TrueCar (NASDAQ:TRUE) Cut to Underweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of TrueCar (NASDAQ:TRUE) from a neutral rating to an underweight rating in a report issued on Thursday, Marketbeat Ratings reports.

A number of other analysts have also recently weighed in on the stock. Needham & Company LLC reduced their price objective on shares of TrueCar from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. StockNews.com lowered shares of TrueCar from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4.63.

TrueCar Stock Down 7.8 %

TRUE opened at $1.65 on Thursday. TrueCar has a 12-month low of $1.61 and a 12-month high of $4.62. The firm has a market capitalization of $143.97 million, a P/E ratio of -4.85 and a beta of 1.72. The stock has a fifty day moving average of $2.72 and a 200-day moving average of $3.39.

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

Institutional Investors Weigh In On TrueCar

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC grew its holdings in shares of TrueCar by 169.2% during the third quarter. Barclays PLC now owns 130,062 shares of the technology company’s stock worth $448,000 after purchasing an additional 81,745 shares during the last quarter. State Street Corp raised its holdings in shares of TrueCar by 0.9% in the third quarter. State Street Corp now owns 1,790,659 shares of the technology company’s stock valued at $6,178,000 after buying an additional 16,127 shares during the last quarter. BNP Paribas Financial Markets lifted its position in TrueCar by 15.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 60,942 shares of the technology company’s stock worth $210,000 after buying an additional 8,027 shares in the last quarter. Geode Capital Management LLC grew its holdings in TrueCar by 3.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,955,226 shares of the technology company’s stock worth $6,747,000 after acquiring an additional 71,508 shares during the last quarter. Finally, Jane Street Group LLC increased its position in TrueCar by 19.4% in the 3rd quarter. Jane Street Group LLC now owns 99,586 shares of the technology company’s stock valued at $344,000 after acquiring an additional 16,163 shares in the last quarter. 79.44% of the stock is 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.