CarGurus (CARG) Sees Increased Institutional Interest
Recent filings with the Securities and Exchange Commission (SEC) reveal significant activity surrounding CarGurus, Inc. (NASDAQ:CARG) stock. The Public Sector Pension Investment Board notably increased its stake by 29.0% during the third quarter, now holding 372,214 shares valued at approximately $13.86 million. This move underscores growing confidence in the company’s potential.
Institutional Investor Activity
The Public Sector Pension Investment Board isn’t alone in adjusting its position in CarGurus. Several other institutional investors have made notable changes:
- BNP PARIBAS ASSET MANAGEMENT Holding S.A. initiated a new position in CarGurus during the second quarter, acquiring approximately $27,000 worth of stock.
- MAI Capital Management significantly increased its stake by 661.0% in the second quarter, now owning 1,172 shares valued at $39,000.
- Farther Finance Advisors LLC boosted its holdings by 71.1% during the third quarter, now holding 1,066 shares valued at $40,000.
- First Horizon Corp established a new position in CarGurus during the third quarter, investing approximately $51,000.
- EverSource Wealth Advisors LLC increased its position by 491.7% in the second quarter, now owning 1,639 shares valued at $55,000.
Collectively, institutional investors now own approximately 86.90% of CarGurus’s outstanding stock, demonstrating strong institutional support.
Insider Transactions: A Closer Look
Recent insider activity provides further insight into investor sentiment. Jennifer Ladd Hanson sold 2,358 shares on December 31st, realizing approximately $89,839.80. Following this transaction, she directly owns 50,466 shares, valued at around $1,922,754.60, representing a 4.46% decrease in her position.
Ismail Elshareef also sold 1,645 shares on February 2nd, for a total of $52,985.45. He now holds 91,822 shares, valued at $2,957,586.62, a 1.76% reduction in his holdings.
Over the last quarter, insiders have collectively sold 49,003 shares, totaling $1,858,494. Insiders currently own 17.20% of the company’s stock.
Stock Performance and Analyst Ratings
As of Monday, CARG opened at $27.34. The company boasts a market capitalization of $2.61 billion, a price-to-earnings (P/E) ratio of 18.60, and a price-to-earnings growth (PEG) ratio of 1.03. Its beta stands at 1.35. The 50-day moving average is $35.14, while the 200-day moving average is $34.96. The stock’s 52-week range is $24.65 to $40.37.
Analyst Perspectives
Several research firms have recently weighed in on CarGurus:
- BTIG Research raised its price target from $39.00 to $44.00 and maintained a “buy” rating.
- Weiss Ratings reaffirmed a “hold (c+)” rating.
- Citigroup increased its price objective from $37.00 to $41.00 and assigned a “neutral” rating.
- DA Davidson set a $37.50 price objective.
- Needham & Company LLC decreased its target price from $44.00 to $37.00 but maintained a “buy” rating.
Currently, five analysts rate the stock as a “buy,” while eight recommend a “hold.” The consensus rating is “hold,” with an average price target of $40.23, according to MarketBeat.com.
About CarGurus
CarGurus, Inc. operates an online automotive marketplace connecting buyers and sellers of new and used vehicles. The platform utilizes a proprietary search engine and data-driven pricing tools, enabling consumers to compare listings, assess fair market values, and find local dealers offering competitive deals. CarGurus also provides vehicle history reports, dealer reviews, and financing options.
Key features include Instant Market Value (IMV), which uses algorithms to identify vehicle pricing, and dealer subscription services offering lead generation, targeted advertising, and dynamic pricing insights.
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