TrueCar Inc. (NASDAQ:TRUE) dropped 4% during trading on Wednesday . The company traded as low as $8.66 and last traded at $8.72, with a volume of 329,808 shares trading hands. The stock had previously closed at $9.08.

TRUE has been the subject of a number of research reports. Cowen and Company reaffirmed a “market perform” rating and issued a $5.00 target price (up from $4.00) on shares of TrueCar in a report on Monday, May 9th. Topeka Capital Markets began coverage on shares of TrueCar in a research note on Monday, April 4th. They set a “hold” rating and a $6.00 price target on the stock. Morgan Stanley reiterated a “hold” rating on shares of TrueCar in a research note on Sunday, May 8th. Zacks Investment Research upgraded shares of TrueCar from a “sell” rating to a “hold” rating in a research note on Thursday, April 21st. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $6.00 price target on shares of TrueCar in a research note on Friday, May 6th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $7.74.

The firm’s market cap is $722.11 million. The company’s 50 day moving average is $7.50 and its 200-day moving average is $6.54.

TrueCar (NASDAQ:TRUE) last posted its quarterly earnings results on Thursday, May 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.07). The business earned $61.86 million during the quarter, compared to the consensus estimate of $61.13 million. The business’s quarterly revenue was up 5.7% on a year-over-year basis. Equities research analysts predict that TrueCar Inc. will post ($0.29) EPS for the current fiscal year.

In other news, major shareholder Services Automobile Ass United sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $7.92, for a total value of $237,600.00. Following the transaction, the insider now directly owns 10,232,346 shares in the company, valued at approximately $81,040,180.32. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

A hedge fund recently raised its stake in TrueCar stock. Morgan Stanley raised its position in TrueCar Inc. (NASDAQ:TRUE) by 167.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,217,816 shares of the company’s stock after buying an additional 3,893,934 shares during the period. Morgan Stanley owned 7.52% of TrueCar worth $59,318,000 at the end of the most recent quarter.

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.

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