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BOSTON—Quinn Matthew Todd, the Chief Technology Officer of CarGurus , Inc. (NASDAQ:CARG), recently sold shares of the company as disclosed in a regulatory filing. On January 3, Todd sold 4,678 shares of Class A Common Stock at an average price of $35.78 per share, totaling approximately $167,378. This transaction was executed as part of a pre-established Rule 10b5-1 trading plan. The sale comes as CarGurus stock trades near its 52-week high, having delivered impressive returns of over 59% in the past year. According to InvestingPro analysis, the company maintains a GOOD financial health score, with analysts maintaining a bullish outlook.
In addition to the sale, Todd also had 5,223 shares withheld on January 2 for tax purposes related to the vesting of restricted stock units, valued at $186,617 with a price per share of $35.73. Following these transactions, Todd holds 195,795 shares directly.
These transactions were filed with the Securities and Exchange Commission on January 6, 2025.
In other recent news, CarGurus Inc. demonstrated robust financial performance in its third quarter, surpassing expectations. The online automotive marketplace reported a 5% year-on-year increase in consolidated revenue to $231 million, and a significant 15% growth in marketplace revenue, reaching $204 million. Additionally, the non-GAAP consolidated adjusted EBITDA saw a substantial rise of 33% year-over-year.
An analyst from B.Riley noted CarGurus' strong performance and raised the price target for the company to $40.00. RBC Capital Markets also adjusted its price target for CarGurus to $42, citing strong Q3 results and margin gains. Both firms maintained a positive rating on the stock.
Other recent developments include the company's announcement of a $200 million share repurchase program set to commence in January 2025. Despite expecting challenging results in 2025, CarGurus remains optimistic about its growth drivers and product offerings, anticipating a fourth-quarter revenue between $219 million and $239 million, with marketplace revenue growth expected to be between 14% and 17% year-over-year.
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