CarGurus (NASDAQ:CARG) Hits New 12-Month High - Here's What Happened

Shares of CarGurus, Inc. (NASDAQ:CARG - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $40.70 and last traded at $40.45, with a volume of 1343007 shares trading hands. The stock had previously closed at $38.99.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CARG. JPMorgan Chase & Co. lifted their price target on shares of CarGurus from $36.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, November 8th. Oppenheimer lifted their target price on CarGurus from $32.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. DA Davidson increased their price target on CarGurus from $26.50 to $38.50 and gave the company a "neutral" rating in a research note on Friday, November 8th. Needham & Company LLC lifted their price objective on CarGurus from $39.00 to $45.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Finally, Citigroup raised shares of CarGurus from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $38.41.

CarGurus Price Performance

The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of -85.22, a PEG ratio of 1.79 and a beta of 1.58. The business's fifty day simple moving average is $37.51 and its 200 day simple moving average is $32.28.

Insider Transactions at CarGurus

In other CarGurus news, CEO Zachary Emerson Hallowell sold 4,580 shares of the firm's stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total value of $163,872.40. Following the transaction, the chief executive officer now directly owns 120,051 shares of the company's stock, valued at approximately $4,295,424.78. This trade represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Matthew Todd Quinn sold 4,678 shares of the business's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $35.78, for a total transaction of $167,378.84. Following the sale, the chief technology officer now directly owns 195,795 shares of the company's stock, valued at approximately $7,005,545.10. The trade was a 2.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,556 shares of company stock valued at $2,682,940 in the last 90 days. 17.20% of the stock is currently owned by corporate insiders.

Institutional Trading of CarGurus

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp grew its holdings in CarGurus by 4.8% during the third quarter. State Street Corp now owns 3,298,894 shares of the company's stock worth $99,066,000 after buying an additional 151,862 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of CarGurus by 9.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company's stock worth $31,328,000 after acquiring an additional 89,815 shares in the last quarter. Alpha DNA Investment Management LLC purchased a new stake in shares of CarGurus in the third quarter valued at about $503,000. Los Angeles Capital Management LLC lifted its position in shares of CarGurus by 51.9% during the third quarter. Los Angeles Capital Management LLC now owns 64,417 shares of the company's stock valued at $1,934,000 after purchasing an additional 22,004 shares in the last quarter. Finally, Friedenthal Financial purchased a new position in CarGurus during the fourth quarter worth about $767,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

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.