CarGurus (NASDAQ:CARG) Sets New 52-Week High – Here’s Why

CarGurus, Inc. (NASDAQ:CARG) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $40.70 and last traded at $40.45, with a volume of 1343007 shares traded. The stock had previously closed at $38.99.

Analyst Ratings Changes

CARG has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their target price on CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. BTIG Research raised their target price on 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 upped their price target on shares of CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. DA Davidson boosted their price objective on shares of CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Jefferies Financial Group upped their target price 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. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, CarGurus has a consensus rating of “Moderate Buy” and an average target price of $38.41.

CarGurus Price Performance

The firm has a 50-day simple moving average of $37.44 and a two-hundred day simple moving average of $32.15. The company has a market cap of $4.21 billion, a PE ratio of -88.15, a P/E/G ratio of 1.70 and a beta of 1.58.

Insider Activity at CarGurus

In other CarGurus news, CMO Dafna Sarnoff sold 10,570 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $35.78, for a total value of $378,194.60. Following the sale, the chief marketing officer now directly owns 95,261 shares of the company’s stock, valued at approximately $3,408,438.58. This trade represents a 9.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jason Trevisan sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $35.41, for a total transaction of $354,100.00. Following the completion of the sale, the chief executive officer now owns 779,606 shares of the company’s stock, valued at approximately $27,605,848.46. The trade was a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 74,556 shares of company stock valued at $2,682,940. Company insiders own 17.20% of the company’s stock.

Institutional Trading of CarGurus

Institutional investors have recently made changes to their positions in the stock. State Street Corp raised its position in shares of CarGurus by 4.8% in the 3rd quarter. State Street Corp now owns 3,298,894 shares of the company’s stock worth $99,066,000 after buying an additional 151,862 shares during the period. Charles Schwab Investment Management Inc. increased its stake in CarGurus by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company’s stock worth $31,328,000 after acquiring an additional 89,815 shares during the last quarter. Alpha DNA Investment Management LLC purchased a new position in shares of CarGurus in the 3rd quarter worth about $503,000. Los Angeles Capital Management LLC lifted its stake in shares of CarGurus by 51.9% in the 3rd quarter. Los Angeles Capital Management LLC now owns 64,417 shares of the company’s stock valued at $1,934,000 after purchasing an additional 22,004 shares in the last quarter. Finally, Friedenthal Financial purchased a new stake in shares of CarGurus during the 4th quarter worth about $767,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

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.