Why CarGurus (CARG) Shares Are Gaining Today - CarGurus (NASDAQ:CARG)

CarGurus, Inc's CARG board approved a share repurchase of up to $250 million.
"We are committed to using cash flow from operations to drive business growth, thoughtful add-on acquisitions, and strategically returning cash to shareholders through a share repurchase," said Jason Trevisan, Chief Executive Officer.
Also Read: CarGurus Stock Has Collapsed -- But Analysts Say It's Actually Outperforming Dire Industry Circumstances: Here's Why
CarGurus held $404.4 million in cash and equivalents as of September 30. It generated $73.2 million in cash from operations and $68.9 million in free cash flow during the third quarter of 2022.
CarGurus is a company that acts as an online automotive marketplace connecting buyers and sellers of new and used cars.
Price Action: CARG shares traded higher by 13.66% at $13.56 on the last check Thursday.

CarGurus Shares Gain On Share Buyback Approval Up To $250M