TrueCar’s (TRUE) Buy Rating Reiterated at Needham & Company LLC

TrueCar (NASDAQ:TRUE)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $5.00 target price on the technology company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 14.94% from the company’s previous close.

A number of other equities analysts have also issued reports on TRUE. B. Riley upped their target price on TrueCar from $3.30 to $4.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. BTIG Research upped their price target on shares of TrueCar from $3.75 to $4.50 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Lake Street Capital initiated coverage on shares of TrueCar in a research note on Monday, October 7th. They set a “buy” rating and a $6.00 price objective on the stock. Finally, StockNews.com downgraded shares of TrueCar from a “buy” rating to a “hold” rating in a research report on Monday. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $4.88.

TrueCar Price Performance

Shares of TRUE stock opened at $4.35 on Tuesday. The company’s fifty day moving average price is $3.76 and its two-hundred day moving average price is $3.31. The firm has a market capitalization of $378.28 million, a P/E ratio of -15.00 and a beta of 1.83. TrueCar has a 12 month low of $2.56 and a 12 month high of $4.53.

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

Institutional Investors Weigh In On TrueCar

Institutional investors and hedge funds have recently made changes to their positions in the company. Intech Investment Management LLC acquired a new position in TrueCar in the third quarter worth $36,000. Lazard Asset Management LLC acquired a new position in shares of TrueCar in the 1st quarter valued at about $43,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of TrueCar during the 3rd quarter valued at about $43,000. SG Americas Securities LLC raised its stake in TrueCar by 126.5% during the third quarter. SG Americas Securities LLC now owns 34,644 shares of the technology company’s stock worth $120,000 after acquiring an additional 19,349 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in TrueCar in the second quarter worth about $210,000. 79.44% of the stock is owned by institutional investors and hedge funds.

TrueCar Company Profile

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.