TrueCar (NASDAQ:TRUE) Stock Rating Upgraded by StockNews.com

TrueCar (NASDAQ:TRUE) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Tuesday.

A number of other research firms have also commented on TRUE. BTIG Research boosted their price target on shares of TrueCar from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC restated a “buy” rating and issued a $5.00 price objective on shares of TrueCar in a research report on Tuesday, November 26th. B. Riley boosted their price objective on shares of TrueCar from $3.30 to $4.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Finally, Lake Street Capital began coverage on shares of TrueCar in a report on Monday, October 7th. They issued a “buy” rating and a $6.00 price objective for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $4.88.

TrueCar Stock Performance

Shares of TRUE opened at $4.39 on Tuesday. The stock has a market capitalization of $381.75 million, a price-to-earnings ratio of -15.14 and a beta of 1.75. TrueCar has a 52 week low of $2.56 and a 52 week high of $4.62. The stock has a fifty day moving average of $3.87 and a 200-day moving average of $3.36.

TrueCar (NASDAQ:TRUE) last released 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 company had revenue of $46.54 million for the quarter, compared to the consensus estimate of $45.82 million. During the same period last year, the company earned ($0.07) EPS. As a group, equities analysts forecast that TrueCar will post -0.3 EPS for the current year.

Hedge Funds Weigh In On TrueCar

A number of institutional investors and hedge funds have recently made changes to their positions in TRUE. Intech Investment Management LLC bought a new stake in shares of TrueCar during the third quarter valued at approximately $36,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in TrueCar in the 3rd quarter worth approximately $43,000. SG Americas Securities LLC raised its holdings in TrueCar by 126.5% in the 3rd 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. BNP Paribas Financial Markets raised its holdings in TrueCar by 15.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 60,942 shares of the technology company’s stock worth $210,000 after acquiring an additional 8,027 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in TrueCar in the 2nd quarter worth approximately $210,000. Institutional investors own 79.44% of the company’s stock.

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.