Millennium Management LLC Buys 4,334 Shares of CarGurus Inc (CARG)
Millennium Management LLC boosted its stake in shares of CarGurus Inc (NASDAQ:CARG) by 33.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 17,302 shares of the company’s stock after buying an additional 4,334 shares during the quarter. Millennium Management LLC’s holdings in CarGurus were worth $601,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Marshall Wace LLP bought a new stake in CarGurus during the second quarter valued at about $2,899,000. Cubist Systematic Strategies LLC bought a new stake in CarGurus during the second quarter valued at about $205,000. Point72 Asset Management L.P. bought a new stake in CarGurus during the second quarter valued at about $1,688,000. Bank of America Corp DE boosted its position in CarGurus by 877.9% during the second quarter. Bank of America Corp DE now owns 681,579 shares of the company’s stock valued at $23,678,000 after purchasing an additional 611,878 shares in the last quarter. Finally, Voya Investment Management LLC bought a new stake in CarGurus during the second quarter valued at about $644,000. Institutional investors own 63.35% of the company’s stock.
Shares of CARG stock opened at $42.03 on Friday. CarGurus Inc has a 1-year low of $28.00 and a 1-year high of $57.25. The stock has a market cap of $4.39 billion and a P/E ratio of 350.25.
In other CarGurus news, VP Thomas Michael Caputo sold 3,093 shares of the stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $49.99, for a total value of $154,619.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anastasios Parafestas sold 120,000 shares of the stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $55.53, for a total value of $6,663,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,916,671 shares of company stock valued at $292,445,963. 51.03% of the stock is currently owned by company insiders.
CARG has been the topic of a number of recent research reports. ValuEngine raised CarGurus from a “hold” rating to a “buy” rating in a research report on Tuesday, October 9th. BidaskClub downgraded CarGurus from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 3rd. Benchmark raised their price objective on CarGurus from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, August 8th. DA Davidson set a $53.00 price objective on CarGurus and gave the company a “buy” rating in a research report on Wednesday, August 8th. Finally, Zacks Investment Research raised CarGurus from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research report on Thursday, August 2nd. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. CarGurus presently has a consensus rating of “Buy” and a consensus price target of $53.20.
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CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars worldwide. The company's marketplace enables users with third-party validation on pricing, dealer reputation, and other information. As of June 30, 2017, it had an active dealer network of approximately 40,000 dealers; and approximately 5.4 million car listings.
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