Short Interest in Cars.com Inc. (NYSE:CARS) Drops By 32.1%
Cars.com Inc. (NYSE:CARS) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 12,168,100 shares, a decline of 32.1% from the July 31st total of 17,929,400 shares. Based on an average trading volume of 1,570,000 shares, the short-interest ratio is currently 7.8 days. Approximately 18.5% of the company’s stock are sold short.
In other Cars.com news, insider James F. Rogers acquired 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average cost of $9.99 per share, for a total transaction of $99,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Alex Vetter acquired 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was acquired at an average price of $9.58 per share, with a total value of $105,380.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 58,948 shares of company stock worth $575,784. 0.04% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Marshall Wace LLP acquired a new position in shares of Cars.com during the first quarter valued at about $63,000. Altshuler Shaham Ltd acquired a new position in shares of Cars.com during the second quarter valued at about $105,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Cars.com during the second quarter valued at about $180,000. Point72 Asset Management L.P. acquired a new position in shares of Cars.com during the second quarter valued at about $185,000. Finally, Pension Partners LLC acquired a new position in shares of Cars.com during the second quarter valued at about $197,000.
Cars.com (NYSE:CARS) last released its earnings results on Monday, August 5th. The company reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.08). The firm had revenue of $148.20 million for the quarter, compared to analyst estimates of $160.18 million. Cars.com had a return on equity of 6.51% and a net margin of 1.59%. The firm’s revenue was down 12.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 EPS. Equities analysts anticipate that Cars.com will post 1.34 EPS for the current fiscal year.
A number of equities research analysts recently issued reports on the stock. ValuEngine cut shares of Cars.com from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 6th. DA Davidson cut shares of Cars.com from a “buy” rating to a “neutral” rating in a report on Tuesday, August 6th. Citigroup reiterated a “buy” rating and issued a $19.00 price objective (down from $27.00) on shares of Cars.com in a report on Tuesday, August 6th. BTIG Research cut shares of Cars.com from a “buy” rating to a “neutral” rating in a report on Monday, August 5th. Finally, B. Riley decreased their price objective on shares of Cars.com from $31.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $24.31.
Cars.com Company Profile
Cars.com Inc, through its subsidiaries, operates as a digital automotive marketplace that connects local car dealers to consumers in the United States. The company offers a suite of digital solutions that creates connections between individuals researching cars or looking to purchase a car with car dealerships and automotive original equipment manufacturers.
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