BTIG Research Increases TrueCar (NASDAQ:TRUE) Price Target to $4.50

TrueCar (NASDAQ:TRUE) had its target price boosted by BTIG Research from $3.75 to $4.50 in a research report released on Tuesday morning, Benzinga reports. BTIG Research currently has a buy rating on the technology company’s stock.

A number of other research analysts also recently commented on the company. Lake Street Capital assumed coverage on TrueCar in a research report on Monday, October 7th. They set a “buy” rating and a $6.00 target price for the company. Needham & Company LLC decreased their price target on shares of TrueCar from $4.00 to $3.75 and set a “buy” rating on the stock in a research note on Tuesday, August 6th.

TrueCar Stock Performance

TRUE opened at $3.64 on Tuesday. The stock has a market capitalization of $330.84 million, a price-to-earnings ratio of -11.38 and a beta of 1.85. The company has a fifty day moving average of $3.22 and a 200 day moving average of $3.11. TrueCar has a fifty-two week low of $1.76 and a fifty-two week high of $4.05.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings data on Monday, August 5th. The technology company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). TrueCar had a negative net margin of 17.63% and a negative return on equity of 14.10%. The firm had revenue of $41.80 million for the quarter, compared to analysts’ expectations of $43.38 million. On average, equities research analysts forecast that TrueCar will post -0.28 earnings per share for the current year.

Insider Activity

In related news, EVP Jeff Swart sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $2.82, for a total value of $56,400.00. Following the completion of the sale, the executive vice president now directly owns 390,600 shares in the company, valued at $1,101,492. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.30% of the company’s stock.

Institutional Trading of TrueCar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC grew its stake in shares of TrueCar by 0.3% during the second quarter. Renaissance Technologies LLC now owns 2,123,601 shares of the technology company’s stock valued at $6,647,000 after buying an additional 6,800 shares during the last quarter. ClariVest Asset Management LLC increased its stake in TrueCar by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 253,474 shares of the technology company’s stock worth $793,000 after purchasing an additional 7,088 shares during the period. American Century Companies Inc. increased its stake in TrueCar by 11.7% in the second quarter. American Century Companies Inc. now owns 104,371 shares of the technology company’s stock worth $327,000 after purchasing an additional 10,900 shares during the period. Lazard Asset Management LLC bought a new stake in shares of TrueCar during the first quarter worth $43,000. Finally, Acadian Asset Management LLC boosted its stake in shares of TrueCar by 0.6% during the second quarter. Acadian Asset Management LLC now owns 2,132,154 shares of the technology company’s stock valued at $6,671,000 after purchasing an additional 12,956 shares during the period. 79.44% of the stock is owned by hedge funds and other 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.