Versor Investments LP Purchases New Position in CarGurus, Inc. $CARG

Versor Investments LP purchased a new position in shares of CarGurus, Inc. (NASDAQ:CARG) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 24,213 shares of the company’s stock, valued at approximately $901,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CARG. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in CarGurus in the 2nd quarter valued at $27,000. Private Wealth Asset Management LLC acquired a new position in CarGurus during the second quarter worth $29,000. Farther Finance Advisors LLC lifted its holdings in CarGurus by 71.1% during the third quarter. Farther Finance Advisors LLC now owns 1,066 shares of the company’s stock valued at $40,000 after purchasing an additional 443 shares in the last quarter. MAI Capital Management grew its position in shares of CarGurus by 661.0% in the second quarter. MAI Capital Management now owns 1,172 shares of the company’s stock valued at $39,000 after purchasing an additional 1,018 shares during the period. Finally, First Horizon Corp purchased a new stake in shares of CarGurus during the third quarter worth $51,000. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CARG has been the topic of a number of recent research reports. BTIG Research boosted their price target on shares of CarGurus from $39.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, December 30th. Needham & Company LLC decreased their target price on shares of CarGurus from $44.00 to $37.00 and set a “buy” rating on the stock in a research note on Thursday, February 5th. Weiss Ratings restated a “hold (c+)” rating on shares of CarGurus in a research report on Monday, December 29th. DA Davidson set a $37.50 price objective on CarGurus in a research report on Monday, November 17th. Finally, Zacks Research cut CarGurus from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 16th. Five investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $40.23.

CarGurus Stock Performance

CARG opened at $28.24 on Wednesday. CarGurus, Inc. has a one year low of $24.65 and a one year high of $40.37. The company has a market cap of $2.70 billion, a P/E ratio of 19.21, a PEG ratio of 1.07 and a beta of 1.35. The business’s 50-day simple moving average is $35.65 and its 200-day simple moving average is $35.09.

Insiders Place Their Bets

In related news, insider Ismail Elshareef sold 1,645 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $32.21, for a total value of $52,985.45. Following the completion of the sale, the insider directly owned 91,822 shares of the company’s stock, valued at $2,957,586.62. The trade was a 1.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer Ladd Hanson sold 2,358 shares of the company’s stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $38.10, for a total transaction of $89,839.80. Following the completion of the transaction, the insider owned 50,466 shares of the company’s stock, valued at $1,922,754.60. This represents a 4.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 49,003 shares of company stock valued at $1,858,494. 17.20% of the stock is owned by corporate insiders.

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.