CarGurus $CARG stock dropped -4.78% on November 28, 2022. The stock is trading in a downtrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... and the MACDThe MACD indicator is essentially a momentum indicator that shows the relationship between two different moving averages of price. The MACD is the difference between the 12-period ... gave a new Sell signal on November 28, 2022.
Dark Pool Trading In CarGurus $CARG Stock
Unusually large dark pool trades occurred in CarGurus $CARG stock on November 22, 2022. The two dark pool trades were valued at $13 million and $10 million. We think the dark pool trades were sell orders because $CARG stock fell following the trades hitting the tape.
CarGurus price target lowered at DA Davidson
On November 10, 2022, DA Davidson analyst Tom White maintained a Neutral rating on the stock while lowering the price target for CarGurus from $30 to $11.50. Mr. White cited the company’s Q3 earnings miss, below-consensus guidance, and a drop in retail demand for used cars as reasons for lowering the price target. White stated that as the wholesale auto industry increasingly moves to digital, he still believes that the long-term prospects for CarOffer are positive.
CarGurus Announces Q3 2022 Results
On November 8, 2022, CarGurus announced financial results for the third quarter ended September 30, 2022. The company missed EPS and revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... estimates which caused the downtrend in the stock. CarGurus reported Q3 EPS of 21c versus the consensus estimate of 26c. The company reported Q3 revenue of $426.5M versus the consensus estimate of $461.91M.
Bottom Line: As the economy slows down, CarGurus is increasingly feeling the pain from revenue compression, which is causing institutional investors to reduce long positions in the stock.