TrueCar’s (TRUE) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of TrueCar (NASDAQ:TRUE) in a research report report published on Tuesday morning,Benzinga reports. They currently have a $5.00 target price on the technology company’s stock.

Other analysts have also issued research reports about the stock. StockNews.com lowered shares of TrueCar from a “buy” rating to a “hold” rating in a report on Monday. BTIG Research boosted their price target on shares of TrueCar from $3.75 to $4.50 and gave the company a “buy” rating in a report on Tuesday, October 22nd. B. Riley boosted their price target on shares of TrueCar from $3.30 to $4.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Finally, Lake Street Capital assumed coverage on shares of TrueCar in a report on Monday, October 7th. They issued a “buy” rating and a $6.00 price target for the company. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.88.

TrueCar Stock Performance

TRUE opened at $4.35 on Tuesday. The company has a fifty day moving average price of $3.78 and a two-hundred day moving average price of $3.32. TrueCar has a 52 week low of $2.56 and a 52 week high of $4.53. The firm has a market capitalization of $378.28 million, a PE ratio of -15.00 and a beta of 1.83.

TrueCar (NASDAQ:TRUE) last released its earnings results on Wednesday, November 6th. The technology company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). TrueCar had a negative return on equity of 14.33% and a negative net margin of 15.88%. The business 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 firm posted ($0.07) EPS. Equities analysts forecast that TrueCar will post -0.3 EPS for the current year.

Institutional Investors Weigh In On TrueCar

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

TrueCar Company Profile

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.