TrueCar (NASDAQ:TRUE) Price Target Raised to $4.00

TrueCar (NASDAQ:TRUE) had its price objective upped by equities researchers at B. Riley from $3.30 to $4.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. B. Riley’s price target suggests a potential downside of 2.44% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Needham & Company LLC reduced their price target on TrueCar from $4.00 to $3.75 and set a “buy” rating for the company in a report on Tuesday, August 6th. Lake Street Capital assumed coverage on TrueCar in a research note on Monday, October 7th. They issued a “buy” rating and a $6.00 price target on the stock. Finally, BTIG Research lifted their price objective 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. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, TrueCar presently has an average rating of “Moderate Buy” and an average price target of $4.56.

TrueCar Stock Down 0.5 %

Shares of NASDAQ TRUE traded down $0.02 during trading hours on Monday, hitting $4.10. The company had a trading volume of 12,902 shares, compared to its average volume of 234,577. TrueCar has a 1-year low of $2.43 and a 1-year high of $4.53. The firm’s 50 day moving average is $3.48 and its 200-day moving average is $3.19. The stock has a market capitalization of $372.65 million, a P/E ratio of -14.14 and a beta of 1.83.

TrueCar (NASDAQ:TRUE) last announced its quarterly earnings results on Wednesday, November 6th. The technology company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The firm had revenue of $46.54 million during the quarter, compared to analyst estimates of $45.82 million. TrueCar had a negative net margin of 15.88% and a negative return on equity of 13.73%. During the same quarter in the prior year, the business earned ($0.07) EPS. On average, sell-side analysts predict that TrueCar will post -0.3 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TRUE. Bank of Montreal Can boosted its stake in shares of TrueCar by 769.9% in the second 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. Russell Investments Group Ltd. grew 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 purchasing an additional 151,115 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of TrueCar by 151.1% in the third quarter. Assenagon Asset Management S.A. now owns 168,600 shares of the technology company’s stock worth $582,000 after purchasing an additional 101,459 shares during the period. Squarepoint Ops LLC raised its stake in TrueCar by 182.5% in the second quarter. Squarepoint Ops LLC now owns 83,538 shares of the technology company’s stock valued at $261,000 after purchasing an additional 53,965 shares in the last quarter. Finally, SkyView Investment Advisors LLC lifted its position in TrueCar by 34.8% during the second quarter. SkyView Investment Advisors LLC now owns 200,185 shares of the technology company’s stock worth $627,000 after purchasing an additional 51,723 shares during the period. Institutional investors and hedge funds 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.