Brokers Set Expectations for CarGurus, Inc.’s FY2022 Earnings (NASDAQ:CARG)

CarGurus, Inc. (NASDAQ:CARG – Get Rating) – Stock analysts at Oppenheimer lowered their FY2022 earnings per share (EPS) estimates for CarGurus in a research note issued to investors on Wednesday, June 1st. Oppenheimer analyst J. Kelly now anticipates that the company will post earnings per share of $0.48 for the year, down from their prior estimate of $0.57. Oppenheimer also issued estimates for CarGurus’ FY2023 earnings at $0.63 EPS.

Several other research firms have also recently commented on CARG. Raymond James lowered their target price on CarGurus from $52.00 to $34.00 in a research report on Tuesday, May 10th. DA Davidson increased their target price on CarGurus from $42.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, March 4th. TheStreet lowered CarGurus from a “b” rating to a “c” rating in a report on Tuesday, March 22nd. Royal Bank of Canada cut their target price on CarGurus from $56.00 to $45.00 in a report on Tuesday, May 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $40.00 target price on shares of CarGurus in a research report on Tuesday, May 24th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, CarGurus currently has a consensus rating of “Buy” and an average price target of $43.50.

Shares of CarGurus stock opened at $25.47 on Monday. The business’s 50 day simple moving average is $33.18 and its 200-day simple moving average is $35.00. The stock has a market capitalization of $3.02 billion, a price-to-earnings ratio of -34.42, a PEG ratio of 3.36 and a beta of 1.56. CarGurus has a twelve month low of $20.15 and a twelve month high of $50.03.

CarGurus (NASDAQ:CARG – Get Rating) last issued its quarterly earnings results on Monday, May 9th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. The firm had revenue of $430.60 million during the quarter, compared to the consensus estimate of $392.66 million. CarGurus had a return on equity of 22.94% and a net margin of 2.05%. CarGurus’s revenue for the quarter was up 151.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.24 earnings per share.

In other news, CFO Scot Christopher Fredo sold 2,269 shares of the stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $44.55, for a total transaction of $101,083.95. Following the completion of the sale, the chief financial officer now owns 123,822 shares of the company’s stock, valued at $5,516,270.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Samuel Zales sold 1,667 shares of the firm’s stock in a transaction on Friday, March 18th. The stock was sold at an average price of $45.00, for a total value of $75,015.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,897 shares of company stock worth $617,716. Company insiders own 14.80% of the company’s stock.

Several large investors have recently modified their holdings of CARG. First Mercantile Trust Co. bought a new stake in CarGurus in the 3rd quarter worth about $26,000. First Quadrant L P CA purchased a new position in CarGurus in the 4th quarter worth approximately $40,000. Exchange Traded Concepts LLC bought a new stake in CarGurus in the 1st quarter worth approximately $47,000. Counterpoint Mutual Funds LLC bought a new stake in CarGurus in the 1st quarter worth approximately $68,000. Finally, Penserra Capital Management LLC bought a new stake in CarGurus in the 1st quarter worth approximately $117,000.

About CarGurus (Get Rating)

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States and internationally. The company provides consumers an online automotive marketplace where they can search for new and used car listings from its dealers, as well as sell their car in the United States marketplace.

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