Arrowstreet Capital Limited Partnership Increases Position in CarGurus, Inc. $CARG

Arrowstreet Capital Limited Partnership raised its position in shares of CarGurus, Inc. (NASDAQ:CARG) by 22.4% in the second quarter, Holdings Channel reports. The firm owned 1,699,910 shares of the company’s stock after acquiring an additional 311,287 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in CarGurus were worth $56,896,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CARG. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in CarGurus in the second quarter worth approximately $27,000. Private Wealth Asset Management LLC purchased a new stake in CarGurus in the second quarter worth about $29,000. MAI Capital Management increased its holdings in CarGurus by 661.0% in the 2nd quarter. MAI Capital Management now owns 1,172 shares of the company’s stock worth $39,000 after acquiring an additional 1,018 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of CarGurus during the 1st quarter valued at $46,000. Finally, Fifth Third Bancorp raised its holdings in CarGurus by 121.7% during the second quarter. Fifth Third Bancorp now owns 1,419 shares of the company’s stock valued at $47,000 after acquiring an additional 779 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

CarGurus Price Performance

Shares of CarGurus stock opened at $35.86 on Friday. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 24.39, a PEG ratio of 1.67 and a beta of 1.42. The firm’s 50-day moving average is $35.41 and its two-hundred day moving average is $34.06. CarGurus, Inc. has a 1 year low of $24.65 and a 1 year high of $41.33.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.02. CarGurus had a net margin of 16.41% and a return on equity of 41.31%. The firm had revenue of $238.70 million during the quarter, compared to analysts’ expectations of $234.57 million. During the same quarter in the prior year, the company earned $0.45 EPS. The company’s revenue was up 3.2% compared to the same quarter last year. CarGurus has set its FY 2025 guidance at 2.190-2.250 EPS and its Q4 2025 guidance at 0.610-0.670 EPS. On average, equities analysts expect that CarGurus, Inc. will post 1.41 earnings per share for the current year.

Insider Buying and Selling at CarGurus

In other news, COO Samuel Zales sold 10,000 shares of CarGurus stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the transaction, the chief operating officer directly owned 410,259 shares in the company, valued at approximately $14,350,859.82. This trade represents a 2.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jennifer Ladd Hanson sold 9,998 shares of the company’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $36.88, for a total value of $368,726.24. Following the sale, the insider owned 54,807 shares of the company’s stock, valued at $2,021,282.16. This trade represents a 15.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 41,226 shares of company stock valued at $1,471,482. 16.99% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CARG has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price target on CarGurus from $38.00 to $43.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. BTIG Research reiterated a “buy” rating and set a $39.00 target price on shares of CarGurus in a research report on Friday, September 5th. Weiss Ratings restated a “hold (c+)” rating on shares of CarGurus in a research report on Tuesday. Needham & Company LLC increased their price objective on shares of CarGurus from $39.00 to $44.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Finally, Zacks Research cut shares of CarGurus from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 16th. Four equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, CarGurus currently has a consensus rating of “Hold” and a consensus target price of $39.95.

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.