TrueCar (NASDAQ:TRUE) Price Target Raised to $4.00

TrueCar (NASDAQ:TRUE) had its price target upped by B. Riley from $3.30 to $4.00 in a report issued on Monday,Benzinga reports. B. Riley currently has a neutral rating on the technology company’s stock.

A number of other research firms have also issued reports on TRUE. Needham & Company LLC dropped their price objective 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. Lake Street Capital initiated coverage on shares of TrueCar in a research note on Monday, October 7th. They set a “buy” rating and a $6.00 price objective on the stock. Finally, BTIG Research lifted their price objective on shares of TrueCar from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $4.56.

TrueCar Price Performance

TrueCar stock opened at $4.37 on Monday. TrueCar has a 12-month low of $2.43 and a 12-month high of $4.53. The stock has a market capitalization of $397.19 million, a P/E ratio of -14.14 and a beta of 1.83. The firm’s 50-day moving average is $3.48 and its two-hundred day moving average is $3.19.

TrueCar (NASDAQ:TRUE) last released its quarterly 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 return on equity of 13.73% and a negative net margin of 15.88%. The firm had revenue of $46.54 million for the quarter, compared to analyst estimates of $45.82 million. During the same period in the prior year, the business earned ($0.07) earnings per share. As a group, analysts forecast that TrueCar will post -0.3 EPS for the current year.

Insider Buying and Selling

In related news, EVP Jeff Swart sold 20,000 shares of TrueCar stock in a transaction on 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 sale, the executive vice president now owns 390,600 shares in the company, valued at approximately $1,101,492. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On TrueCar

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in TrueCar by 1.0% in the first quarter. Vanguard Group Inc. now owns 4,276,548 shares of the technology company’s stock worth $14,497,000 after purchasing an additional 41,592 shares during the period. Dimensional Fund Advisors LP boosted its holdings in TrueCar by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,253,582 shares of the technology company’s stock worth $10,183,000 after purchasing an additional 25,541 shares during the period. Acadian Asset Management LLC boosted its holdings in TrueCar by 0.6% in the second quarter. Acadian Asset Management LLC now owns 2,132,154 shares of the technology company’s stock worth $6,671,000 after purchasing an additional 12,956 shares during the period. Renaissance Technologies LLC boosted its holdings in TrueCar by 0.3% in the second quarter. Renaissance Technologies LLC now owns 2,123,601 shares of the technology company’s stock worth $6,647,000 after purchasing an additional 6,800 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in TrueCar by 29.1% in the first quarter. Russell Investments Group Ltd. now owns 670,470 shares of the technology company’s stock worth $2,273,000 after purchasing an additional 151,115 shares during the period. Institutional investors and hedge funds own 79.44% of the company’s stock.

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.