CarGurus (CARG) Hits New 52-Week High at $57.25
CarGurus Inc (NASDAQ:CARG) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $57.25 and last traded at $55.86, with a volume of 53850 shares traded. The stock had previously closed at $54.53.
Several equities research analysts have recently issued reports on CARG shares. ValuEngine raised shares of CarGurus from a “hold” rating to a “buy” rating in a research note on Tuesday, August 28th. Zacks Investment Research downgraded shares of CarGurus from a “buy” rating to a “hold” rating in a report on Monday, August 13th. JMP Securities upgraded shares of CarGurus from a “market perform” rating to an “outperform” rating and set a $55.00 price target for the company in a report on Wednesday, August 8th. Royal Bank of Canada upgraded shares of CarGurus from a “sector perform” rating to an “outperform” rating and set a $33.00 price target for the company in a report on Wednesday, August 8th. Finally, Benchmark increased their price objective on shares of CarGurus from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, August 8th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. CarGurus has an average rating of “Buy” and a consensus target price of $44.17.
The firm has a market capitalization of $5.90 billion and a P/E ratio of 456.17.
In other CarGurus news, Director Ian G. Smith sold 5,300 shares of the business’s stock in a transaction that occurred on Thursday, June 28th. The shares were sold at an average price of $34.22, for a total transaction of $181,366.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Oliver Ian Chrzan sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, June 29th. The stock was sold at an average price of $34.63, for a total transaction of $207,780.00. The disclosure for this sale can be found here. Insiders have sold 4,337,161 shares of company stock valued at $208,634,722 in the last ninety days. 51.03% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Interstate Bank grew its stake in CarGurus by 100,560.0% during the second quarter. First Interstate Bank now owns 5,033 shares of the company’s stock worth $175,000 after buying an additional 5,028 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in CarGurus during the second quarter worth approximately $205,000. NumerixS Investment Technologies Inc purchased a new stake in CarGurus during the second quarter worth approximately $227,000. Amalgamated Bank purchased a new stake in CarGurus during the second quarter worth approximately $261,000. Finally, A.R.T. Advisors LLC purchased a new stake in CarGurus during the first quarter worth approximately $290,000. Institutional investors own 63.33% of the company’s stock.
About CarGurus (NASDAQ:CARG)
CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars worldwide. The company's marketplace enables users with third-party validation on pricing, dealer reputation, and other information. As of June 30, 2017, it had an active dealer network of approximately 40,000 dealers; and approximately 5.4 million car listings.
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