CarGurus, Inc.’s (CARG) Quiet Period Will End on November 21st

CarGurus’ (NASDAQ:CARG) quiet period is set to expire on Tuesday, November 21st. CarGurus had issued 9,400,000 shares in its public offering on October 12th. The total size of the offering was $150,400,000 based on an initial share price of $16.00. During the company’s quiet period, insiders and underwriters involved in the IPO are restricted from issuing any research reports or earnings estimates for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Several brokerages have recently weighed in on CARG. Royal Bank Of Canada began coverage on shares of CarGurus in a report on Monday, November 6th. They set a “sector perform” rating and a $33.00 price objective on the stock. Raymond James Financial, Inc. began coverage on shares of CarGurus in a report on Monday, November 6th. They set a “market perform” rating on the stock. Goldman Sachs Group, Inc. (The) began coverage on shares of CarGurus in a report on Monday, November 6th. They set a “neutral” rating and a $25.00 price objective on the stock. William Blair began coverage on shares of CarGurus in a report on Monday, November 6th. They set an “outperform” rating on the stock. Finally, JMP Securities began coverage on shares of CarGurus in a report on Monday, November 6th. They set a “market perform” rating on the stock. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. CarGurus has an average rating of “Hold” and a consensus target price of $29.00.

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Shares of CarGurus (NASDAQ CARG) opened at $28.97 on Tuesday. CarGurus has a 1 year low of $25.85 and a 1 year high of $35.00.

In other CarGurus news, Director David Lambert Parker sold 269,871 shares of the stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $14.88, for a total value of $4,015,680.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Argonaut 22 Llc sold 1,523,000 shares of the stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $14.88, for a total transaction of $22,662,240.00. The disclosure for this sale can be found here. Insiders sold 5,454,188 shares of company stock valued at $81,158,317 in the last ninety days.

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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