TrueCar (NASDAQ:TRUE) Stock Price Expected to Rise, B. Riley Analyst Says

TrueCar (NASDAQ:TRUE) had its target price raised by B. Riley from $3.30 to $4.00 in a report released on Monday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. B. Riley’s price target points to a potential downside of 7.19% from the stock’s previous close.

A number of other brokerages have also commented on TRUE. Lake Street Capital began coverage on shares of TrueCar in a research note on Monday, October 7th. They set a “buy” rating and a $6.00 price target for the company. Needham & Company LLC cut their price objective on shares of TrueCar from $4.00 to $3.75 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Finally, BTIG Research increased their target price on shares of TrueCar from $3.75 to $4.50 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.56.

TrueCar Trading Down 1.4 %

Shares of NASDAQ TRUE opened at $4.31 on Monday. The firm’s 50-day moving average price is $3.51 and its 200-day moving average price is $3.20. The firm has a market capitalization of $391.74 million, a P/E ratio of -15.07 and a beta of 1.83. TrueCar has a 1-year low of $2.43 and a 1-year high of $4.53.

TrueCar (NASDAQ:TRUE) last announced its quarterly earnings results on Wednesday, November 6th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $46.54 million during the quarter, compared to the consensus estimate of $45.82 million. TrueCar had a negative return on equity of 13.73% and a negative net margin of 15.88%. During the same quarter in the previous year, the company posted ($0.07) EPS. Equities research analysts forecast that TrueCar will post -0.3 EPS for the current year.

Insider Activity

In related news, EVP Jeff Swart sold 20,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were 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 approximately $1,101,492. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On TrueCar

Several institutional investors and hedge funds have recently bought and sold shares of TRUE. Russell Investments Group Ltd. grew its stake 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 acquiring an additional 151,115 shares during the period. 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 worth $1,319,000 after purchasing an additional 368,234 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of TrueCar by 11.4% in the second quarter. Bank of New York Mellon Corp now owns 332,775 shares of the technology company’s stock valued at $1,042,000 after purchasing an additional 34,045 shares during the period. Vanguard Group Inc. lifted its stake in shares of TrueCar by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 4,276,548 shares of the technology company’s stock valued at $14,497,000 after buying an additional 41,592 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its holdings 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 buying an additional 53,965 shares during the period. 79.44% of the stock is owned by institutional investors.

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.