TrueCar (NASDAQ:TRUE) Shares Pass Above Fifty Day Moving Average of $2.86

TrueCar, Inc. (NASDAQ:TRUE)’s stock price passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $2.86 and traded as high as $2.91. TrueCar shares last traded at $2.87, with a volume of 144,029 shares changing hands.

Wall Street Analysts Forecast Growth

TRUE has been the topic of several recent analyst reports. StockNews.com upgraded shares of TrueCar from a “hold” rating to a “buy” rating in a research note on Tuesday, May 14th. Needham & Company LLC reduced their price target on shares of TrueCar from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th.

TrueCar Stock Performance

The company’s 50-day moving average is $2.86 and its 200-day moving average is $3.22. The firm has a market cap of $262.82 million, a price-to-earnings ratio of -7.18 and a beta of 1.79.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Monday, April 29th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The business had revenue of $41.05 million for the quarter, compared to the consensus estimate of $41.21 million. TrueCar had a negative net margin of 22.15% and a negative return on equity of 17.26%. On average, analysts predict that TrueCar, Inc. will post -0.22 EPS for the current year.

Institutional Trading of TrueCar

Several institutional investors and hedge funds have recently added to or reduced their stakes in TRUE. Gladius Capital Management LP raised its holdings in TrueCar by 31.3% during the 3rd quarter. Gladius Capital Management LP now owns 15,367 shares of the technology company’s stock worth $32,000 after purchasing an additional 3,661 shares during the last quarter. Lazard Asset Management LLC bought a new stake in TrueCar during the 1st quarter worth about $43,000. Fairman Group LLC bought a new stake in TrueCar during the 4th quarter worth about $73,000. New York State Common Retirement Fund raised its holdings in TrueCar by 269.8% during the 4th quarter. New York State Common Retirement Fund now owns 27,762 shares of the technology company’s stock worth $96,000 after purchasing an additional 20,254 shares during the last quarter. Finally, Hillsdale Investment Management Inc. bought a new stake in TrueCar during the 1st quarter worth about $152,000. 79.44% of the stock is owned by institutional investors.

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.