Walleye Capital LLC Reduces Holdings in CarGurus, Inc. $CARG

Key Points

• Walleye Capital LLC cut its CarGurus stake by 20.1% in the first quarter, selling 52,512 shares and leaving it with 208,232 shares valued at about $7.09 million.
• Analysts remain generally positive on CarGurus, with a consensus rating of “Moderate Buy” and an average price target of $38.55 after several recent rating updates.
• CarGurus reported solid quarterly results, beating EPS estimates with $0.58 per share and posting revenue growth of 8.2% year over year to $243.56 million.

Walleye Capital LLC reduced its stake in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 20.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 208,232 shares of the company's stock after selling 52,512 shares during the period. Walleye Capital LLC owned about 0.22% of CarGurus worth $7,090,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. State of Wyoming boosted its stake in shares of CarGurus by 6.6% during the first quarter. State of Wyoming now owns 14,331 shares of the company's stock valued at $488,000 after purchasing an additional 883 shares during the period. First Trust Advisors LP increased its stake in shares of CarGurus by 14.9% in the first quarter. First Trust Advisors LP now owns 150,967 shares of the company's stock worth $5,140,000 after buying an additional 19,562 shares during the period. Convergence Investment Partners LLC increased its stake in shares of CarGurus by 44.8% in the first quarter. Convergence Investment Partners LLC now owns 141,307 shares of the company's stock worth $4,812,000 after buying an additional 43,722 shares during the period. Meeder Asset Management Inc. raised its holdings in CarGurus by 204.3% during the 1st quarter. Meeder Asset Management Inc. now owns 12,792 shares of the company's stock valued at $436,000 after buying an additional 8,588 shares during the last quarter. Finally, Watershed Asset Management L.L.C. bought a new stake in CarGurus during the 1st quarter valued at $449,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CARG has been the subject of several analyst reports. Freedom Capital raised shares of CarGurus to a "strong-buy" rating in a research report on Friday, June 12th. Citigroup began coverage on shares of CarGurus in a research report on Friday, June 12th. They issued a "buy" rating on the stock. Royal Bank Of Canada upped their price objective on shares of CarGurus from $34.00 to $35.00 and gave the company an "outperform" rating in a research note on Monday, May 11th. Piper Sandler reiterated a "sector weight" rating on shares of CarGurus in a report on Friday, June 12th. Finally, Weiss Ratings cut CarGurus from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $38.55.

CarGurus Stock Down 4.0%

Shares of CARG stock opened at $33.67 on Thursday. The stock has a fifty day moving average of $31.09 and a 200 day moving average of $32.71. CarGurus, Inc. has a 52 week low of $26.39 and a 52 week high of $39.42. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 22.15, a PEG ratio of 1.28 and a beta of 1.18.

CarGurus (NASDAQ:CARG - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. CarGurus had a net margin of 15.57% and a return on equity of 54.42%. The business had revenue of $243.56 million for the quarter, compared to analysts' expectations of $243.10 million. During the same quarter in the previous year, the business posted $0.46 earnings per share. The firm's revenue for the quarter was up 8.2% compared to the same quarter last year. CarGurus has set its Q2 2026 guidance at 0.570-0.640 EPS. Equities research analysts anticipate that CarGurus, Inc. will post 2.11 earnings per share for the current year.

Insider Activity

In other CarGurus news, General Counsel Javier Zamora sold 3,533 shares of the firm's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $36.06, for a total value of $127,399.98. Following the completion of the sale, the general counsel directly owned 88,345 shares in the company, valued at $3,185,720.70. This trade represents a 3.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jennifer Ladd Hanson sold 2,499 shares of the firm's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $34.56, for a total transaction of $86,365.44. Following the completion of the sale, the insider owned 92,894 shares of the company's stock, valued at $3,210,416.64. This trade represents a 2.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 25,559 shares of company stock valued at $841,568. Corporate insiders own 18.19% of the company's stock.

CarGurus Company 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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