B. Riley Brokers Cut Earnings Estimates for TrueCar, Inc. (TRUE)
TrueCar, Inc. (NASDAQ:TRUE) – Investment analysts at B. Riley decreased their FY2017 earnings estimates for TrueCar in a report issued on Tuesday. B. Riley analyst S. Sinha now forecasts that the technology company will post earnings of ($0.33) per share for the year, down from their previous estimate of ($0.31). B. Riley has a “Buy” rating and a $18.00 price target on the stock. B. Riley also issued estimates for TrueCar’s Q4 2017 earnings at ($0.07) EPS, Q2 2018 earnings at ($0.05) EPS, FY2018 earnings at ($0.15) EPS and FY2019 earnings at ($0.06) EPS.
TRADEMARK VIOLATION NOTICE: “B. Riley Brokers Cut Earnings Estimates for TrueCar, Inc. (TRUE)” was originally published by American Banking News and is the property of of American Banking News. If you are viewing this story on another publication, it was copied illegally and republished in violation of US & international trademark and copyright legislation. The original version of this story can be viewed at https://www.americanbankingnews.com/2017/11/10/b-riley-brokers-cut-earnings-estimates-for-truecar-inc-true.html.
TRUE has been the subject of a number of other reports. Royal Bank Of Canada reduced their price objective on shares of TrueCar from $23.00 to $18.00 and set an “outperform” rating for the company in a research note on Tuesday. Zacks Investment Research lowered shares of TrueCar from a “hold” rating to a “sell” rating in a research note on Friday, October 6th. ValuEngine lowered shares of TrueCar from a “hold” rating to a “sell” rating in a research note on Tuesday. Morgan Stanley upgraded shares of TrueCar from an “underweight” rating to an “equal weight” rating and set a $13.00 price target for the company in a research note on Monday, October 2nd. Finally, Cowen and Company reiterated a “hold” rating and issued a $15.00 price target on shares of TrueCar in a research note on Thursday, August 17th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $17.44.
Shares of TrueCar (NASDAQ TRUE) traded up $0.25 during midday trading on Friday, reaching $11.17. 599,068 shares of the company were exchanged, compared to its average volume of 1,552,914. TrueCar has a one year low of $10.16 and a one year high of $21.75. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.06 and a quick ratio of 6.06.
A number of large investors have recently modified their holdings of the business. Caledonia Private Investments Pty Ltd lifted its holdings in TrueCar by 158.6% during 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 purchasing an additional 7,342,518 shares in the last quarter. Vanguard Group Inc. lifted its holdings in TrueCar by 43.9% during the second quarter. Vanguard Group Inc. now owns 6,574,867 shares of the technology company’s stock valued at $131,037,000 after purchasing an additional 2,004,642 shares in the last quarter. EastBay Asset Management LLC lifted its holdings in TrueCar by 94.7% during 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 purchasing an additional 1,408,301 shares in the last quarter. First Trust Advisors LP lifted its holdings in TrueCar by 3.8% during 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 purchasing an additional 104,381 shares in the last quarter. Finally, Steadfast Capital Management LP purchased a new position in TrueCar during the second quarter valued at approximately $56,303,000. 92.00% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Robert Buce sold 32,999 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $16.52, for a total transaction of $545,143.48. Following the completion of the sale, the director now directly owns 181,558 shares in the company, valued at $2,999,338.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Krafcik sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $16.50, for a total transaction of $165,000.00. Following the sale, the director now owns 61,678 shares of the company’s stock, valued at $1,017,687. The disclosure for this sale can be found here. Insiders have sold 500,669 shares of company stock valued at $8,333,936 over the last 90 days. 15.50% of the stock is currently owned by company insiders.
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.
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.