CarGurus (CARG) Downgraded by BidaskClub

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CarGurus (NASDAQ:CARG) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

CARG has been the topic of several other research reports. Royal Bank of Canada upgraded shares of CarGurus from a “sector perform” rating to an “outperform” rating and set a $33.00 price objective on the stock in a research note on Wednesday, August 8th. Zacks Investment Research lowered shares of CarGurus from a “buy” rating to a “hold” rating in a research note 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 objective on the stock in a research note on Wednesday, August 8th. DA Davidson set a $53.00 price objective on shares of CarGurus and gave the stock a “buy” rating in a research note on Wednesday, August 8th. Finally, ValuEngine upgraded shares of CarGurus from a “hold” rating to a “buy” rating in a research note on Tuesday, August 28th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $44.17.

Shares of CARG stock opened at $42.86 on Friday. CarGurus has a one year low of $25.85 and a one year high of $57.25. The stock has a market cap of $6.10 billion and a PE ratio of 357.17.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Tuesday, August 7th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.02 by $0.04. CarGurus had a net margin of 10.34% and a return on equity of 12.60%. The business had revenue of $110.33 million for the quarter, compared to analysts’ expectations of $103.84 million. On average, research analysts forecast that CarGurus will post 0.1 EPS for the current fiscal year.

In related news, CFO Jason Trevisan sold 30,000 shares of the stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $52.43, for a total transaction of $1,572,900.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Langley Steinert sold 176,109 shares of the firm’s stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $44.82, for a total transaction of $7,893,205.38. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,590,535 shares of company stock worth $280,006,838. 51.03% of the stock is owned by company insiders.

Several large investors have recently made changes to their positions in the business. FMR LLC increased its stake in shares of CarGurus by 99.4% in the second quarter. FMR LLC now owns 9,982,100 shares of the company’s stock valued at $346,778,000 after purchasing an additional 4,975,737 shares during the period. BlackRock Inc. increased its stake in shares of CarGurus by 116,567.5% in the second quarter. BlackRock Inc. now owns 2,625,019 shares of the company’s stock valued at $91,193,000 after purchasing an additional 2,622,769 shares during the period. Bank of America Corp DE increased its stake in shares of CarGurus by 877.9% in the second quarter. Bank of America Corp DE now owns 681,579 shares of the company’s stock valued at $23,678,000 after purchasing an additional 611,878 shares during the period. Northern Trust Corp increased its stake in shares of CarGurus by 2,401.8% in the second quarter. Northern Trust Corp now owns 503,590 shares of the company’s stock valued at $17,494,000 after purchasing an additional 483,461 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of CarGurus by 470.2% in the second quarter. Wells Fargo & Company MN now owns 389,552 shares of the company’s stock valued at $13,532,000 after purchasing an additional 321,230 shares during the period. Institutional investors own 63.33% of the company’s stock.

CarGurus Company Profile

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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