CARG - Why CarGurus Stock Was Up This Week
2023-05-12 09:56:44 ET
CarGurus' (NASDAQ: CARG) stock beat the market by a wide margin this week. Shares were up 21% through Thursday trading, compared to a 0.1% drop in the S&P 500 , according to data provided by S&P Global Market Intelligence .
That spike added to solid returns for owners of the car selling marketplace, whose stock is up 39% so far in 2023. It came as investors processed CarGurus' earnings report that showed steady profitability even as sales volumes continued to decline on its platform.
CarGurus announced on Tuesday that revenue fell a brutal 46% in the selling period that ended in late March. As tough as that slump was, it met management's short-term target. It also followed soaring results in the year-ago period, when revenue jumped over 150%.
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Why CarGurus Stock Was Up This Week