TrueCar (NASDAQ:TRUE) Upgraded by StockNews.com to “Buy” Rating

TrueCar (NASDAQ:TRUE) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday.

Other analysts also recently issued reports about the stock. Lake Street Capital started coverage on shares of TrueCar in a research report on Monday, October 7th. They set a “buy” rating and a $6.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $5.00 target price on shares of TrueCar in a research note on Tuesday, November 26th. BTIG Research boosted their price target on TrueCar from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, B. Riley increased their price objective on TrueCar from $3.30 to $4.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, TrueCar currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.88.

TrueCar Price Performance

NASDAQ:TRUE opened at $4.36 on Tuesday. The firm’s 50-day moving average price is $3.82 and its 200-day moving average price is $3.35. The company has a market capitalization of $379.15 million, a PE ratio of -15.03 and a beta of 1.83. TrueCar has a 1-year low of $2.56 and a 1-year high of $4.53.

TrueCar (NASDAQ:TRUE) last released its earnings results on Wednesday, November 6th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). TrueCar had a negative net margin of 15.88% and a negative return on equity of 14.33%. The business had revenue of $46.54 million for the quarter, compared to analysts’ expectations of $45.82 million. During the same quarter in the previous year, the business posted ($0.07) earnings per share. Equities analysts anticipate that TrueCar will post -0.3 EPS for the current fiscal year.

Institutional Trading of TrueCar

Several large investors have recently added to or reduced their stakes in the business. Bank of Montreal Can raised its holdings in TrueCar by 769.9% in the 2nd quarter. Bank of Montreal Can now owns 416,063 shares of the technology company’s stock worth $1,319,000 after purchasing an additional 368,234 shares during the period. Bank of New York Mellon Corp raised its stake in TrueCar by 11.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 332,775 shares of the technology company’s stock worth $1,042,000 after acquiring an additional 34,045 shares during the period. Vanguard Group Inc. lifted its holdings in TrueCar by 1.0% during the first quarter. Vanguard Group Inc. now owns 4,276,548 shares of the technology company’s stock valued at $14,497,000 after purchasing an additional 41,592 shares in the last quarter. Squarepoint Ops LLC boosted its position in shares of TrueCar by 182.5% in the second quarter. Squarepoint Ops LLC now owns 83,538 shares of the technology company’s stock worth $261,000 after purchasing an additional 53,965 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of TrueCar in the second quarter worth $210,000. 79.44% of the stock is currently 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.