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.
