TrueCar Inc. (TRUE) Trading Down 4%
Shares of TrueCar Inc. (NASDAQ:TRUE) were down 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. The stock had previously closed at $9.08.
A number of analysts have recently commented on TRUE shares. B. Riley restated a “sell” rating and set a $3.50 price objective on shares of TrueCar in a report on Tuesday, March 29th. Topeka Capital Markets started coverage on TrueCar in a report on Monday, April 4th. They issued a “hold” rating and a $6.00 price target for the company. Zacks Investment Research upgraded TrueCar from a “sell” rating to a “hold” rating in a report on Thursday, April 21st. Royal Bank Of Canada reiterated a “hold” rating and issued a $6.00 price target on shares of TrueCar in a report on Friday, May 6th. Finally, Morgan Stanley reiterated a “hold” rating on shares of TrueCar in a report on Sunday, May 8th. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $7.40.
The company has a 50-day moving average of $7.59 and a 200 day moving average of $6.57. The company’s market cap is $717.09 million.
TrueCar (NASDAQ:TRUE) last issued its earnings results on Thursday, May 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). The company had revenue of $61.86 million for the quarter, compared to analyst estimates of $61.13 million. TrueCar’s quarterly revenue was up 5.7% on a year-over-year basis. Equities analysts forecast that TrueCar Inc. will post ($0.29) EPS for the current fiscal year.
In other TrueCar news, major shareholder Services Automobile Ass United sold 200,000 shares of TrueCar stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $6.38, for a total transaction of $1,276,000.00. Following the completion of the sale, the insider now owns 10,632,346 shares of the company’s stock, valued at approximately $67,834,367.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
An institutional investor recently raised its position in TrueCar stock. Wells Fargo & Company MN raised its stake in shares of TrueCar Inc. (NASDAQ:TRUE) by 648.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,232 shares of the company’s stock after buying an additional 98,110 shares during the period. Wells Fargo & Company MN owned about 0.14% of TrueCar worth $1,080,000 as of its most recent filing with the SEC.
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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