TrueCar (NASDAQ:TRUE) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of TrueCar (NASDAQ:TRUE) from a buy rating to a hold rating in a report published on Monday.

TRUE has been the topic of several other research reports. Lake Street Capital started coverage on TrueCar in a research note on Monday, October 7th. They set a “buy” rating and a $6.00 target price on the stock. Needham & Company LLC lowered their target price on TrueCar from $4.00 to $3.75 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. B. Riley lifted their target price on TrueCar from $3.30 to $4.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, BTIG Research lifted their price target on TrueCar from $3.75 to $4.50 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $4.56.

TrueCar Trading Down 2.1 %

Shares of TRUE opened at $4.14 on Monday. The business’s 50-day moving average price is $3.71 and its 200 day moving average price is $3.29. The stock has a market capitalization of $360.01 million, a P/E ratio of -14.28 and a beta of 1.83. TrueCar has a 1-year low of $2.56 and a 1-year high of $4.53.

TrueCar (NASDAQ:TRUE) last released its earnings results on Wednesday, November 6th. The technology company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). TrueCar had a negative net margin of 15.88% and a negative return on equity of 14.33%. The business had revenue of $46.54 million for the quarter, compared to analysts’ expectations of $45.82 million. During the same period last year, the firm earned ($0.07) EPS. On average, research analysts predict that TrueCar will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On TrueCar

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can lifted its holdings in TrueCar by 769.9% in the 2nd quarter. Bank of Montreal Can now owns 416,063 shares of the technology company’s stock worth $1,319,000 after purchasing an additional 368,234 shares during the last quarter. Bank of New York Mellon Corp increased its position in TrueCar by 11.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 332,775 shares of the technology company’s stock worth $1,042,000 after buying an additional 34,045 shares during the period. Vanguard Group Inc. increased its position in TrueCar by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 4,276,548 shares of the technology company’s stock worth $14,497,000 after buying an additional 41,592 shares during the period. Squarepoint Ops LLC increased its position in TrueCar by 182.5% in the 2nd quarter. Squarepoint Ops LLC now owns 83,538 shares of the technology company’s stock worth $261,000 after buying an additional 53,965 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in TrueCar in the 2nd quarter worth approximately $210,000. 79.44% of the stock is currently owned by institutional investors and hedge funds.

About TrueCar

TrueCar, Inc operates as an internet-based information, technology, and communication services company in the United States. It operates its platform on the TrueCar website and mobile applications. Its platform enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar certified dealers.