BTIG Research Boosts TrueCar (NASDAQ:TRUE) Price Target to $4.50

TrueCar (NASDAQ:TRUE) had its price target hoisted by BTIG Research from $3.75 to $4.50 in a research note issued to investors on Tuesday, Benzinga reports. BTIG Research currently has a buy rating on the technology company’s stock.

A number of other equities analysts also recently issued reports on TRUE. Lake Street Capital began coverage on shares of TrueCar in a report on Monday, October 7th. They issued a “buy” rating and a $6.00 price objective on the stock. Needham & Company LLC lowered their target price on shares of TrueCar from $4.00 to $3.75 and set a “buy” rating on the stock in a report on Tuesday, August 6th.

TrueCar Stock Up 7.6 %

Shares of TRUE opened at $3.80 on Tuesday. The firm has a fifty day simple moving average of $3.23 and a two-hundred day simple moving average of $3.11. TrueCar has a twelve month low of $1.76 and a twelve month high of $4.05. The stock has a market capitalization of $347.98 million, a P/E ratio of -9.50 and a beta of 1.85.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Monday, August 5th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). The business had revenue of $41.80 million for the quarter, compared to analysts’ expectations of $43.38 million. TrueCar had a negative net margin of 17.63% and a negative return on equity of 14.10%. Sell-side analysts expect that TrueCar will post -0.29 EPS for the current fiscal year.

Insider Buying and Selling at TrueCar

In other news, EVP Jeff Swart sold 20,000 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $2.82, for a total transaction of $56,400.00. Following the transaction, the executive vice president now owns 390,600 shares in the company, valued at $1,101,492. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TRUE. Russell Investments Group Ltd. raised its holdings in shares of TrueCar by 29.1% during the 1st quarter. Russell Investments Group Ltd. now owns 670,470 shares of the technology company’s stock worth $2,273,000 after acquiring an additional 151,115 shares during the period. Bank of Montreal Can boosted its stake in shares of TrueCar by 769.9% in the 2nd quarter. Bank of Montreal Can now owns 416,063 shares of the technology company’s stock valued at $1,319,000 after buying an additional 368,234 shares during the period. Bank of New York Mellon Corp lifted its stake in TrueCar by 11.4% during the second quarter. Bank of New York Mellon Corp now owns 332,775 shares of the technology company’s stock worth $1,042,000 after purchasing an additional 34,045 shares during the last quarter. Vanguard Group Inc. lifted its stake in TrueCar by 1.0% during the first quarter. Vanguard Group Inc. now owns 4,276,548 shares of the technology company’s stock worth $14,497,000 after purchasing an additional 41,592 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its stake in TrueCar by 182.5% during the second quarter. Squarepoint Ops LLC now owns 83,538 shares of the technology company’s stock worth $261,000 after purchasing an additional 53,965 shares during the last quarter. Hedge funds and other institutional investors own 79.44% of the company’s stock.

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.