TrueCar, Inc. (NASDAQ:TRUE) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of TrueCar, Inc. (NASDAQ:TRUE) have been given a consensus recommendation of “Moderate Buy” by the five ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $4.63.

TRUE has been the subject of several research reports. JPMorgan Chase & Co. lowered TrueCar from an “overweight” rating to a “neutral” rating in a research report on Friday, February 21st. Needham & Company LLC dropped their target price on shares of TrueCar from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Finally, StockNews.com downgraded shares of TrueCar from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 28th.

TrueCar Trading Down 3.2 %

Shares of TrueCar stock opened at $1.82 on Tuesday. TrueCar has a 12-month low of $1.80 and a 12-month high of $4.62. The company has a market cap of $158.81 million, a P/E ratio of -5.35 and a beta of 1.72. The company’s fifty day simple moving average is $2.98 and its two-hundred day simple moving average is $3.47.

TrueCar (NASDAQ:TRUE) last announced its quarterly earnings results on Tuesday, February 18th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $47.30 million. Analysts predict that TrueCar will post -0.19 EPS for the current fiscal year.

Institutional Investors Weigh In On TrueCar

A number of institutional investors have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of TrueCar in the 3rd quarter worth about $43,000. Intech Investment Management LLC bought a new stake in TrueCar during the 3rd quarter valued at about $36,000. FMR LLC raised its holdings in TrueCar by 23.7% in the third quarter. FMR LLC now owns 380,636 shares of the technology company’s stock worth $1,313,000 after buying an additional 73,041 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of 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 buying an additional 8,027 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of TrueCar by 0.9% during the third quarter. State Street Corp now owns 1,790,659 shares of the technology company’s stock valued at $6,178,000 after buying an additional 16,127 shares during the last quarter. 79.44% of the stock is owned by hedge funds and other 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.