Shares of Cars.com Inc. (NYSE: CARS) soared 5.15% on November 8, 2024, following the company's impressive third-quarter results and raised price targets from analysts.
The online automotive marketplace reported a 3.1% year-over-year increase in revenue to $179.7 million for the third quarter of 2024. More significantly, Cars.com's net income surged 317% to $18.7 million, resulting in an earnings per share (EPS) of $0.28, significantly exceeding analyst expectations.
The strong financial performance was primarily driven by lower expenses, which led to an expansion in profit margins from 2.6% in the third quarter of 2023 to 10% in the latest quarter. Analysts at UBS raised their price target on Cars.com from $17 to $20, citing the company's robust third-quarter results.
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