Short Interest in CarGurus Inc (CARG) Rises By 79.9%

CarGurus Inc (NASDAQ:CARG) was the target of a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 3,246,967 shares, a growth of 79.9% from the November 15th total of 1,805,360 shares. Approximately 9.3% of the company’s shares are sold short. Based on an average daily volume of 278,686 shares, the short-interest ratio is currently 11.7 days.

CARG has been the subject of several recent analyst reports. Goldman Sachs Group initiated coverage on shares of CarGurus in a research note on Monday, November 6th. They set a “neutral” rating and a $25.00 price objective for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $34.00 price objective (up from $33.00) on shares of CarGurus in a research note on Wednesday, November 15th. Raymond James Financial initiated coverage on shares of CarGurus in a research note on Monday, November 6th. They set a “market perform” rating for the company. William Blair initiated coverage on shares of CarGurus in a research note on Monday, November 6th. They set an “outperform” rating for the company. Finally, JMP Securities initiated coverage on shares of CarGurus in a research note on Monday, November 6th. They set a “market perform” rating for the company. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $29.50.

CarGurus (NASDAQ:CARG) opened at $30.63 on Friday. CarGurus has a one year low of $25.85 and a one year high of $35.42.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings data on Tuesday, November 14th. The company reported $0.02 EPS for the quarter. The firm had revenue of $83.00 million for the quarter, compared to the consensus estimate of $79.23 million. The firm’s revenue for the quarter was up 56.3% compared to the same quarter last year. analysts expect that CarGurus will post 0.11 earnings per share for the current year.

In other CarGurus news, VP Oliver Ian Chrzan sold 270,793 shares of the business’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $14.88, for a total value of $4,029,399.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Langley Steinert sold 3,390,524 shares of the business’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $14.88, for a total transaction of $50,450,997.12. The disclosure for this sale can be found here. Insiders sold 5,454,188 shares of company stock valued at $81,158,317 over the last three months.

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About CarGurus

CarGurus, Inc is an online automotive marketplace connecting buyers and sellers of new and used cars. Using proprietary technology, search algorithms, and data analytics. The Company’s marketplace empowers users with unbiased third-party validation on pricing and dealer reputation as well as other information that aids them in finding Great Deals from Great Dealers.

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