Bank of New York Mellon Corp Sells 9,326 Shares of TrueCar, Inc. (NASDAQ:TRUE)

Bank of New York Mellon Corp decreased its holdings in shares of TrueCar, Inc. (NASDAQ:TRUE) by 3.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 256,607 shares of the technology company’s stock after selling 9,326 shares during the period. Bank of New York Mellon Corp’s holdings in TrueCar were worth $957,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in TRUE. Intech Investment Management LLC bought a new position in shares of TrueCar during the 3rd quarter worth approximately $36,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in TrueCar during the third quarter worth $43,000. R Squared Ltd bought a new position in TrueCar during the fourth quarter worth $49,000. BNP Paribas Financial Markets grew its holdings in TrueCar by 15.2% in the third quarter. BNP Paribas Financial Markets now owns 60,942 shares of the technology company’s stock worth $210,000 after purchasing an additional 8,027 shares during the period. Finally, Jane Street Group LLC increased its stake in TrueCar by 19.4% in the third quarter. Jane Street Group LLC now owns 99,586 shares of the technology company’s stock valued at $344,000 after purchasing an additional 16,163 shares in the last quarter. Institutional investors and hedge funds own 79.44% of the company’s stock.

TrueCar Stock Performance

TRUE stock opened at $1.84 on Wednesday. The business has a 50-day simple moving average of $2.79 and a two-hundred day simple moving average of $3.42. The company has a market capitalization of $160.55 million, a P/E ratio of -5.41 and a beta of 1.72. TrueCar, Inc. has a 52-week low of $1.68 and a 52-week high of $4.62.

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

Wall Street Analyst Weigh In

TRUE has been the subject of several research reports. JPMorgan Chase & Co. downgraded TrueCar from an “overweight” rating to a “neutral” rating in a research note on Friday, February 21st. StockNews.com cut TrueCar from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 28th. Finally, Needham & Company LLC cut their target price on TrueCar from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, TrueCar currently has a consensus rating of “Moderate Buy” and an average price target of $4.63.

TrueCar 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.