As of March 15, 2024, CarGurus (NASDAQ: CARG) has garnered a range of opinions from 4 analysts in the past three months. Their evaluations present a blend of bullish and bearish views. Among the recent ratings, there is 1 bullish, 1 somewhat bullish, and 2 indifferent ratings, with no somewhat bearish or bearish ratings. The average price target stands at $26.75, with a high estimate of $30.00 and a low estimate of $24.00, indicating a positive trend.
Analyst actions have provided additional insights into CarGurus’ outlook. Kunal Madhukar from UBS upgraded the rating to Neutral with a new price target of $27.00, while Chris Pierce from Needham raised the rating to Buy with a price target of $24.00. Jed Kelly from Oppenheimer also increased the rating to Outperform with a price target of $30.00. Moreover, Kunal Madhukar from UBS raised the rating to Neutral with a price target of $26.00.
These adjustments reflect analysts’ responses to market dynamics and the company’s performance, offering valuable perspectives on CarGurus’ current standing.
CarGurus Inc. (CARG) Shows Strong Performance in Stock Market, Climbing Near 52-Week High
On March 15, 2024, CarGurus Inc. (CARG) showed strong performance in the stock market. The stock was trading near the top of its 52-week range and above its 200-day simple moving average, indicating positive momentum in its price movement.
The price of CARG shares increased by $0.13 since the market last closed, representing a 0.59% rise. The stock opened at $22.06, which was $0.16 lower than its previous close. Despite the lower opening price, CARG quickly gained momentum and climbed throughout the trading day.
This strong performance can be attributed to various factors, including positive market sentiment towards the company, solid financial performance, and overall bullish trends in the stock market. Investors may be optimistic about CarGurus’ future prospects, leading to increased demand for its shares.
CARG Stock Performance Review: Revenue Decline, Net Income Improvement, and EPS Stability on March 15, 2024
On March 15, 2024, CARG stock experienced a mixed performance based on the financial data provided. Total revenue for the company was reported at $914.24 million for the past year, a decrease of 44.76% compared to the previous year. The total revenue remained flat at $223.12 million for the last quarter, indicating no further decline.
CARG reported a net income of $31.10 million for the past year, a decrease of 83.95% compared to the previous year. The net income improved slightly to -$23.74 million for the last quarter, showing a 0.0% increase.
The earnings per share (EPS) for CARG stock was $0.27 for the past year, a decrease of 81.99% compared to the previous year. The EPS improved slightly to -$0.21 for the last quarter, showing a 0.0% increase.
Overall, the financial performance of CARG stock on March 15, 2024, showed a mixed picture. Significant declines in total revenue, net income, and EPS compared to the previous year were noted, but signs of stabilization and even slight improvement in the last quarter were observed. Investors and analysts will be closely monitoring the company’s future performance to see if these trends continue or if there are further fluctuations in the stock’s value.
