TrueCar Inc. (NASDAQ:TRUE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “TrueCar Inc. engages in developing and publishing an online automotive information and communications platform. The Company operates its company-branded platform on its TrueCar.com Website. It enables users to obtain market-based pricing data on new and used cars, as well as to connect with its network of TrueCar certified dealers. TrueCar, Inc. is based in Santa Monica, California. “
Several other analysts also recently issued reports on TRUE. B. Riley reiterated a “sell” rating and set a $3.50 price target on shares of TrueCar in a research note on Monday, July 18th. Loop Capital began coverage on TrueCar in a research note on Wednesday, August 10th. They set a “hold” rating and a $11.00 price target for the company. RBC Capital Markets reiterated a “sector perform” rating and set a $10.00 price target (up previously from $6.00) on shares of TrueCar in a research note on Monday, August 8th. JPMorgan Chase & Co. reiterated a “hold” rating and set a $6.00 price target on shares of TrueCar in a research note on Friday, August 5th. Finally, Morgan Stanley downgraded TrueCar from an “equal weight” rating to an “underweight” rating and upped their price target for the stock from $5.00 to $6.40 in a research note on Monday, September 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $8.28.
TrueCar (NASDAQ:TRUE) opened at 9.50 on Thursday. TrueCar has a 52-week low of $4.42 and a 52-week high of $11.13. The firm’s market capitalization is $803.76 million. The company’s 50-day moving average price is $9.42 and its 200 day moving average price is $7.90.
TrueCar (NASDAQ:TRUE) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.05. The company earned $66.42 million during the quarter, compared to the consensus estimate of $65.52 million. TrueCar had a negative return on equity of 22.85% and a negative net margin of 24.55%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.05) EPS. Equities research analysts predict that TrueCar will post ($0.24) earnings per share for the current year.
In other news, Director John Krafcik sold 16,541 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $10.68, for a total value of $176,657.88. Following the completion of the transaction, the director now directly owns 74,869 shares of the company’s stock, valued at approximately $799,600.92. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Services Automobile Ass United sold 200,000 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $9.54, for a total value of $1,908,000.00. Following the completion of the transaction, the insider now directly owns 10,072,346 shares of the company’s stock, valued at $96,090,180.84. The disclosure for this sale can be found here. 17.30% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of TRUE. Spark Investment Management LLC bought a new position in shares of TrueCar during the first quarter worth about $869,000. Geode Capital Management LLC boosted its position in shares of TrueCar by 1.6% in the first quarter. Geode Capital Management LLC now owns 397,526 shares of the company’s stock worth $2,222,000 after buying an additional 6,248 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of TrueCar by 8.9% in the second quarter. California State Teachers Retirement System now owns 113,963 shares of the company’s stock worth $895,000 after buying an additional 9,288 shares during the last quarter. State Street Corp boosted its position in shares of TrueCar by 12.2% in the first quarter. State Street Corp now owns 845,387 shares of the company’s stock worth $4,727,000 after buying an additional 91,689 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of TrueCar by 7.2% in the second quarter. Bank of New York Mellon Corp now owns 247,283 shares of the company’s stock worth $1,940,000 after buying an additional 16,593 shares during the last quarter. 58.68% of the stock is owned by institutional investors and hedge funds.
TrueCar, Inc offers a diverse software ecosystem for buying cars. The Company’s software ecosystem is based on a common technology infrastructure, and powered by data and analytics. The Company operates its platform on the TrueCar Website and its branded mobile experience. It customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for enterprises.
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