Alberta Investment Management Corp Invests $1.81 Million in CarGurus, Inc. (NASDAQ:CARG)

Key Points

• Alberta Investment Management Corp has invested approximately $1.81 million in CarGurus, Inc. by purchasing 61,986 shares, representing 0.06% of the company's stock.
• CarGurus, Inc. reported earnings of $0.46 per share for the recent quarter, exceeding analysts' expectations of $0.42, with a net margin of 4.28% and a revenue increase of 4.3% year-over-year.
• Institutional investors currently own 86.90% of CarGurus’ stock, with several firms recently adjusting their target prices for the stock, reflecting a mixed outlook from analysts.

Alberta Investment Management Corp acquired a new position in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 61,986 shares of the company's stock, valued at approximately $1,806,000. Alberta Investment Management Corp owned about 0.06% of CarGurus as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in CARG. US Bancorp DE raised its holdings in CarGurus by 14.6% in the 1st quarter. US Bancorp DE now owns 3,733 shares of the company's stock valued at $109,000 after acquiring an additional 475 shares in the last quarter. Bayforest Capital Ltd bought a new stake in shares of CarGurus in the 1st quarter valued at approximately $76,000. XTX Topco Ltd grew its stake in shares of CarGurus by 48.9% in the 1st quarter. XTX Topco Ltd now owns 33,831 shares of the company's stock valued at $985,000 after purchasing an additional 11,116 shares during the period. Federated Hermes Inc. grew its position in CarGurus by 8.6% during the 1st quarter. Federated Hermes Inc. now owns 410,204 shares of the company's stock worth $11,949,000 after acquiring an additional 32,640 shares during the last quarter. Finally, LPL Financial LLC grew its position in CarGurus by 5.7% during the 1st quarter. LPL Financial LLC now owns 49,826 shares of the company's stock worth $1,451,000 after acquiring an additional 2,681 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company's stock.

CarGurus Price Performance

CARG stock traded down $0.09 during trading hours on Tuesday, reaching $31.48. 1,085,122 shares of the stock were exchanged, compared to its average volume of 778,189. The firm's 50-day moving average is $32.77 and its 200-day moving average is $32.34. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 89.95, a PEG ratio of 1.55 and a beta of 1.42. CarGurus, Inc. has a 12 month low of $21.65 and a 12 month high of $41.33.

CarGurus (NASDAQ:CARG - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.04. CarGurus had a return on equity of 32.54% and a net margin of 4.28%. The company had revenue of $225.16 million during the quarter, compared to analysts' expectations of $226.72 million. During the same quarter in the previous year, the company posted $0.32 earnings per share. The business's revenue was up 4.3% on a year-over-year basis. As a group, equities research analysts forecast that CarGurus, Inc. will post 1.41 earnings per share for the current year.

Analyst Ratings Changes

CARG has been the topic of a number of research analyst reports. JMP Securities restated a "market perform" rating and set a $38.00 price target on shares of CarGurus in a research report on Wednesday, July 2nd. Royal Bank Of Canada reiterated an "outperform" rating and issued a $42.00 price objective on shares of CarGurus in a research report on Monday, May 12th. Gordon Haskett began coverage on CarGurus in a research report on Monday, July 14th. They issued a "hold" rating and a $35.00 price objective on the stock. Citigroup decreased their price objective on CarGurus from $40.00 to $37.00 and set a "neutral" rating on the stock in a research report on Thursday, July 3rd. Finally, UBS Group increased their price objective on CarGurus from $29.00 to $33.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, CarGurus currently has an average rating of "Hold" and a consensus target price of $37.63.

Insider Activity at CarGurus

In other news, CEO Zachary Emerson Hallowell sold 4,369 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $33.09, for a total transaction of $144,570.21. Following the completion of the transaction, the chief executive officer directly owned 121,584 shares in the company, valued at approximately $4,023,214.56. This represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ismail Elshareef sold 5,246 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $31.37, for a total transaction of $164,567.02. Following the transaction, the insider owned 107,007 shares of the company's stock, valued at $3,356,809.59. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,049 shares of company stock valued at $1,616,397. 17.20% of the stock is owned by company insiders.

CarGurus 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.