Brokerages Anticipate TrueCar, Inc. (TRUE) Will Post Quarterly Sales of $86.68 Million
Equities research analysts expect TrueCar, Inc. (NASDAQ:TRUE) to announce sales of $86.68 million for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for TrueCar’s earnings, with estimates ranging from $85.93 million to $87.65 million. TrueCar reported sales of $75.14 million during the same quarter last year, which indicates a positive year over year growth rate of 15.4%. The firm is expected to report its next quarterly earnings results after the market closes on Monday, November 6th.
According to Zacks, analysts expect that TrueCar will report full-year sales of $86.68 million for the current financial year, with estimates ranging from $327.19 million to $331.02 million. For the next year, analysts expect that the business will post 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 research analysts that follow TrueCar.
TrueCar (NASDAQ:TRUE) last announced 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 company had revenue of $81.82 million during 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 company’s revenue was up 23.2% on a year-over-year basis. During the same period last year, the firm earned ($0.05) earnings per share.
A number of research analysts have recently commented on TRUE shares. B. Riley reaffirmed a “buy” rating and set a $21.00 price objective on shares of TrueCar in a research report on Monday, October 2nd. Royal Bank Of Canada reaffirmed a “buy” rating and set a $22.00 price objective on shares of TrueCar in a research report on Friday, August 4th. Cowen and Company reaffirmed a “hold” rating and set a $15.00 price objective on shares of TrueCar in a research report on Thursday, August 17th. Morgan Stanley raised shares of TrueCar from an “underweight” rating to an “equal weight” rating and set a $13.00 price objective for the company in a research report on Monday, October 2nd. Finally, Zacks Investment Research lowered shares of TrueCar from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $18.33.
COPYRIGHT VIOLATION WARNING: This news story was first reported by American Banking News and is owned by of American Banking News. If you are reading this news story on another publication, it was illegally stolen and reposted in violation of international copyright & trademark laws. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2017/10/25/brokerages-anticipate-truecar-inc-true-will-post-quarterly-sales-of-86-68-million.html.
Shares of TrueCar (NASDAQ:TRUE) traded down 2.19% during mid-day trading on Wednesday, hitting $15.18. The stock had a trading volume of 318,925 shares. The stock has a 50-day moving average price of $15.96 and a 200 day moving average price of $17.43. The stock’s market cap is $1.50 billion. TrueCar has a 52 week low of $9.16 and a 52 week high of $21.75.
In related news, SVP John Pierantoni sold 3,964 shares of the company’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $16.56, for a total value of $65,643.84. Following the sale, the senior vice president now owns 67,589 shares of the company’s stock, valued at $1,119,273.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Neeraj Gunsagar sold 1,882 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $15.22, for a total transaction of $28,644.04. The disclosure for this sale can be found here. In the last three months, insiders sold 1,782,525 shares of company stock worth $32,623,986. 15.50% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Caledonia Private Investments Pty Ltd increased its stake in TrueCar by 158.6% in the second quarter. Caledonia Private Investments Pty Ltd now owns 11,972,257 shares of the technology company’s stock valued at $238,607,000 after acquiring an additional 7,342,518 shares during the period. Vanguard Group Inc. increased its stake in TrueCar by 43.9% in the second quarter. Vanguard Group Inc. now owns 6,574,867 shares of the technology company’s stock valued at $131,037,000 after acquiring an additional 2,004,642 shares during the period. EastBay Asset Management LLC increased its stake in TrueCar by 94.7% in the second quarter. EastBay Asset Management LLC now owns 2,894,876 shares of the technology company’s stock valued at $57,695,000 after acquiring an additional 1,408,301 shares during the period. First Trust Advisors LP increased its stake in TrueCar by 3.8% in the third quarter. First Trust Advisors LP now owns 2,851,218 shares of the technology company’s stock valued at $45,021,000 after acquiring an additional 104,381 shares during the period. Finally, Steadfast Capital Management LP bought a new stake in TrueCar in the second quarter valued at about $56,303,000. 91.88% of the stock is currently 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.
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.