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

StockNews.com lowered shares of TrueCar (NASDAQ:TRUE) from a buy rating to a hold rating in a research report sent to investors on Monday morning.

Several other brokerages have also issued reports on TRUE. Needham & Company LLC cut their price objective on TrueCar from $4.00 to $3.75 and set a “buy” rating for the company in a report on Tuesday, August 6th. B. Riley increased their target price on shares of TrueCar from $3.30 to $4.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. BTIG Research increased their target price on shares of TrueCar from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Lake Street Capital began coverage on shares of TrueCar in a research report on Monday, October 7th. They set a “buy” rating and a $6.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $4.88.

TrueCar Trading Up 3.1 %

Shares of NASDAQ:TRUE opened at $4.35 on Monday. TrueCar has a 1 year low of $2.56 and a 1 year high of $4.53. The business has a fifty day simple moving average of $3.78 and a 200 day simple moving average of $3.32. The firm has a market cap of $378.28 million, a price-to-earnings ratio of -15.00 and a beta of 1.83.

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

Institutional Investors Weigh In On TrueCar

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of TrueCar by 1.0% in the first quarter. Vanguard Group Inc. now owns 4,276,548 shares of the technology company’s stock valued at $14,497,000 after purchasing an additional 41,592 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of TrueCar by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,253,582 shares of the technology company’s stock valued at $10,183,000 after purchasing an additional 25,541 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of TrueCar by 0.6% in the second quarter. Acadian Asset Management LLC now owns 2,132,154 shares of the technology company’s stock valued at $6,671,000 after purchasing an additional 12,956 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of TrueCar by 0.3% in the second quarter. Renaissance Technologies LLC now owns 2,123,601 shares of the technology company’s stock valued at $6,647,000 after purchasing an additional 6,800 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of TrueCar by 3.8% in the third quarter. Geode Capital Management LLC now owns 1,955,226 shares of the technology company’s stock valued at $6,747,000 after purchasing an additional 71,508 shares during the last quarter. 79.44% of the stock is 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.