TrueCar, Inc. (NASDAQ:TRUE) PT Raised to $13.00 at Morgan Stanley
TrueCar, Inc. (NASDAQ:TRUE) had its price target hoisted by research analysts at Morgan Stanley from $12.00 to $13.00 in a report issued on Thursday. The brokerage currently has an “underweight” rating on the technology company’s stock. Morgan Stanley’s target price indicates a potential downside of 36.34% from the company’s previous close.
Several other research analysts also recently issued reports on TRUE. Zacks Investment Research downgraded TrueCar from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. B. Riley reiterated a “buy” rating and issued a $21.50 price target on shares of TrueCar in a report on Sunday, June 25th. TheStreet upgraded TrueCar from a “d” rating to a “c” rating in a report on Monday, May 15th. Craig Hallum boosted their price objective 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. Finally, Royal Bank Of Canada boosted their price objective on shares of TrueCar from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Wednesday, May 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $17.25.
Shares of TrueCar (TRUE) traded down 3.82% during mid-day trading on Thursday, hitting $20.42. The stock had a trading volume of 1,598,429 shares. TrueCar has a 52-week low of $8.09 and a 52-week high of $21.75. The firm has a 50 day moving average price of $19.38 and a 200 day moving average price of $16.03. The firm’s market cap is $1.90 billion.
TrueCar (NASDAQ:TRUE) last announced its quarterly earnings data on Tuesday, May 9th. The technology company reported ($0.01) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.01. TrueCar had a negative return on equity of 13.82% and a negative net margin of 12.64%. The company had revenue of $75.80 million for the quarter, compared to analyst estimates of $73.34 million. During the same quarter in the previous year, the company earned ($0.07) EPS. The firm’s revenue for the quarter was up 22.5% compared to the same quarter last year. Equities analysts predict that TrueCar will post ($0.01) EPS for the current year.
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In other TrueCar news, major shareholder Services Automobile Ass United sold 3,132,343 shares of the stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $16.50, for a total value of $51,683,659.50. Following the completion of the sale, the insider now owns 8,533,348 shares in the company, valued at approximately $140,800,242. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ii L.P. Upfront sold 1,725,000 shares of the stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $15.72, for a total transaction of $27,117,000.00. Following the completion of the sale, the insider now owns 3,865,651 shares of the company’s stock, valued at approximately $60,768,033.72. The disclosure for this sale can be found here. Insiders have sold 6,178,035 shares of company stock valued at $100,592,078 over the last 90 days. 17.30% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in 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 in the last quarter. Two Sigma Investments LP purchased a new position in TrueCar during the fourth quarter worth about $963,000. Balter Liquid Alternatives LLC purchased a new position in TrueCar during the first quarter worth about $953,000. AQR Capital Management LLC raised 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 last quarter. Finally, Park West Asset Management LLC purchased a new position in TrueCar during the first quarter worth about $15,506,000. Institutional investors own 83.60% of the company’s stock.
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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