TrueCar, Inc. (TRUE) Earns “Buy” Rating from B. Riley
TrueCar, Inc. (NASDAQ:TRUE)‘s stock had its “buy” rating reissued by equities researchers at B. Riley in a report released on Tuesday, October 31st, Marketbeat reports. They currently have a $18.00 price target on the technology company’s stock, down from their prior price target of $21.00. B. Riley’s price objective suggests a potential upside of 10.16% from the stock’s previous close.
The analysts wrote, “We believe this is a function of a fully revamped technology infrastructure and UI as well as the addition of consumer reviews over the last few weeks. Content, especially expert and user generated content, tends to be favored by GOOGL’s algorithms and usually drives up rankings on the SERP . We believe these Search Engine Optimization (SEO) benefits are in the early stages and should become a key driver of traffic over the next few quarters as additional content is layered in by 2Q18. The benefit of organic traffic is it provides zero cost, high intent traffic to the site. Under the current circumstances, where monetization is low for TRUE, we expect the company to cut back on paid advertising to reduce amount of undermonetized traffic leading to reduced ad spend and therefore improved margins.””
A number of other equities research analysts have also commented on TRUE. 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. Royal Bank Of Canada reissued an “outperform” rating and issued a $23.00 price target (up from $22.00) on shares of TrueCar in a research report on Thursday, August 10th. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and set a $17.00 target price on shares of TrueCar in a research report on Wednesday, October 11th. Morgan Stanley raised TrueCar from an “underweight” rating to an “equal weight” rating and set a $13.00 target price for the company in a research report on Monday, October 2nd. Finally, Zacks Investment Research lowered TrueCar from a “hold” rating to a “sell” rating in a research report on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. TrueCar has an average rating of “Hold” and a consensus price target of $17.44.
TrueCar (NASDAQ:TRUE) traded up $0.25 during midday trading on Tuesday, reaching $16.34. The company had a trading volume of 2,048,676 shares, compared to its average volume of 1,570,000. TrueCar has a twelve month low of $10.37 and a twelve month high of $21.75. The company has a quick ratio of 6.06, a current ratio of 6.06 and a debt-to-equity ratio of 0.10.
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In related news, Director Robert Buce sold 32,999 shares of TrueCar stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $16.52, for a total value of $545,143.48. Following the completion of the sale, the director now owns 181,558 shares of the company’s stock, valued at approximately $2,999,338.16. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Neeraj Gunsagar sold 1,882 shares of TrueCar stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $15.22, for a total value of $28,644.04. The disclosure for this sale can be found here. In the last three months, insiders sold 500,669 shares of company stock valued at $8,333,936. 15.50% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in TRUE. Ameritas Investment Partners Inc. increased its holdings in TrueCar by 15.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,427 shares of the technology company’s stock worth $108,000 after acquiring an additional 734 shares during the last quarter. Massey Quick Simon & CO. LLC purchased a new stake in TrueCar in the 3rd quarter worth about $119,000. BNP Paribas Arbitrage SA increased its holdings in TrueCar by 648.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,937 shares of the technology company’s stock worth $158,000 after acquiring an additional 6,876 shares during the last quarter. North Star Investment Management Corp. purchased a new stake in TrueCar in the 2nd quarter worth about $179,000. Finally, SG Americas Securities LLC bought a new position in TrueCar in the 1st quarter worth about $190,000. 92.00% of the stock is owned by institutional investors.
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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