TrueCar, Inc. (TRUE) Expected to Post Quarterly Sales of $86.68 Million
Wall Street brokerages predict that TrueCar, Inc. (NASDAQ:TRUE) will post sales of $86.68 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for TrueCar’s earnings, with the highest sales estimate coming in at $87.65 million and the lowest estimate coming in at $85.93 million. TrueCar posted sales of $75.14 million during the same quarter last year, which would indicate a positive year over year growth rate of 15.4%. The business is scheduled to announce its next quarterly earnings report on Thursday, November 2nd.
According to Zacks, analysts expect that TrueCar will report full-year sales of $86.68 million for the current year, with estimates ranging from $327.19 million to $331.02 million. For the next year, analysts expect that the firm will report sales of $376.94 million per share, with estimates ranging from $372.11 million to $385.66 million. Zacks’ sales calculations are a mean average based on a survey of analysts that cover TrueCar.
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. TrueCar had a negative net margin of 9.86% and a negative return on equity of 11.00%. The business had revenue of $81.82 million during the quarter, compared to analysts’ expectations of $80.75 million. During the same period last year, the business earned ($0.05) earnings per share. The firm’s revenue was up 23.2% on a year-over-year basis.
A number of equities research analysts recently commented on TRUE shares. Morgan Stanley reissued an “underweight” rating and issued a $13.00 price target (up from $12.00) on shares of TrueCar in a research report on Thursday, July 20th. Zacks Investment Research lowered TrueCar from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. B. Riley reissued a “buy” rating and issued a $21.50 price target on shares of TrueCar in a research report on Sunday, June 25th. Royal Bank Of Canada reissued a “buy” rating and issued a $22.00 price target on shares of TrueCar in a research report on Friday, August 4th. Finally, Cowen and Company reissued a “hold” rating and issued a $15.00 price target on shares of TrueCar in a research report on Thursday, August 17th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. TrueCar presently has an average rating of “Buy” and a consensus target price of $18.50.
COPYRIGHT VIOLATION WARNING: This piece was reported by American Banking News and is the property of of American Banking News. If you are reading this piece on another domain, it was illegally copied and republished in violation of US and international copyright and trademark legislation. The correct version of this piece can be read at https://www.americanbankingnews.com/2017/10/06/truecar-inc-true-expected-to-post-quarterly-sales-of-86-68-million.html.
In other TrueCar news, SVP John Pierantoni sold 2,633 shares of the company’s 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 owns 63,027 shares in the company, valued at approximately $1,000,238.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Guthrie sold 322,865 shares of the company’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $19.12, for a total value of $6,173,178.80. Following the completion of the transaction, the chief financial officer now owns 359,847 shares of the company’s stock, valued at approximately $6,880,274.64. The disclosure for this sale can be found here. Insiders sold a total of 2,011,936 shares of company stock valued at $37,176,200 in the last 90 days. Corporate insiders own 15.50% of the company’s stock.
Large investors have recently made changes to their positions in the business. Balter Liquid Alternatives LLC bought a new position in TrueCar in the 1st quarter valued at $953,000. State Board of Administration of Florida Retirement System grew its stake in TrueCar by 17.4% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 108,191 shares of the technology company’s stock valued at $2,156,000 after purchasing an additional 16,019 shares during the period. Park West Asset Management LLC bought a new position in TrueCar in the 1st quarter valued at $15,506,000. Caledonia Private Investments Pty Ltd grew its stake in TrueCar by 143.2% in the 1st quarter. Caledonia Private Investments Pty Ltd now owns 4,629,739 shares of the technology company’s stock valued at $71,622,000 after purchasing an additional 2,725,970 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in TrueCar by 6.6% in the 1st quarter. Ameriprise Financial Inc. now owns 112,937 shares of the technology company’s stock valued at $1,747,000 after purchasing an additional 7,011 shares during the period. Hedge funds and other institutional investors own 91.71% of the company’s stock.
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 company has a 50 day moving average of $16.33 and a 200 day moving average of $17.35. The company’s market capitalization is $1.60 billion.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for TrueCar Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TrueCar Inc. and related companies with MarketBeat.com's FREE daily email newsletter.