Connor Clark & Lunn Investment Management Ltd. Invests $43,000 in TrueCar, Inc. (NASDAQ:TRUE)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in TrueCar, Inc. (NASDAQ:TRUE) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 12,445 shares of the technology company’s stock, valued at approximately $43,000.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in TrueCar by 1.0% during the first quarter. Vanguard Group Inc. now owns 4,276,548 shares of the technology company’s stock valued at $14,497,000 after purchasing an additional 41,592 shares during the period. Lazard Asset Management LLC bought a new position in shares of TrueCar during the 1st quarter worth $43,000. Boston Partners grew its stake in shares of TrueCar by 28.4% during the 1st quarter. Boston Partners now owns 131,053 shares of the technology company’s stock worth $444,000 after acquiring an additional 29,025 shares during the period. Assenagon Asset Management S.A. purchased a new stake in TrueCar in the 2nd quarter worth about $210,000. Finally, Bank of New York Mellon Corp raised its stake in TrueCar by 11.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 332,775 shares of the technology company’s stock valued at $1,042,000 after acquiring an additional 34,045 shares during the period. Institutional investors own 79.44% of the company’s stock.

TrueCar Trading Up 2.3 %

TrueCar stock opened at $4.36 on Tuesday. TrueCar, Inc. has a 1-year low of $2.56 and a 1-year high of $4.53. The firm has a market capitalization of $379.15 million, a PE ratio of -15.03 and a beta of 1.83. The firm’s 50 day simple moving average is $3.82 and its 200 day simple moving average is $3.35.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings data on Wednesday, November 6th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). TrueCar had a negative return on equity of 14.33% and a negative net margin of 15.88%. The business had revenue of $46.54 million during the quarter, compared to analysts’ expectations of $45.82 million. During the same quarter last year, the business posted ($0.07) EPS. Research analysts forecast that TrueCar, Inc. will post -0.3 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on TRUE. Needham & Company LLC reiterated a “buy” rating and issued a $5.00 target price on shares of TrueCar in a research note on Tuesday, November 26th. Lake Street Capital initiated coverage on shares of TrueCar in a research note on Monday, October 7th. They issued a “buy” rating and a $6.00 price objective for the company. B. Riley boosted their target price on shares of TrueCar from $3.30 to $4.00 and gave the company a “neutral” rating in a report on Monday, November 11th. BTIG Research raised their price target on TrueCar from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, StockNews.com lowered TrueCar from a “buy” rating to a “hold” rating in a research note on Monday, November 25th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $4.88.

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.