Zacks Investment Research cut shares of CarGurus (NASDAQ:CARG) from a buy rating to a hold rating in a research report sent to investors on Tuesday.
According to Zacks, “CarGurus, Inc. is an online automotive marketplace connecting buyers and sellers of new and used cars. The company uses proprietary technology, search algorithms and data analytics. It operates primarily in Canada, the United Kingdom and Germany. CarGurus, Inc.is based in CAMBRIDGE, United States. “
Other research analysts have also recently issued reports about the company. Citigroup raised their target price on CarGurus from $45.00 to $52.00 and gave the stock a buy rating in a research report on Friday, March 1st. BidaskClub raised CarGurus from a hold rating to a buy rating in a research report on Thursday, January 31st. Oppenheimer assumed coverage on CarGurus in a research report on Tuesday, January 8th. They issued a buy rating and a $42.00 target price for the company. SunTrust Banks assumed coverage on CarGurus in a research report on Monday, November 19th. They issued a buy rating and a $49.00 target price for the company. Finally, Benchmark reaffirmed a buy rating and issued a $50.00 target price on shares of CarGurus in a research report on Friday, March 1st. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. CarGurus currently has an average rating of Buy and an average target price of $49.27.
Shares of CARG stock opened at $39.14 on Tuesday. The firm has a market capitalization of $4.34 billion, a P/E ratio of 68.67, a PEG ratio of 37.32 and a beta of 1.97. CarGurus has a one year low of $29.18 and a one year high of $57.25.
In related news, insider Oliver Ian Chrzan sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, December 26th. The stock was sold at an average price of $32.21, for a total value of $644,200.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Langley Steinert sold 176,109 shares of the firm’s stock in a transaction dated Thursday, February 7th. The shares were sold at an average price of $41.17, for a total value of $7,250,407.53. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,233,757 shares of company stock valued at $86,895,072. 51.03% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. NumerixS Investment Technologies Inc bought a new position in CarGurus in the fourth quarter valued at about $30,000. Quantamental Technologies LLC bought a new position in CarGurus in the fourth quarter valued at about $78,000. LPL Financial LLC bought a new position in CarGurus in the third quarter valued at about $234,000. United Services Automobile Association bought a new position in CarGurus in the third quarter valued at about $240,000. Finally, Invictus RG bought a new position in CarGurus in the third quarter valued at about $301,000. Institutional investors and hedge funds own 71.61% of the company’s stock.
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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