price target on CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Jefferies Financial Group raised their target price on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. BTIG Research lifted their target price on shares of CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Royal Bank of Canada increased their price target on shares of CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, JPMorgan Chase & Co. lifted their price objective on CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.41.

CarGurus Stock Performance

The stock’s 50-day moving average price is $37.07 and its 200-day moving average price is $31.74. The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of -84.63, a P/E/G ratio of 1.70 and a beta of 1.58.

Insider Buying and Selling

In related news, CEO Jason Trevisan sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.41, for a total value of $354,100.00. Following the sale, the chief executive officer now owns 779,606 shares of the company’s stock, valued at approximately $27,605,848.46. This represents a 1.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.43, for a total value of $891,702.24. Following the completion of the sale, the chief operating officer now owns 442,321 shares in the company, valued at $15,671,433.03. This represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,556 shares of company stock valued at $2,682,940. 17.20% of the stock is owned by insiders.

Institutional Trading of CarGurus

Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp boosted its holdings in shares of CarGurus by 4.8% during the third quarter. State Street Corp now owns 3,298,894 shares of the company’s stock worth $99,066,000 after purchasing an additional 151,862 shares during the last quarter. Geode Capital Management LLC lifted its position in CarGurus by 3.8% during the third quarter. Geode Capital Management LLC now owns 2,055,145 shares of the company’s stock worth $61,728,000 after buying an additional 74,730 shares during the period. Prevatt Capital Ltd boosted its stake in CarGurus by 7.0% in the 3rd quarter. Prevatt Capital Ltd now owns 1,230,000 shares of the company’s stock worth $36,937,000 after buying an additional 80,000 shares during the last quarter. Select Equity Group L.P. grew its holdings in CarGurus by 2.8% in the 2nd quarter. Select Equity Group L.P. now owns 1,145,692 shares of the company’s stock valued at $30,017,000 after buying an additional 31,431 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of CarGurus by 9.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company’s stock valued at $31,328,000 after acquiring an additional 89,815 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

CarGurus Company 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.