CarGurus (NASDAQ:CARG) Issues FY 2024 Earnings Guidance

CarGurus (NASDAQ:CARG) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 1.670-1.730 for the period, compared to the consensus earnings per share 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.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CARG. Jefferies Financial Group upped their price objective on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada raised their target price on CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Friday, August 9th. JMP Securities reaffirmed a “market outperform” rating and set a $32.00 price objective on shares of CarGurus in a research note on Monday, September 9th. B. Riley raised their target price on CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, BTIG Research increased their price objective on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CarGurus has a consensus rating of “Moderate Buy” and an average price target of $34.59.

CarGurus Stock Performance

NASDAQ:CARG traded up $1.45 during mid-day trading on Friday, hitting $34.81. 1,309,888 shares of the company’s stock traded hands, compared to its average volume of 478,031. The firm’s 50 day simple moving average is $30.25 and its 200 day simple moving average is $26.94. The company has a market cap of $3.60 billion, a PE ratio of -75.67, a price-to-earnings-growth ratio of 1.83 and a beta of 1.55. CarGurus has a 1 year low of $18.59 and a 1 year high of $37.89.

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

Insider Transactions at CarGurus

In other news, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the completion of the transaction, the chief operating officer now directly owns 480,583 shares of the company’s stock, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, COO Samuel Zales sold 25,168 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $28.34, for a total transaction of $713,261.12. Following the sale, the chief operating officer now directly owns 480,583 shares in the company, valued at approximately $13,619,722.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the transaction, the chief marketing officer now owns 128,952 shares of the company’s stock, valued at $3,664,815.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,065 shares of company stock worth $1,823,794. 17.20% of the stock is currently owned by corporate 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.