Needham & Company LLC Reiterates Buy Rating for TrueCar (NASDAQ:TRUE)

TrueCar (NASDAQ:TRUE)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They presently have a $5.00 price objective on the technology company’s stock. Needham & Company LLC’s target price suggests a potential upside of 14.94% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. BTIG Research raised their target price on shares of TrueCar from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. StockNews.com lowered shares of TrueCar from a “buy” rating to a “hold” rating in a report on Monday. 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 objective for the company. Finally, B. Riley increased their target price on TrueCar from $3.30 to $4.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $4.88.

TrueCar Stock Performance

TRUE stock opened at $4.35 on Tuesday. TrueCar has a one year low of $2.56 and a one year high of $4.53. The stock has a market capitalization of $378.28 million, a P/E ratio of -15.00 and a beta of 1.83. The company has a 50 day moving average price of $3.76 and a two-hundred day moving average price of $3.31.

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

Institutional Investors Weigh In On TrueCar

Several institutional investors have recently bought and sold shares of the business. Intech Investment Management LLC acquired a new position in shares of TrueCar during the 3rd quarter valued at $36,000. Lazard Asset Management LLC acquired a new position in shares of TrueCar during the first quarter worth about $43,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of TrueCar during the third quarter worth about $43,000. SG Americas Securities LLC boosted its position in shares of TrueCar by 126.5% in the third quarter. SG Americas Securities LLC now owns 34,644 shares of the technology company’s stock worth $120,000 after buying an additional 19,349 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of TrueCar in the second quarter valued at about $210,000. 79.44% of the stock is currently owned by hedge funds and other 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.