TrueCar (NASDAQ:TRUE) Stock Rating Upgraded by StockNews.com

TrueCar (NASDAQ:TRUE) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Thursday.

Several other equities research analysts have also weighed in on the company. Needham & Company LLC dropped their target price on TrueCar from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Wednesday. B. Riley upped their price target on shares of TrueCar from $3.30 to $4.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, TrueCar has a consensus rating of “Buy” and a consensus target price of $4.63.

TrueCar Stock Down 4.3 %

Shares of TrueCar stock traded down $0.12 on Thursday, hitting $2.67. 755,478 shares of the company’s stock traded hands, compared to its average volume of 290,729. TrueCar has a 52-week low of $2.50 and a 52-week high of $4.62. The stock has a market cap of $232.18 million, a P/E ratio of -7.85 and a beta of 1.75. The firm’s 50-day moving average is $3.58 and its 200 day moving average is $3.55.

TrueCar (NASDAQ:TRUE) last posted its quarterly 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). TrueCar had a negative return on equity of 17.54% and a negative net margin of 17.68%. The firm had revenue of $46.21 million during the quarter, compared to analyst estimates of $47.30 million. Equities research analysts forecast that TrueCar will post -0.19 EPS for the current year.

Hedge Funds Weigh In On TrueCar

Several large investors have recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new stake in TrueCar during the fourth quarter worth approximately $930,000. Arrowstreet Capital Limited Partnership boosted its stake in TrueCar by 75.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 521,467 shares of the technology company’s stock valued at $1,945,000 after purchasing an additional 224,969 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of TrueCar by 113.0% in the 4th quarter. JPMorgan Chase & Co. now owns 321,378 shares of the technology company’s stock worth $1,199,000 after buying an additional 170,475 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in shares of TrueCar in the fourth quarter valued at $477,000. Finally, Millennium Management LLC bought a new position in TrueCar during the fourth quarter valued at about $420,000. 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.