Needham & Company LLC Cuts TrueCar (NASDAQ:TRUE) Price Target to $4.00

TrueCar (NASDAQ:TRUE) had its target price dropped by Needham & Company LLC from $5.00 to $4.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s target price indicates a potential upside of 30.76% from the stock’s current price.

TRUE has been the topic of several other reports. B. Riley boosted their price target on TrueCar from $3.30 to $4.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. StockNews.com raised TrueCar from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Finally, BTIG Research boosted their price target on TrueCar from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $4.63.

TrueCar Stock Down 6.2 %

Shares of NASDAQ TRUE traded down $0.20 during midday trading on Wednesday, hitting $3.06. The stock had a trading volume of 355,610 shares, compared to its average volume of 242,510. The company has a market capitalization of $266.00 million, a price-to-earnings ratio of -10.53 and a beta of 1.75. TrueCar has a 1-year low of $2.56 and a 1-year high of $4.62. The company has a fifty day moving average price of $3.61 and a 200 day moving average price of $3.56.

TrueCar (NASDAQ:TRUE) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The company had revenue of $46.21 million for the quarter, compared to analyst estimates of $47.30 million. TrueCar had a negative return on equity of 14.33% and a negative net margin of 15.88%. On average, research analysts forecast that TrueCar will post -0.29 EPS for the current year.

Hedge Funds Weigh In On TrueCar

Institutional investors have recently made changes to their positions in the business. Barclays PLC raised its position in shares of TrueCar by 169.2% in the 3rd quarter. Barclays PLC now owns 130,062 shares of the technology company’s stock valued at $448,000 after purchasing an additional 81,745 shares in the last quarter. State Street Corp increased its holdings in shares of TrueCar by 0.9% in the 3rd quarter. State Street Corp now owns 1,790,659 shares of the technology company’s stock valued at $6,178,000 after acquiring an additional 16,127 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of TrueCar by 15.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 60,942 shares of the technology company’s stock valued at $210,000 after acquiring an additional 8,027 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of TrueCar by 3.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,955,226 shares of the technology company’s stock valued at $6,747,000 after acquiring an additional 71,508 shares during the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of TrueCar by 19.4% in the 3rd quarter. Jane Street Group LLC now owns 99,586 shares of the technology company’s stock valued at $344,000 after acquiring an additional 16,163 shares during the last quarter. 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.