CarGurus (NASDAQ:CARG) Sets New 52-Week High – Should You Buy?

CarGurus, Inc. (NASDAQ:CARG)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $39.40 and last traded at $39.41, with a volume of 133017 shares traded. The stock had previously closed at $38.49.

Analyst Upgrades and Downgrades

CARG has been the topic of several research analyst reports. JMP Securities restated a “market outperform” rating and issued a $46.00 price objective on shares of CarGurus in a research note on Monday, December 16th. B. Riley increased their price target on CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. lifted their price objective on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. BTIG Research increased their price objective on shares of CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada lifted their target price on shares of CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, CarGurus has a consensus rating of “Moderate Buy” and a consensus price target of $38.41.

CarGurus Stock Up 2.1 %

The company’s fifty day moving average price is $36.93 and its 200 day moving average price is $31.59. The company has a market capitalization of $4.08 billion, a P/E ratio of -85.47, a PEG ratio of 1.70 and a beta of 1.58.

Insider Transactions at CarGurus

In other news, CMO Dafna Sarnoff sold 10,570 shares of CarGurus stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $35.78, for a total value of $378,194.60. Following the transaction, the chief marketing officer now owns 95,261 shares in the company, valued at approximately $3,408,438.58. This trade represents a 9.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Zachary Emerson Hallowell sold 2,203 shares of the company’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $38.12, for a total value of $83,978.36. Following the sale, the chief executive officer now owns 115,983 shares of the company’s stock, valued at approximately $4,421,271.96. This represents a 1.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,556 shares of company stock valued at $2,682,940. 17.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp increased its position in CarGurus by 100.0% during the 4th quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock worth $33,000 after purchasing an additional 456 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of CarGurus during the third quarter worth $28,000. USA Financial Formulas bought a new position in shares of CarGurus in the 4th quarter valued at $35,000. Signaturefd LLC boosted its holdings in shares of CarGurus by 81.3% during the 3rd quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after acquiring an additional 430 shares in the last quarter. Finally, Kathleen S. Wright Associates Inc. bought a new stake in CarGurus during the 3rd quarter worth $30,000. Institutional investors own 86.90% of the company’s stock.

CarGurus Company Profile

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.