TrueCar (NASDAQ:TRUE) Stock Price Crosses Below Two Hundred Day Moving Average of $3.13

TrueCar, Inc. (NASDAQ:TRUE) shares crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.13 and traded as low as $2.88. TrueCar shares last traded at $3.01, with a volume of 213,252 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TRUE. Needham & Company LLC lowered their price objective on TrueCar from $4.00 to $3.75 and set a “buy” rating for the company in a research note on Tuesday, August 6th. BTIG Research upgraded TrueCar from a “neutral” rating to a “buy” rating and set a $3.75 price target for the company in a research note on Wednesday, August 7th. Finally, StockNews.com raised shares of TrueCar from a “hold” rating to a “buy” rating in a report on Tuesday, May 14th.

TrueCar Price Performance

The company has a market capitalization of $271.76 million, a P/E ratio of -7.47 and a beta of 1.84. The company has a fifty day moving average price of $3.19 and a 200 day moving average price of $3.12.

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

Insiders Place Their Bets

In related news, EVP Jeff Swart sold 20,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $2.82, for a total value of $56,400.00. Following the completion of the transaction, the executive vice president now owns 390,600 shares in the company, valued at approximately $1,101,492. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 3.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On TrueCar

Institutional investors have recently added to or reduced their stakes in the company. Lazard Asset Management LLC bought a new stake in TrueCar during the first quarter worth approximately $43,000. Fairman Group LLC bought a new stake in shares of TrueCar during the 4th quarter worth $73,000. New York State Common Retirement Fund grew its holdings in shares of TrueCar by 269.8% in the 4th quarter. New York State Common Retirement Fund now owns 27,762 shares of the technology company’s stock worth $96,000 after acquiring an additional 20,254 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new stake in shares of TrueCar during the first quarter worth $152,000. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of TrueCar during the second quarter valued at $210,000. 79.44% of the stock is currently owned by institutional investors and hedge funds.

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.