- Barrington Research Analyst Gary Prestopino reiterated an Outperform rating on shares of Autos.com Inc CARS with a target price of $25.
- Cars.coms Results for Q4FY22 included a 6% increase Revenue of $168.2 million with Adjusted EBITDA of $49.5 million.
- that of the analyst Estimates for the quarter called for revenue of $165 million and Adjusted EBITDA of $47.8 million.
- OEM and National revenue for the quarter was $14 million, down 7% year-on-year due to persistently lower OEM advertising budgets, impacted by delays in new model launches, production issues and inventory shortages. added the analyst.
- also read: Flying cars? Platform stocks rise while Carvana suffers
- In Q4/22, merchant customers increased by 327 or 2% YOY to 19,506 and sequentially decreased by 79 merchants due to terminations related to a single digital merchant, the analyst noted.
- Dealer retention rates were high throughout the year, validating Cars.com’s digital value proposition, while Q4/22 was the highest quarter of new customer additions to the marketplace in 2022, the analyst said.
- The analyst added that Cars.com’s financial results and long-term prospects are improving and industry headwinds related to supply of new and used cars are easing.
- Price promotion: CARS shares trade 0.61% lower at $19.55 on the latest check Monday.
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