Point72 Asia Singapore Pte. Ltd. Makes New $423,000 Investment in CarGurus, Inc. (NASDAQ:CARG)

Point72 Asia Singapore Pte. Ltd. bought a new position in shares of CarGurus, Inc. (NASDAQ:CARG) in the 2nd quarter, HoldingsChannel.com reports. The fund bought 16,156 shares of the company’s stock, valued at approximately $423,000.

Other institutional investors have also recently bought and sold shares of the company. Prevatt Capital Ltd acquired a new position in CarGurus during the fourth quarter worth about $24,160,000. Pale Fire Capital SE acquired a new position in CarGurus during the fourth quarter worth about $1,800,000. UniSuper Management Pty Ltd acquired a new position in CarGurus during the first quarter worth about $483,000. Capstone Investment Advisors LLC acquired a new position in CarGurus during the first quarter worth about $1,315,000. Finally, Jennison Associates LLC acquired a new position in shares of CarGurus in the first quarter valued at approximately $707,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

CarGurus Price Performance

Shares of CARG stock opened at $29.59 on Thursday. The business’s 50 day simple moving average is $27.21 and its 200 day simple moving average is $25.06. CarGurus, Inc. has a one year low of $16.70 and a one year high of $30.99. The stock has a market capitalization of $3.06 billion, a PE ratio of 105.68, a PEG ratio of 1.45 and a beta of 1.56.

CarGurus (NASDAQ:CARG) last announced its earnings results on Thursday, August 8th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.23 by $0.07. The business had revenue of $218.69 million for the quarter, compared to analysts’ expectations of $214.85 million. CarGurus had a positive return on equity of 11.06% and a negative net margin of 5.57%. As a group, research analysts expect that CarGurus, Inc. will post 1.18 earnings per share for the current year.

Insiders Place Their Bets

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total transaction of $88,300.94. Following the transaction, the chief marketing officer now directly owns 128,952 shares in the company, valued at approximately $3,664,815.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $26.49, for a total transaction of $666,700.32. Following the transaction, the chief operating officer now directly owns 488,083 shares of the company’s stock, valued at $12,929,318.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Dafna Sarnoff sold 3,107 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the transaction, the chief marketing officer now directly owns 128,952 shares in the company, valued at $3,664,815.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 57,421 shares of company stock worth $1,567,354. Corporate insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on CARG shares. BTIG Research upped their price objective on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. upped their price objective on CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Citigroup upped their price objective on CarGurus from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada upped their price objective on CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Finally, Oppenheimer upped their price objective on CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CarGurus presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.35.

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.