TrueCar (NASDAQ:TRUE) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of TrueCar (NASDAQ:TRUE) in a report released on Wednesday,Benzinga reports. The firm currently has a $5.00 target price on the technology company’s stock.

TRUE has been the topic of a number of other research reports. BTIG Research increased their price objective on shares of TrueCar from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. StockNews.com upgraded shares of TrueCar from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Lake Street Capital initiated coverage on TrueCar in a research report on Monday, October 7th. They set a “buy” rating and a $6.00 price objective for the company. Finally, B. Riley raised their target price 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 given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $4.88.

TrueCar Trading Up 0.6 %

NASDAQ:TRUE opened at $3.45 on Wednesday. The stock has a 50 day moving average of $3.94 and a 200-day moving average of $3.56. The firm has a market capitalization of $300.01 million, a PE ratio of -11.90 and a beta of 1.78. TrueCar has a 52 week low of $2.56 and a 52 week high of $4.62.

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

Institutional Trading of TrueCar

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Intech Investment Management LLC bought a new position in shares of TrueCar in the third quarter valued at approximately $36,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in TrueCar in the third quarter worth approximately $43,000. SG Americas Securities LLC lifted its position in TrueCar by 126.5% in the third quarter. SG Americas Securities LLC now owns 34,644 shares of the technology company’s stock worth $120,000 after purchasing an additional 19,349 shares during the period. BNP Paribas Financial Markets boosted its stake in TrueCar by 15.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 60,942 shares of the technology company’s stock valued at $210,000 after purchasing an additional 8,027 shares in the last quarter. Finally, Squarepoint Ops LLC increased its position in shares of TrueCar by 182.5% during 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. 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.