TrueCar (NASDAQ:TRUE) Cut to Underweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of TrueCar (NASDAQ:TRUE) from a neutral rating to an underweight rating in a research report released on Thursday, Marketbeat.com reports.

A number of other research firms have also weighed in on TRUE. Needham & Company LLC lowered their price objective on TrueCar from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. StockNews.com cut shares of TrueCar from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $4.63.

TrueCar Stock Down 3.6 %

Shares of NASDAQ TRUE opened at $1.59 on Thursday. The firm has a 50-day simple moving average of $2.68 and a 200-day simple moving average of $3.38. The stock has a market capitalization of $138.74 million, a price-to-earnings ratio of -4.68 and a beta of 1.72. TrueCar has a 52 week low of $1.52 and a 52 week high of $4.62.

TrueCar (NASDAQ:TRUE) last released its quarterly earnings data on Tuesday, February 18th. The technology company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The business had revenue of $46.21 million during the quarter, compared to analyst estimates of $47.30 million. TrueCar had a negative net margin of 17.68% and a negative return on equity of 17.54%. As a group, equities research analysts expect that TrueCar will post -0.19 EPS 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 business. Intech Investment Management LLC acquired a new stake in shares of TrueCar during the 3rd quarter worth about $36,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of TrueCar during the third quarter valued at about $43,000. R Squared Ltd purchased a new stake in shares of TrueCar in the 4th quarter valued at approximately $49,000. Straightline Group LLC purchased a new stake in shares of TrueCar in the 4th quarter valued at approximately $69,000. Finally, ProShare Advisors LLC lifted its holdings in shares of TrueCar by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 24,123 shares of the technology company’s stock worth $90,000 after acquiring an additional 7,938 shares during the last quarter. Hedge funds and other institutional investors own 79.44% of the company’s stock.

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.