TrueCar Inc (TRUE) Given Consensus Recommendation of “Buy” by Brokerages
TrueCar Inc (NASDAQ:TRUE) has been assigned an average recommendation of “Buy” from the twelve ratings firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $17.77.
TRUE has been the topic of a number of recent research reports. TheStreet upgraded shares of TrueCar from a “d” rating to a “c” rating in a research note on Monday, May 15th. Loop Capital restated a “buy” rating and issued a $18.00 target price on shares of TrueCar in a research note on Tuesday, March 28th. Citigroup Inc. initiated coverage on shares of TrueCar in a research note on Monday, March 27th. They issued a “buy” rating and a $18.00 target price on the stock. Zacks Investment Research upgraded shares of TrueCar from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Friday, May 5th. Finally, Craig Hallum boosted their target price on shares of TrueCar from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, May 10th.
TrueCar (NASDAQ TRUE) opened at 20.69 on Tuesday. The firm’s 50-day moving average is $18.19 and its 200-day moving average is $15.24. TrueCar has a 1-year low of $7.94 and a 1-year high of $20.76. The company’s market capitalization is $1.92 billion.
TrueCar (NASDAQ:TRUE) last posted its quarterly earnings results on Tuesday, May 9th. The technology company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. TrueCar had a negative net margin of 8.97% and a negative return on equity of 11.95%. The firm had revenue of $75.80 million for the quarter, compared to the consensus estimate of $73.34 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. The business’s revenue was up 22.5% compared to the same quarter last year. Equities research analysts predict that TrueCar will post ($0.01) EPS for the current year.
In other news, Director Steven J. Dietz sold 1,320,692 shares of the company’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $16.50, for a total value of $21,791,418.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ii L.P. Upfront sold 1,725,000 shares of the company’s stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $15.72, for a total value of $27,117,000.00. Following the completion of the sale, the insider now directly owns 3,865,651 shares of the company’s stock, valued at $60,768,033.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,178,035 shares of company stock valued at $100,592,078. 17.30% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the company. State Board of Administration of Florida Retirement System increased its position in TrueCar by 300.4% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 82,236 shares of the technology company’s stock worth $1,028,000 after buying an additional 61,698 shares during the period. Two Sigma Investments LP purchased a new position in TrueCar during the fourth quarter worth $963,000. Balter Liquid Alternatives LLC purchased a new position in TrueCar during the first quarter worth $953,000. AQR Capital Management LLC increased its position in TrueCar by 22.5% in the fourth quarter. AQR Capital Management LLC now owns 38,782 shares of the technology company’s stock worth $485,000 after buying an additional 7,119 shares during the period. Finally, Columbus Circle Investors purchased a new position in TrueCar during the first quarter worth $4,372,000. 83.51% of the stock is owned by institutional investors and hedge funds.
TrueCar Company Profile
TrueCar, Inc is an Internet-based information, technology, and communication services company. The Company has a data-driven online platform, which features market data and analytics. The Company-branded platform is available on its TrueCar Website and mobile applications. 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 a range of enterprises.
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