StockNews.com Downgrades TrueCar (NASDAQ:TRUE) to Buy

StockNews.com lowered shares of TrueCar (NASDAQ:TRUE) from a strong-buy rating to a buy rating in a research report released on Friday morning.

Several other research analysts also recently weighed in on TRUE. JPMorgan Chase & Co. downgraded shares of TrueCar from an “overweight” rating to a “neutral” rating in a report on Friday, February 21st. Needham & Company LLC dropped their target price on shares of TrueCar from $5.00 to $4.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Finally, B. Riley upped their target price on shares of TrueCar from $3.30 to $4.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, TrueCar has an average rating of “Moderate Buy” and an average price target of $4.63.

TrueCar Price Performance

Shares of TRUE stock opened at $2.33 on Friday. TrueCar has a 1 year low of $2.16 and a 1 year high of $4.62. The firm has a fifty day moving average price of $3.35 and a 200-day moving average price of $3.53. The company has a market cap of $203.31 million, a price-to-earnings ratio of -6.85 and a beta of 1.75.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). TrueCar had a negative net margin of 17.68% and a negative return on equity of 17.54%. The business had revenue of $46.21 million for the quarter, compared to the consensus estimate of $47.30 million. Equities research analysts expect that TrueCar will post -0.19 EPS for the current year.

Institutional Trading of TrueCar

Several hedge funds have recently bought and sold shares of the stock. Mackenzie Financial Corp lifted its stake in TrueCar by 55.2% in the 4th quarter. Mackenzie Financial Corp now owns 34,044 shares of the technology company’s stock worth $127,000 after purchasing an additional 12,112 shares in the last quarter. Two Sigma Advisers LP lifted its stake in TrueCar by 43.5% in the 4th quarter. Two Sigma Advisers LP now owns 33,000 shares of the technology company’s stock worth $123,000 after purchasing an additional 10,000 shares in the last quarter. ProShare Advisors LLC lifted its stake in 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 purchasing an additional 7,938 shares in the last quarter. Occudo Quantitative Strategies LP purchased a new stake in TrueCar in the 4th quarter worth $111,000. Finally, Millennium Management LLC purchased a new stake in TrueCar in the 4th quarter worth $420,000. 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.