TrueCar (NASDAQ:TRUE) Downgraded by JPMorgan Chase & Co. to Underweight

JPMorgan Chase & Co. lowered shares of TrueCar (NASDAQ:TRUE) from a neutral rating to an underweight rating in a research report released on Thursday morning, Marketbeat.com reports.

A number of other brokerages also recently issued reports on TRUE. Needham & Company LLC decreased their price target on shares of TrueCar from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. StockNews.com lowered shares of TrueCar from a “strong-buy” rating to a “buy” rating in a report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, TrueCar has a consensus rating of “Moderate Buy” and an average target price of $4.63.

TrueCar Stock Down 3.6 %

Shares of TRUE stock opened at $1.59 on Thursday. The firm has a 50 day moving average of $2.68 and a two-hundred day moving average of $3.38. The stock has a market capitalization of $138.74 million, a PE ratio of -4.68 and a beta of 1.72. TrueCar has a 52 week low of $1.52 and a 52 week high of $4.62.

TrueCar (NASDAQ:TRUE) last issued 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 analysts’ expectations of $47.30 million. TrueCar had a negative return on equity of 17.54% and a negative net margin of 17.68%. Analysts expect that TrueCar will post -0.19 EPS for the current fiscal year.

Institutional Trading of TrueCar

Large investors have recently made changes to their positions in the company. Mackenzie Financial Corp boosted its holdings in shares of TrueCar by 55.2% in the fourth quarter. Mackenzie Financial Corp now owns 34,044 shares of the technology company’s stock valued at $127,000 after acquiring an additional 12,112 shares during the period. Two Sigma Advisers LP raised its position in TrueCar by 43.5% in the 4th quarter. Two Sigma Advisers LP now owns 33,000 shares of the technology company’s stock valued at $123,000 after purchasing an additional 10,000 shares during the last quarter. ProShare Advisors LLC boosted its stake in TrueCar by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 24,123 shares of the technology company’s stock worth $90,000 after purchasing an additional 7,938 shares during the period. Occudo Quantitative Strategies LP purchased a new position in TrueCar during the 4th quarter worth $111,000. Finally, Millennium Management LLC acquired a new position in TrueCar in the fourth quarter valued at $420,000. 79.44% of the stock is owned by institutional investors and hedge funds.

TrueCar Company 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.