CarGurus executive chair Steinert Langley sells $2.13 million in stock

BOSTON—Steinert Langley, Executive Chair of CarGurus , Inc. (NASDAQ:CARG), recently sold a significant portion of the company’s Class A Common Stock. According to a regulatory filing, Langley sold shares totaling approximately $2.13 million over three consecutive days. The online automotive marketplace company, currently valued at $3.32 billion, has maintained impressive gross profit margins of 84% according to InvestingPro data.

The transactions took place on March 21, 24, and 25, with sales prices ranging from $30.0459 to $31.7551 per share. These sales were conducted as part of a pre-established Rule 10b5-1 trading plan. InvestingPro analysis indicates the company maintains a strong financial health score, with liquid assets exceeding short-term obligations by 4.2x.

Following these transactions, Langley holds 1,055,847 shares directly and 61,015 shares indirectly through The Langley Steinert Irrevocable Family Trust. The trust benefits Langley’s children, and while Langley may have indirect ownership, he disclaims beneficial ownership of these shares.

Investors often scrutinize insider transactions like these for insights into executive sentiment and company performance.

In other recent news, CarGurus reported its fourth-quarter 2024 earnings, surpassing expectations with an earnings per share of $0.55, although revenue fell short at $229 million against a forecast of $231.85 million. The company’s marketplace revenue rose by 15% year-over-year, reflecting strong demand and engagement, while the Digital Wholesale segment faced challenges with an $18 million adjusted EBITDA loss. BTIG analyst Marvin Fong adjusted CarGurus’ stock price target to $40, down from $41, maintaining a Buy rating, following the company’s earnings report. Fong noted that the company’s EBITDA met guidance but did not exceed it, marking a departure from previous quarters. Citi analyst Ronald Josey also revised the price target to $40 from $43, maintaining a Neutral rating, citing mixed fourth-quarter results and potential headwinds in the first-quarter revenue guidance for 2025. JMP analysts, led by Nicholas Jones, lowered their price target to $43 from $46, while maintaining a Market Outperform rating, pointing out ongoing pressures within CarGurus’ CarOffer segment despite durable business trends. Additionally, CarGurus announced that its CFO, Elisa Palazzo, will step down in March 2025, with CEO Jason Trevisan assuming her responsibilities until a successor is found.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.