TrueCar (NASDAQ:TRUE) Price Target Cut to $4.00 by Analysts at Needham & Company LLC

TrueCar (NASDAQ:TRUE) had its target price lowered by Needham & Company LLC from $5.00 to $4.00 in a report released on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.

Several other equities analysts have also issued reports on the stock. B. Riley lifted their price target on shares of TrueCar from $3.30 to $4.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. BTIG Research boosted their target price on TrueCar from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, StockNews.com raised TrueCar from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4.63.

TrueCar Stock Down 14.4 %

Shares of NASDAQ:TRUE opened at $2.79 on Wednesday. TrueCar has a 52 week low of $2.50 and a 52 week high of $4.62. The firm has a 50 day moving average of $3.61 and a 200 day moving average of $3.56. The company has a market capitalization of $242.61 million, a price-to-earnings ratio of -9.62 and a beta of 1.75.

TrueCar (NASDAQ:TRUE) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). TrueCar had a negative net margin of 15.88% and a negative return on equity of 14.33%. The firm had revenue of $46.21 million for the quarter, compared to analysts’ expectations of $47.30 million. On average, sell-side analysts expect that TrueCar will post -0.29 EPS for the current year.

Institutional Investors Weigh In On TrueCar

Several institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC raised its stake 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. Assenagon Asset Management S.A. increased its holdings in shares of TrueCar by 151.1% in the third quarter. Assenagon Asset Management S.A. now owns 168,600 shares of the technology company’s stock valued at $582,000 after purchasing an additional 101,459 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of TrueCar in the third quarter worth about $43,000. Intech Investment Management LLC acquired a new stake in shares of TrueCar during the third quarter worth about $36,000. Finally, FMR LLC boosted its position in TrueCar by 23.7% in the third quarter. FMR LLC now owns 380,636 shares of the technology company’s stock valued at $1,313,000 after buying an additional 73,041 shares during the last quarter. 79.44% of the stock is currently owned by institutional investors and hedge funds.

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.