Fintel reports that on June 29, 2023, BTIG maintained coverage of CarGurus Inc - (NASDAQ:CARG) with a Buy recommendation.
Analyst Price Forecast Suggests 7.52% Downside
As of June 1, 2023, the average one-year price target for CarGurus Inc - is 21.05. The forecasts range from a low of 12.12 to a high of $25.20. The average price target represents a decrease of 7.52% from its latest reported closing price of 22.76.
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The projected annual revenue for CarGurus Inc - is 1,394MM, a decrease of 4.28%. The projected annual non-GAAP EPS is 0.74.
What is the Fund Sentiment?
There are 457 funds or institutions reporting positions in CarGurus Inc -. This is unchanged over the last quarter. Average portfolio weight of all funds dedicated to CARG is 0.19%, an increase of 9.81%. Total shares owned by institutions decreased in the last three months by 7.09% to 115,835K shares. 
The put/call ratio of CARG is 1.09, indicating a bearish outlook.
What are Other Shareholders Doing?
Wellington Management Group Llp holds 13,537K shares representing 11.95% ownership of the company. In it's prior filing, the firm reported owning 14,072K shares, representing a decrease of 3.95%. The firm decreased its portfolio allocation in CARG by 82.11% over the last quarter.
ArrowMark Colorado Holdings holds 9,347K shares representing 8.25% ownership of the company. In it's prior filing, the firm reported owning 6,277K shares, representing an increase of 32.85%. The firm increased its portfolio allocation in CARG by 89.01% over the last quarter.
Dragoneer Investment Group holds 9,284K shares representing 8.19% ownership of the company. No change in the last quarter.
Manufacturers Life Insurance Company, The holds 6,103K shares representing 5.39% ownership of the company. In it's prior filing, the firm reported owning 6,596K shares, representing a decrease of 8.07%. The firm increased its portfolio allocation in CARG by 10.51% over the last quarter.
Foxhaven Asset Management holds 4,790K shares representing 4.23% ownership of the company. In it's prior filing, the firm reported owning 4,392K shares, representing an increase of 8.31%. The firm increased its portfolio allocation in CARG by 23.25% over the last quarter.
CarGurus Background Information
(This description is provided by the company.)
Founded in 2006, CarGurus is a global, online automotive marketplace connecting buyers and sellers of new and used cars. The Company uses proprietary technology, search algorithms and data analytics to bring trust and transparency to the automotive search experience and help users find great deals from top-rated dealers. CarGurus is the most visited automotive shopping site in the U.S. (source: Comscore Media Metrix® Multi-Platform, Automotive - Information/Resources, Total Audience, Q4 2020, U.S. (Competitive set includes: CarGurus.com, Autotrader.com,Cars.com, TrueCar.com)). In addition to the United States, CarGurus operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands. CarGurus also holds a majority stake in CarOffer, an instant trade digital wholesale platform based in Plano, Texas.
Key filings for this company:
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
