CarGurus (NASDAQ:CARG) Updates Q2 Earnings Guidance

CarGurus (NASDAQ:CARG) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.29-0.34 for the period, compared to the consensus estimate of $0.30. The company issued revenue guidance of $202-222 million, compared to the consensus revenue estimate of $224.51 million. CarGurus also updated its Q2 2024 guidance to 0.290-0.340 EPS.

CarGurus Trading Up 0.6 %

CARG stock traded up $0.13 on Thursday, hitting $22.28. 1,458,328 shares of the company’s stock traded hands, compared to its average volume of 961,002. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 123.78, a P/E/G ratio of 1.38 and a beta of 1.57. CarGurus has a 1-year low of $16.70 and a 1-year high of $24.64. The stock has a fifty day moving average of $22.77 and a 200-day moving average of $22.28.

CarGurus (NASDAQ:CARG) last announced its earnings results on Monday, February 26th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $223.12 million for the quarter, compared to analyst estimates of $220.05 million. CarGurus had a return on equity of 7.74% and a net margin of 3.40%. CarGurus’s revenue for the quarter was down 22.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.25 earnings per share. On average, equities research analysts anticipate that CarGurus will post 0.94 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CARG shares. UBS Group upped their price target on CarGurus from $26.00 to $27.00 and gave the company a neutral rating in a research report on Friday, March 15th. Needham & Company LLC raised their price target on shares of CarGurus from $22.00 to $24.00 and gave the stock a buy rating in a report on Tuesday, February 27th. Oppenheimer upped their price objective on shares of CarGurus from $26.00 to $30.00 and gave the company an outperform rating in a research note on Tuesday, February 27th. Finally, JMP Securities reissued a market perform rating on shares of CarGurus in a research note on Wednesday, April 17th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $24.90.

Insider Activity

In other CarGurus news, General Counsel Javier Esquivel Zamora sold 23,557 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $22.13, for a total value of $521,316.41. Following the transaction, the general counsel now owns 111,589 shares of the company’s stock, valued at $2,469,464.57. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, General Counsel Javier Esquivel Zamora sold 23,557 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $22.13, for a total transaction of $521,316.41. Following the transaction, the general counsel now owns 111,589 shares of the company’s stock, valued at $2,469,464.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Dafna Sarnoff sold 4,301 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $23.04, for a total transaction of $99,095.04. Following the sale, the chief marketing officer now directly owns 163,798 shares of the company’s stock, valued at $3,773,905.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,793 shares of company stock worth $2,523,342. Company insiders own 15.70% of the company’s stock.

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.