TrueCar (NASDAQ:TRUE) Given New $4.00 Price Target at Needham & Company LLC

TrueCar (NASDAQ:TRUE) had its price objective trimmed by Needham & Company LLC from $4.50 to $4.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

TrueCar Stock Performance

Shares of TrueCar stock opened at $2.64 on Tuesday. The firm has a market cap of $241.74 million, a PE ratio of -4.71 and a beta of 1.65. The firm’s 50-day simple moving average is $3.26 and its 200-day simple moving average is $3.08. TrueCar has a 1 year low of $1.76 and a 1 year high of $4.05.

TrueCar (NASDAQ:TRUE) last issued its earnings results on Tuesday, February 20th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.05. The business had revenue of $41.29 million for the quarter, compared to analyst estimates of $41.50 million. TrueCar had a negative net margin of 31.36% and a negative return on equity of 24.27%. On average, equities analysts predict that TrueCar will post -0.19 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Jeff Swart sold 15,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $3.45, for a total transaction of $51,750.00. Following the sale, the executive vice president now owns 325,044 shares in the company, valued at $1,121,401.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On TrueCar

Several institutional investors and hedge funds have recently bought and sold shares of TRUE. Fairman Group LLC bought a new position in TrueCar in the 4th quarter worth about $73,000. Mill Road Capital Management LLC grew its position in TrueCar by 5.3% in the 4th quarter. Mill Road Capital Management LLC now owns 1,723,800 shares of the technology company’s stock worth $5,964,000 after purchasing an additional 86,100 shares during the last quarter. Acuitas Investments LLC grew its position in TrueCar by 28.3% in the 4th quarter. Acuitas Investments LLC now owns 1,264,272 shares of the technology company’s stock worth $4,374,000 after purchasing an additional 279,106 shares during the last quarter. New York State Common Retirement Fund grew its position in TrueCar by 269.8% in the 4th quarter. New York State Common Retirement Fund now owns 27,762 shares of the technology company’s stock worth $96,000 after purchasing an additional 20,254 shares during the last quarter. Finally, Mackenzie Financial Corp grew its position in TrueCar by 84.1% in the 4th quarter. Mackenzie Financial Corp now owns 55,911 shares of the technology company’s stock worth $193,000 after purchasing an additional 25,537 shares during the last quarter. Institutional investors and hedge funds own 79.44% of the company’s stock.

About TrueCar

TrueCar, Inc operates as an internet-based information, technology, and communication services company in the United States. It operates its platform on the TrueCar website and mobile applications. Its platform enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar certified dealers.