Manulife Investment Management (U.. recently announced the acquisition of new stake in CarGurus Inc. (NASDAQ:CARG). The institutional investor has increased its shareholding in the Communication Services company by 12.27% to 8.07 million shares with purchase of 0.88 million shares. This fresh investment now brings its stake to 8.71% valued currently at $233.13 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.49 million to 7.47 million shares. And Durable Capital Partners LP has lifted its position by 144.78% or 3.93 million shares – to 6.64 million shares.
With over 1.78 million CarGurus Inc. (CARG) shares trading Tuesday and a closing price of $24.99 on the day, the dollar volume was approximately $44.37 million. The shares have shown a negative weekly performance of -3.10% and its price on 09/01/20 gained nearly 2.50%. Currently, there are 112.73M common shares owned by the public and among those 78.41M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 13 analysts who have offered their price forecasts for CARG have a consensus price objective of $35.22. The analysts have set the share’s price value over the next 12 months at a high of $39.00 and a low of $31.00 should the stock experience a downside. Incidentally, analysts’ outlook for the CarGurus Inc. stock is 2.30 for the next 12 months. The average price target is 28.4% above its last price level and an upside to the estimated low will see the stock gain 19.39% over that period. But an upside of 35.92% will see the stock hit the forecast high price target while mean target price for the stock is $35.00.
Insiders at the company have transacted a total of 590 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 34 of these insider trades were purchases, accounting for 2,210,997 shares. Insider sales of the common stock occurred on 556 occasions, with total insider shares sold totaling 5,125,645 shares.
The top 3 mutual fund holders in CarGurus Inc. are Hartford Mid Cap Fund, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. Hartford Mid Cap Fund owns 3.31 million shares of the company’s stock, all valued at over $95.57 million. The company sold 53077.0 shares recently to bring their total holdings to about 3.57% of the shares outstanding. Vanguard Total Stock Market Index sold 63952.0 shares to see its total holdings shrink to 2.34 million shares valued at over $67.62 million and representing 2.53% of the shares outstanding. Vanguard Small Cap Index Fund sold 12320.0 shares to bring its total holdings to over 2.07 million shares at a value of $59.87 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.24% of the shares outstanding.
Shares of CarGurus Inc. (NASDAQ: CARG) opened at $24.45, up $0.07 from a prior closing price of $24.38. However, the script later closed the day at $24.99, up 2.50%. The company’s stock has a 5-day price change of -3.10% and -10.59% over the past three months. CARG shares are trading -28.97% year to date (YTD), with the 12-month market performance down to -21.46% lower. It has a 12-month low price of $14.25 and touched a high of $40.91 over the same period. Currently, 1.78 million shares have been traded, compared to an average intraday trading volume of 1.37 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.47%, -6.08%, and -10.89% respectively.
Institutional ownership of CarGurus Inc. (NASDAQ: CARG) shares accounts for 99.40% of the company’s 112.73M shares outstanding. Mutual fund holders own 35.54%, while other institutional holders and individual stakeholders account for 52.99% and 22.06% respectively.
It has a market capitalization of $2.79B. The stock’s trailing 12-month PE ratio is 65.42, while the earnings-per-share (ttm) stands at $0.38. The company has a PEG of 1.64 and a Quick Ratio of 5.00 with the debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.88% over the week and 4.55% over the month.
Analysts forecast that CarGurus Inc. (CARG) will achieve an EPS of $0.22 for the current quarter, $0.09 for the next quarter and $0.83 for 2021. The lowest estimate earnings-per-share for the quarter is $0.18 while analysts give the company a high EPS estimate of $0.24. Comparatively, EPS for the current quarter was $0.14 a year ago. Earnings per share for the fiscal year are expected to decrease by -35.40%, and 20.43% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 13 brokerage firm advisors rate CarGurus Inc. (CARG) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 6 of the 13 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CARG, a number of firms have released research notes about the stock. BTIG Research stated their Neutral rating for the stock in a research note on August 07, 2020, with the firm’s price target at. Piper Sandler coverage for the CarGurus Inc. (CARG) stock in a research note released on July 28, 2020 offered a Neutral rating with a price target of $27. Citigroup was of a view on May 11, 2020 that the stock is Neutral, while RBC Capital Mkts gave the stock Sector Perform rating on April 17, 2020, issuing a price target of $25- $22. BTIG Research on their part issued Buy rating on March 17, 2020.