TrueCar Inc. (TRUE) Sees Large Volume Increase
Shares of TrueCar Inc. (NASDAQ:TRUE) saw strong trading volume on Friday . 1,039,063 shares traded hands during trading, an increase of 77% from the previous session’s volume of 587,406 shares.The stock last traded at $8.72 and had previously closed at $8.07.
Several equities research analysts recently issued reports on the stock. Topeka Capital Markets assumed coverage on shares of TrueCar in a report on Monday, April 4th. They set a “hold” rating and a $6.00 price target on the stock. B. Riley reaffirmed a “sell” rating and set a $3.50 price target on shares of TrueCar in a report on Thursday, May 12th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $6.00 price target on shares of TrueCar in a report on Friday, May 6th. JMP Securities reaffirmed a “hold” rating on shares of TrueCar in a report on Monday, June 6th. Finally, Cowen and Company reaffirmed a “market perform” rating and set a $5.00 price target (up from $4.00) on shares of TrueCar in a report on Monday, May 9th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a strong buy rating to the company’s stock. TrueCar presently has an average rating of “Hold” and an average target price of $7.74.
The stock has a 50-day moving average price of $7.39 and a 200 day moving average price of $6.56. The stock’s market cap is $730.49 million.
TrueCar (NASDAQ:TRUE) last announced its earnings results on Thursday, May 5th. The company reported ($0.07) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.07). The company earned $61.86 million during the quarter, compared to analysts’ expectations of $61.13 million. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. Analysts forecast that TrueCar Inc. will post ($0.29) earnings per share for the current fiscal year.
In related news, major shareholder Services Automobile Ass United sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $6.38, for a total value of $1,276,000.00. Following the sale, the insider now directly owns 10,632,346 shares of the company’s stock, valued at $67,834,367.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
An institutional investor recently raised its position in TrueCar stock. Wells Fargo & Company MN raised its position in shares of TrueCar Inc. (NASDAQ:TRUE) by 648.8% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 113,232 shares of the company’s stock after buying an additional 98,110 shares during the period. Wells Fargo & Company MN owned 0.14% of TrueCar worth $1,080,000 as of its most recent SEC filing.
TrueCar, Inc offers a diverse software ecosystem for buying cars. The Company’s software ecosystem is based on a common technology infrastructure, and powered by data and analytics. The Company operates its platform on the TrueCar Website and its branded mobile experience. 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 enterprises.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.