TrueCar (NASDAQ:TRUE) Stock Rating Lowered by JPMorgan Chase & Co.

TrueCar (NASDAQ:TRUE) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued on Friday, Marketbeat reports.

A number of other equities analysts have also recently commented on the stock. StockNews.com raised shares of TrueCar from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Needham & Company LLC dropped their target price on TrueCar from $5.00 to $4.00 and set a “buy” rating for the company in a report on Wednesday. Finally, B. Riley lifted their target price on TrueCar from $3.30 to $4.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $4.63.

TrueCar Trading Down 6.4 %

TRUE stock opened at $2.50 on Friday. The company has a market capitalization of $217.40 million, a price-to-earnings ratio of -7.35 and a beta of 1.75. TrueCar has a 52 week low of $2.48 and a 52 week high of $4.62. The firm’s 50-day moving average is $3.51 and its two-hundred day moving average is $3.54.

TrueCar (NASDAQ:TRUE) last released its earnings results on Tuesday, February 18th. The technology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). TrueCar had a negative net margin of 17.68% and a negative return on equity of 17.54%. The firm had revenue of $46.21 million during the quarter, compared to the consensus estimate of $47.30 million. On average, equities research analysts predict that TrueCar will post -0.19 earnings per share for the current year.

Institutional Trading of TrueCar

Several hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC boosted its holdings in TrueCar by 126.5% in the third quarter. SG Americas Securities LLC now owns 34,644 shares of the technology company’s stock valued at $120,000 after acquiring an additional 19,349 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of TrueCar by 151.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 168,600 shares of the technology company’s stock worth $582,000 after purchasing an additional 101,459 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of TrueCar in the 3rd quarter worth $43,000. Intech Investment Management LLC bought a new position in shares of TrueCar in the 3rd quarter worth $36,000. Finally, FMR LLC lifted its holdings in shares of TrueCar by 23.7% in the 3rd quarter. FMR LLC now owns 380,636 shares of the technology company’s stock worth $1,313,000 after purchasing an additional 73,041 shares in the last quarter. 79.44% of the stock is currently 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.