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Tag: CARS Stock

  • Cars.com Inc. (CARS) stock Recovers in the After Hours

    Cars.com Inc. (CARS) became bullish in the after-hours on January 07, while there was no news from the company.

    During the regular session, the stock lost 1.85% at its closing price of $15.93 with 286.78 thousand shares exchanging. The stock soon recovered as it entered the after-hours session. Consequently, CARS was trading at $17.00 apiece in the after-hours with a gain of 6.72%.

    The online automotive products and services provider, Cars.com Inc. has a market capitalization of $1.1 billion. Currently, the company has 69.1 million shares outstanding in the market.

    What Happened?

    Since the start of January 2022, the CARS stock has been in an uptrend with bouts of profit booking and correction events in the midst. Hence, the stock lost 1.85% in Friday’s regular session to profit booking from its previous day gains. Following the loss, the stock soon recovered in the after hours.

    Given the gains followed by profit booking and corrections, the stock has lost a mere 0.99% in the past five days. Moreover, CARS has added a value of 33.19% last year.

    CARS Recent Developments

    On December 22, the company announced the results of its national survey on winter holiday traveling. While it is the first holiday season since the widespread availability of Covid-19 vaccines, there are still some looming shadows.

    Furthermore, approximately 42% of responders opt for car travel in order to avoid other forms of public transportation.

    In addition, the survey also showed that 39% of the responders visited a destination over 100 miles away and 56% up to 50-plus miles. This shows an increase of 30% year over year.

    As per the survey, 1 out of 5 travelers canceled their booked flight to drive instead. Given the work flexibility due to the pandemic, most Americans chose to drive to their destinations with longer stays.

    CARS Q3 Earnings Report

    On November 04, the company declared its financial results for the third quarter of 2021, which ended on September 30.

    In the third quarter of 2021, CARS generated revenue of $156.6 million, showing a year-over-year increase of $12.2 million or 8%.

    Further, the GAAP net income in the third quarter of 2021 was $2.4 million, against a GAAP net loss of $12.3 million in the year-ago period. Consequently, the net income per diluted share was $0.03 in Q3 of 2021, against net loss per diluted share of $0.18 a year ago.

  • Cars.com, LLC (CARS) Stock on a Surge in Aftermarket, Here’s the Reason

    Cars.com, LLC (CARS), a company that operates as a digital marketplace, and provides solutions for the automotive industry, has surged 9.69% in aftermarket trading session. Consequently, CARS stock is trading at $14.60 at the time of the writing. The increase was attributable to the addition of the company in S&P SmallCap 600. On Thursday, CARS closed the day at $13.31 after gaining a slight increase of 0.075% during regular trading hours.

    Why CARS Stock Surging?

    On Thursday, CARS announced that it would replace DSP Group Inc. (DSPG) in the S&P SmallCap 600. The move came after it was announced by Synaptics Inc. (SYNP) that it would be acquiring DSPG in a deal that would be expected to complete on 2nd December 2021. As a result, the replacement of CARS with DSPG in S&P SmallCap 600 would complete on 2nd December as well.

    Q3 2021 Financial Results

    On 4th November, CARS reported the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated total revenue of $156.55 million during the quarter against $144.39 million for the same period of 2020. The total operating expenses bore by the company during the period were $144.47 million against $125.32 million for the same period of 2020. The net income generated by the company during the period was $2.43 million (or $0.04 and $0.03 per basic and diluted share respectively) against the net loss of $12.26 million (or $0.18 per basic and diluted share) for the same period of 2020.

    Executive Commentary

    Alex Vetter, President and Chief Executive Officer of CARS, while commenting on the results said that the company’s revenue continues to grow along a steep trajectory. He assured shareholders that going forward; the company hopes to strengthen the capabilities of its platforms as it continually looks to bring expansion into its business model.

    Future Outlook for CARS

    The last few months have seen a steady increase in the value of CARS stock. The stock has increased by more than 10% during the last three months. On a broader scale, however, the last one and a half years have not proved excellent for CARS as the pandemic was wreaking havoc. However, the company believes that the recent performance would build investor confidence in the company.