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

TrueCar (NASDAQ:TRUE) had its target price hoisted by equities research analysts at BTIG Research from $3.75 to $4.50 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. BTIG Research’s target price suggests a potential upside of 23.63% from the stock’s previous close.

TRUE has been the topic of several other research reports. Lake Street Capital initiated coverage on shares of TrueCar in a research report on Monday, October 7th. They set a “buy” rating and a $6.00 price target on the stock. Needham & Company LLC reduced their target price on TrueCar from $4.00 to $3.75 and set a “buy” rating on the stock in a report on Tuesday, August 6th.

TrueCar Price Performance

NASDAQ TRUE traded down $0.05 during trading hours on Tuesday, hitting $3.64. The company had a trading volume of 86,242 shares, compared to its average volume of 223,271. The firm’s 50 day moving average is $3.20 and its 200 day moving average is $3.10. TrueCar has a fifty-two week low of $1.76 and a fifty-two week high of $4.05. The company has a market capitalization of $330.84 million, a price-to-earnings ratio of -11.38 and a beta of 1.85.

TrueCar (NASDAQ:TRUE) last posted its earnings results on Monday, August 5th. The technology company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). TrueCar had a negative return on equity of 14.10% and a negative net margin of 17.63%. The firm had revenue of $41.80 million for the quarter, compared to analyst estimates of $43.38 million. On average, equities analysts anticipate that TrueCar will post -0.28 EPS for the current year.

Insider Transactions at TrueCar

In related news, EVP Jeff Swart sold 20,000 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 390,600 shares of the company’s stock, valued at approximately $1,101,492. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On TrueCar

Several large investors have recently added to or reduced their stakes in TRUE. SG Americas Securities LLC grew its position in shares of TrueCar by 126.5% during the third quarter. SG Americas Securities LLC now owns 34,644 shares of the technology company’s stock worth $120,000 after acquiring an additional 19,349 shares during the last quarter. SkyView Investment Advisors LLC boosted its stake in TrueCar by 34.8% during the 2nd quarter. SkyView Investment Advisors LLC now owns 200,185 shares of the technology company’s stock valued at $627,000 after purchasing an additional 51,723 shares during the period. Squarepoint Ops LLC grew its position in TrueCar by 182.5% in the 2nd 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. Bank of Montreal Can increased 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 purchasing an additional 368,234 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in shares of TrueCar by 0.3% during the second quarter. Renaissance Technologies LLC now owns 2,123,601 shares of the technology company’s stock valued at $6,647,000 after buying an additional 6,800 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.