Bank of New York Mellon Corp Buys Shares of 458,514 CarGurus, Inc. $CARG

Key Points

• Bank of New York Mellon acquired 458,514 CarGurus shares worth approximately $15.6 million, representing about 0.51% of the company. Institutional investors and hedge funds collectively own 86.9% of CarGurus.
• CarGurus reported quarterly EPS of $0.66, exceeding the $0.61 analyst estimate, while revenue rose 7.2% year over year to $250.97 million. The company guided for third-quarter EPS of $0.63–$0.69.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $40.75, compared with the stock’s opening price of $35.66; recent insider activity has primarily involved sales under pre-arranged trading plans.

Bank of New York Mellon Corp acquired a new stake in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 458,514 shares of the company's stock, valued at approximately $15,631,000. Bank of New York Mellon Corp owned about 0.51% of CarGurus at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Horizon Investments LLC lifted its position in shares of CarGurus by 2.0% during the 4th quarter. Horizon Investments LLC now owns 16,375 shares of the company's stock valued at $628,000 after buying an additional 318 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of CarGurus by 2.8% during the 4th quarter. ProShare Advisors LLC now owns 15,992 shares of the company's stock valued at $613,000 after acquiring an additional 436 shares during the last quarter. Ritholtz Wealth Management grew its stake in shares of CarGurus by 4.2% in the 1st quarter. Ritholtz Wealth Management now owns 11,039 shares of the company's stock valued at $376,000 after buying an additional 449 shares during the period. Hennion & Walsh Asset Management Inc. grew its holdings in shares of CarGurus by 1.9% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 24,318 shares of the company's stock worth $829,000 after purchasing an additional 459 shares during the period. Finally, HighTower Advisors LLC boosted its stake in CarGurus by 7.8% during the fourth quarter. HighTower Advisors LLC now owns 7,094 shares of the company's stock worth $272,000 after buying an additional 514 shares during the period. 86.90% of the stock is owned by institutional investors and hedge funds.

CarGurus Stock Down 2.5%

Shares of NASDAQ:CARG opened at $35.66 on Tuesday. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of 19.38, a price-to-earnings-growth ratio of 1.30 and a beta of 1.17. CarGurus, Inc. has a 52-week low of $26.39 and a 52-week high of $41.22. The company has a 50 day moving average of $35.46 and a two-hundred day moving average of $33.21.

CarGurus (NASDAQ:CARG - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.05. The firm had revenue of $250.97 million during the quarter, compared to analyst estimates of $249.85 million. CarGurus had a return on equity of 62.88% and a net margin of 18.06%.CarGurus's quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 EPS. CarGurus has set its Q3 2026 guidance at 0.630-0.690 EPS. On average, equities analysts anticipate that CarGurus, Inc. will post 2.17 earnings per share for the current year.

Insider Transactions at CarGurus

In related news, General Counsel Javier Zamora sold 6,205 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $37.08, for a total value of $230,081.40. Following the sale, the general counsel owned 80,260 shares of the company's stock, valued at $2,976,040.80. This trade represents a 7.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Matthew Todd Quinn sold 3,824 shares of CarGurus stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $35.03, for a total value of $133,954.72. Following the sale, the chief technology officer directly owned 233,146 shares in the company, valued at approximately $8,167,104.38. This trade represents a 1.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 61,943 shares of company stock valued at $2,238,736 over the last ninety days. Insiders own 18.19% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CARG. BTIG Research boosted their price target on shares of CarGurus from $40.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Freedom Capital upgraded shares of CarGurus to a "strong-buy" rating in a research note on Friday, June 12th. Piper Sandler reiterated a "sector weight" rating on shares of CarGurus in a research note on Friday, June 12th. Barclays increased their target price on shares of CarGurus from $40.00 to $41.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Finally, Citigroup increased their target price on CarGurus from $32.00 to $39.00 and gave the company a "neutral" rating in a report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $40.75.

CarGurus Profile

CarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.

The company's core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.

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