TrueCar, Inc. (NASDAQ:TRUE) Short Interest Up 20.1% in August

TrueCar, Inc. (NASDAQ:TRUE) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totalling 521,200 shares, an increase of 20.1% from the August 15th total of 433,900 shares. Based on an average daily trading volume, of 251,400 shares, the days-to-cover ratio is currently 2.1 days. Currently, 0.8% of the shares of the stock are sold short.

Insider Activity

In other TrueCar news, EVP Jeff Swart sold 20,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $2.82, for a total transaction of $56,400.00. Following the transaction, the executive vice president now directly owns 390,600 shares in the company, valued at $1,101,492. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On TrueCar

Hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC bought a new position in shares of TrueCar in the first quarter worth about $43,000. Fairman Group LLC bought a new position in shares of TrueCar in the fourth quarter worth approximately $73,000. New York State Common Retirement Fund increased its stake in shares of TrueCar by 269.8% in the fourth 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 in the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of TrueCar during the 1st quarter valued at $152,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of TrueCar during the 2nd quarter valued at $210,000. Institutional investors own 79.44% of the company’s stock.

TrueCar Price Performance

TRUE stock opened at $3.19 on Tuesday. The business has a 50 day moving average of $3.19 and a 200 day moving average of $3.11. TrueCar has a twelve month low of $1.76 and a twelve month high of $4.05. The firm has a market cap of $292.12 million, a PE ratio of -7.98 and a beta of 1.84.

TrueCar (NASDAQ:TRUE) last announced its quarterly earnings results on Monday, August 5th. The technology company reported ($0.09) earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $43.38 million. On average, research analysts expect that TrueCar will post -0.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on TRUE shares. Needham & Company LLC dropped their target price on shares of TrueCar from $4.00 to $3.75 and set a “buy” rating for the company in a report on Tuesday, August 6th. BTIG Research upgraded TrueCar from a “neutral” rating to a “buy” rating and set a $3.75 target price for the company in a report on Wednesday, August 7th.

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.