TrueCar, Inc. (NASDAQ:TRUE) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its position in shares of TrueCar, Inc. (NASDAQ:TRUE) by 11.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 332,775 shares of the technology company’s stock after acquiring an additional 34,045 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.36% of TrueCar worth $1,042,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Lazard Asset Management LLC purchased a new stake in shares of TrueCar during the first quarter worth approximately $43,000. Fairman Group LLC purchased a new stake in shares of TrueCar during the fourth quarter worth $73,000. Hillsdale Investment Management Inc. purchased a new stake in shares of TrueCar during the first quarter worth $152,000. Assenagon Asset Management S.A. acquired a new stake in shares of TrueCar in the second quarter valued at about $210,000. Finally, BNP Paribas Financial Markets lifted its stake in shares of TrueCar by 35.4% in the first quarter. BNP Paribas Financial Markets now owns 70,820 shares of the technology company’s stock worth $240,000 after buying an additional 18,501 shares in the last quarter. Institutional investors and hedge funds own 79.44% of the company’s stock.

Insider Activity at TrueCar

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

TrueCar Trading Down 1.5 %

Shares of TRUE stock opened at $3.26 on Friday. TrueCar, Inc. has a twelve month low of $1.76 and a twelve month high of $4.05. The company’s 50-day moving average price is $3.19 and its 200-day moving average price is $3.10. The stock has a market cap of $296.30 million, a price-to-earnings ratio of -8.15 and a beta of 1.84.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Needham & Company LLC dropped their price objective on shares of TrueCar from $4.00 to $3.75 and set a “buy” rating for the company in a research note on Tuesday, August 6th. BTIG Research upgraded TrueCar from a “neutral” rating to a “buy” rating and set a $3.75 price target for the company in a research report on Wednesday, August 7th.

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.