TrueCar, Inc. (TRUE) Downgraded to “Sell” at Zacks Investment Research
TrueCar, Inc. (NASDAQ:TRUE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.
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 equities research analysts have also recently commented on the company. B. Riley reaffirmed a “buy” rating and issued a $21.00 price target on shares of TrueCar in a report on Monday. Morgan Stanley raised TrueCar from an “underweight” rating to an “equal weight” rating and set a $13.00 price target for the company in a report on Monday. Cowen and Company reaffirmed a “hold” rating and issued a $15.00 price target on shares of TrueCar in a report on Thursday, August 17th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $23.00 price target (up previously from $22.00) on shares of TrueCar in a report on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. TrueCar has an average rating of “Buy” and an average price target of $18.50.
Shares of TrueCar (NASDAQ TRUE) opened at 16.27 on Friday. TrueCar has a 1-year low of $8.47 and a 1-year high of $21.75. The firm has a 50-day moving average price of $16.33 and a 200-day moving average price of $17.35. The company’s market cap is $1.60 billion.
TrueCar (NASDAQ:TRUE) last released its earnings results on Tuesday, August 8th. The technology company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.02. The business had revenue of $81.82 million for the quarter, compared to the consensus estimate of $80.75 million. TrueCar had a negative return on equity of 11.00% and a negative net margin of 9.86%. The business’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) earnings per share. On average, equities analysts expect that TrueCar will post $0.02 EPS for the current year.
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In related news, SVP John Pierantoni sold 2,633 shares of TrueCar stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $15.87, for a total value of $41,785.71. Following the completion of the transaction, the senior vice president now directly owns 63,027 shares in the company, valued at $1,000,238.49. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jeff Swart sold 34,863 shares of TrueCar stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $19.82, for a total value of $690,984.66. Following the completion of the transaction, the executive vice president now owns 99,084 shares of the company’s stock, valued at $1,963,844.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,011,936 shares of company stock valued at $37,176,200. 15.50% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Baker Avenue Asset Management LP boosted its holdings in TrueCar by 1.9% in the second quarter. Baker Avenue Asset Management LP now owns 37,006 shares of the technology company’s stock valued at $738,000 after purchasing an additional 681 shares during the period. Ameritas Investment Partners Inc. boosted its holdings in TrueCar by 15.6% in the second quarter. Ameritas Investment Partners Inc. now owns 5,427 shares of the technology company’s stock valued at $108,000 after purchasing an additional 734 shares during the period. B. Riley Financial Inc. boosted its holdings in TrueCar by 3.7% in the second quarter. B. Riley Financial Inc. now owns 34,095 shares of the technology company’s stock valued at $680,000 after purchasing an additional 1,220 shares during the period. Legal & General Group Plc boosted its holdings in TrueCar by 10.5% in the second quarter. Legal & General Group Plc now owns 19,734 shares of the technology company’s stock valued at $389,000 after purchasing an additional 1,872 shares during the period. Finally, Teachers Advisors LLC boosted its holdings in TrueCar by 2.1% in the first quarter. Teachers Advisors LLC now owns 94,754 shares of the technology company’s stock valued at $1,466,000 after purchasing an additional 1,932 shares during the period. Hedge funds and other institutional investors own 91.71% of the company’s stock.
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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