Renaissance Technologies LLC Has $11.70 Million Position in CarGurus, Inc. $CARG

Renaissance Technologies LLC lifted its holdings in shares of CarGurus, Inc. (NASDAQ:CARG) by 8.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 343,727 shares of the company’s stock after purchasing an additional 26,300 shares during the period. Renaissance Technologies LLC’s holdings in CarGurus were worth $11,704,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Convergence Investment Partners LLC bought a new stake in CarGurus during the 4th quarter worth about $3,742,000. Aberdeen Group plc bought a new position in shares of CarGurus in the fourth quarter worth about $14,643,000. AEGON ASSET MANAGEMENT UK Plc bought a new position in shares of CarGurus in the fourth quarter worth about $2,113,000. Louisiana State Employees Retirement System acquired a new position in shares of CarGurus during the first quarter worth approximately $1,226,000. Finally, Westover Capital Advisors LLC acquired a new position in shares of CarGurus during the fourth quarter worth approximately $1,912,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at CarGurus

In related news, General Counsel Javier Zamora sold 3,533 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $36.06, for a total transaction of $127,399.98. Following the completion of the transaction, the general counsel owned 88,345 shares in the company, valued at approximately $3,185,720.70. The trade was a 3.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jennifer Ladd Hanson sold 2,499 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $34.56, for a total transaction of $86,365.44. Following the completion of the sale, the insider directly owned 92,894 shares of the company’s stock, valued at $3,210,416.64. The trade was a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 25,559 shares of company stock worth $841,568 in the last ninety days. Company insiders own 18.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CARG shares. Needham & Company LLC increased their price target on shares of CarGurus from $37.00 to $43.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Freedom Capital upgraded shares of CarGurus to a “strong-buy” rating in a research report on Friday, June 12th. UBS Group set a $35.00 price objective on CarGurus in a report on Thursday, May 28th. JPMorgan Chase & Co. increased their price objective on CarGurus from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Finally, Citigroup started coverage on CarGurus in a research note on Friday, June 12th. They issued a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.55.

CarGurus Trading Up 0.7%

NASDAQ CARG opened at $36.24 on Friday. The stock has a 50-day simple moving average of $32.03 and a 200 day simple moving average of $32.60. The company has a market capitalization of $3.27 billion, a PE ratio of 23.84, a P/E/G ratio of 1.32 and a beta of 1.18. CarGurus, Inc. has a 12 month low of $26.39 and a 12 month high of $39.42.

CarGurus (NASDAQ:CARG) last released its earnings results on Thursday, May 7th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. CarGurus had a return on equity of 54.42% and a net margin of 15.57%.The firm had revenue of $243.56 million for the quarter, compared to analyst estimates of $243.10 million. During the same quarter in the prior year, the firm posted $0.46 earnings per share. The company’s quarterly revenue was up 8.2% on a year-over-year basis. CarGurus has set its Q2 2026 guidance at 0.570-0.640 EPS. As a group, sell-side analysts predict that CarGurus, Inc. will post 2.11 earnings per share for the current fiscal year.

CarGurus Company Profile

CarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.

The company’s core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.