TrueCar, Inc. (NASDAQ:TRUE) Receives $4.63 Average Price Target from Brokerages

TrueCar, Inc. (NASDAQ:TRUE) has received a consensus rating of “Moderate Buy” from the five research firms that are covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $4.63.

A number of research firms have recently weighed in on TRUE. JPMorgan Chase & Co. downgraded TrueCar from an “overweight” rating to a “neutral” rating in a report on Friday, February 21st. Needham & Company LLC decreased their target price on shares of TrueCar from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, StockNews.com lowered shares of TrueCar from a “strong-buy” rating to a “buy” rating in a report on Friday, February 28th.

Hedge Funds Weigh In On TrueCar

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC increased its stake in shares of TrueCar by 169.2% in the third quarter. Barclays PLC now owns 130,062 shares of the technology company’s stock worth $448,000 after purchasing an additional 81,745 shares in the last quarter. State Street Corp lifted its stake in TrueCar by 0.9% in the 3rd quarter. State Street Corp now owns 1,790,659 shares of the technology company’s stock worth $6,178,000 after purchasing an additional 16,127 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in TrueCar by 15.2% in 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 during the period. Geode Capital Management LLC grew its position in shares of TrueCar by 3.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,955,226 shares of the technology company’s stock valued at $6,747,000 after purchasing an additional 71,508 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of TrueCar by 19.4% in the third quarter. Jane Street Group LLC now owns 99,586 shares of the technology company’s stock worth $344,000 after purchasing an additional 16,163 shares during the period. 79.44% of the stock is owned by hedge funds and other institutional investors.

TrueCar Trading Up 1.1 %

Shares of NASDAQ TRUE opened at $1.78 on Tuesday. The firm has a market cap of $155.32 million, a PE ratio of -5.24 and a beta of 1.72. TrueCar has a 1-year low of $1.68 and a 1-year high of $4.62. The company has a fifty day moving average price of $2.85 and a 200 day moving average price of $3.43.

TrueCar (NASDAQ:TRUE) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The company had revenue of $46.21 million for the quarter, compared to analyst estimates of $47.30 million. TrueCar had a negative return on equity of 17.54% and a negative net margin of 17.68%. Equities research analysts forecast that TrueCar will post -0.19 EPS for the current year.

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.