Bryce Point Capital LLC Lowers Position in CarGurus, Inc. (NASDAQ:CARG)

Key Points

• Bryce Point Capital LLC reduced its stake in CarGurus by 43.5%, selling 19,420 shares and holding 25,223 shares worth approximately $735,000.
• Several institutional investors, including Vanguard Group Inc. and Wellington Management Group LLP, increased their holdings in CarGurus, with institutional ownership now at 86.90%.
• Analysts have varying target prices for CarGurus, with a consensus rating of "Hold" and an average price target of $37.63 per share.

Bryce Point Capital LLC trimmed its holdings in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 43.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,223 shares of the company's stock after selling 19,420 shares during the period. Bryce Point Capital LLC's holdings in CarGurus were worth $735,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. GeoWealth Management LLC bought a new stake in CarGurus during the fourth quarter valued at $49,000. Signaturefd LLC increased its position in shares of CarGurus by 83.9% during the first quarter. Signaturefd LLC now owns 1,751 shares of the company's stock worth $51,000 after acquiring an additional 799 shares in the last quarter. Blue Trust Inc. increased its position in shares of CarGurus by 49.8% during the first quarter. Blue Trust Inc. now owns 2,494 shares of the company's stock worth $73,000 after acquiring an additional 829 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of CarGurus by 695.4% in the 1st quarter. Versant Capital Management Inc now owns 2,593 shares of the company's stock worth $76,000 after acquiring an additional 2,267 shares during the last quarter. Finally, NewEdge Advisors LLC raised its holdings in shares of CarGurus by 25.0% in the 4th quarter. NewEdge Advisors LLC now owns 2,716 shares of the company's stock worth $99,000 after acquiring an additional 543 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

CarGurus Stock Down 0.4%

NASDAQ:CARG traded down $0.14 during midday trading on Thursday, hitting $32.85. The company had a trading volume of 314,202 shares, compared to its average volume of 1,024,778. CarGurus, Inc. has a 52-week low of $21.65 and a 52-week high of $41.33. The stock's fifty day moving average price is $32.73 and its 200-day moving average price is $32.50. The company has a market capitalization of $3.43 billion, a PE ratio of 93.91, a P/E/G ratio of 1.61 and a beta of 1.44.

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

Analysts Set New Price Targets

CARG has been the topic of a number of analyst reports. UBS Group upped their target price on shares of CarGurus from $29.00 to $33.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Needham & Company LLC lowered their target price on shares of CarGurus from $45.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Gordon Haskett assumed coverage on shares of CarGurus in a report on Monday, July 14th. They issued a "hold" rating and a $35.00 target price on the stock. Citizens Jmp cut shares of CarGurus from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 2nd. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $42.00 target price on shares of CarGurus in a research report on Monday, May 12th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $37.63.

Insider Buying and Selling at CarGurus

In other CarGurus news, insider Ismail Elshareef sold 1,325 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $35.00, for a total transaction of $46,375.00. Following the completion of the sale, the insider directly owned 104,322 shares in the company, valued at $3,651,270. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Matthew Todd Quinn sold 3,789 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $33.09, for a total transaction of $125,378.01. Following the sale, the chief technology officer owned 216,877 shares of the company's stock, valued at approximately $7,176,459.93. This represents a 1.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,049 shares of company stock valued at $1,899,297. 16.99% of the stock is currently owned by insiders.

About CarGurus

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.