Dynamic Technology Lab Private Ltd Sells 17,004 Shares of CarGurus, Inc. (NASDAQ:CARG)

Dynamic Technology Lab Private Ltd cut its stake in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 69.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,488 shares of the company's stock after selling 17,004 shares during the period. Dynamic Technology Lab Private Ltd's holdings in CarGurus were worth $274,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC lifted its stake in CarGurus by 198.5% in the fourth quarter. Global Retirement Partners LLC now owns 800 shares of the company's stock worth $29,000 after purchasing an additional 532 shares during the last quarter. Fifth Third Bancorp boosted its position in CarGurus by 100.0% during the 4th quarter. Fifth Third Bancorp now owns 912 shares of the company's stock valued at $33,000 after buying an additional 456 shares during the period. Principal Securities Inc. grew its stake in shares of CarGurus by 82.7% in the fourth quarter. Principal Securities Inc. now owns 937 shares of the company's stock worth $34,000 after purchasing an additional 424 shares during the last quarter. USA Financial Formulas bought a new stake in shares of CarGurus in the 4th quarter worth approximately $35,000. Finally, R Squared Ltd purchased a new position in CarGurus during the 4th quarter valued at $77,000. Hedge funds and other institutional investors own 86.90% of the company's stock.

Wall Street Analyst Weigh In

CARG has been the topic of several research reports. UBS Group cut their price objective on CarGurus from $36.00 to $29.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Needham & Company LLC reissued a "buy" rating and set a $45.00 price objective on shares of CarGurus in a research report on Friday, February 21st. Oppenheimer decreased their price target on shares of CarGurus from $44.00 to $42.00 and set an "outperform" rating for the company in a research note on Monday, February 24th. JMP Securities dropped their price objective on shares of CarGurus from $43.00 to $38.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 9th. Finally, JPMorgan Chase & Co. lowered shares of CarGurus from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $42.00 to $34.00 in a report on Thursday, March 27th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, CarGurus currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.14.

Remove Ads

CarGurus Stock Performance

Shares of NASDAQ:CARG traded down $0.23 during midday trading on Wednesday, reaching $26.86. 175,121 shares of the company's stock traded hands, compared to its average volume of 1,190,251. CarGurus, Inc. has a one year low of $21.18 and a one year high of $41.33. The company has a market cap of $2.80 billion, a price-to-earnings ratio of 149.16, a P/E/G ratio of 1.72 and a beta of 1.46. The stock has a 50 day moving average of $31.59 and a 200 day moving average of $34.07.

CarGurus (NASDAQ:CARG - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.06). CarGurus had a net margin of 2.34% and a return on equity of 27.14%. The company had revenue of $228.54 million for the quarter, compared to analysts' expectations of $231.72 million. Sell-side analysts predict that CarGurus, Inc. will post 1.41 EPS for the current fiscal year.

Insider Buying and Selling at CarGurus

In other news, CEO Zachary Emerson Hallowell sold 2,203 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $38.12, for a total value of $83,978.36. Following the transaction, the chief executive officer now owns 115,983 shares in the company, valued at $4,421,271.96. This represents a 1.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Samuel Zales sold 10,000 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $30.78, for a total transaction of $307,800.00. Following the sale, the chief operating officer now owns 390,025 shares of the company's stock, valued at $12,004,969.50. This trade represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,203 shares of company stock worth $1,158,978. Insiders own 17.20% of the company's stock.

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.