Shares of TrueCar Inc. (NASDAQ:TRUE) dropped 6.7% during mid-day trading on Tuesday . The company traded as low as $9.11 and last traded at $9.11, with a volume of 309,598 shares traded. The stock had previously closed at $9.76.

TRUE has been the topic of a number of research analyst reports. Zacks Investment Research raised TrueCar from a “sell” rating to a “hold” rating in a research note on Thursday, April 21st. B. Riley reissued a “sell” rating and issued a $3.50 price target on shares of TrueCar in a research note on Monday, July 18th. Morgan Stanley reissued a “hold” rating on shares of TrueCar in a research note on Sunday, May 8th. Cowen and Company reissued a “market perform” rating and issued a $5.00 price target (up from $4.00) on shares of TrueCar in a research note on Monday, May 9th. Finally, JMP Securities reissued a “hold” rating on shares of TrueCar in a research note on Monday, June 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a strong buy rating to the stock. TrueCar presently has a consensus rating of “Hold” and a consensus target price of $7.05.

The firm’s 50-day moving average is $8.20 and its 200-day moving average is $6.63. The stock’s market cap is $761.49 million.

TrueCar (NASDAQ:TRUE) last announced its earnings results on Thursday, May 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting 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. The firm’s revenue was up 5.7% compared to the same quarter last year. On average, equities research analysts anticipate that TrueCar Inc. will post ($0.29) earnings per share for the current fiscal year.

In other news, major shareholder Services Automobile Ass United sold 200,000 shares of the business’s stock in a transaction on Thursday, June 2nd. The stock was sold at an average price of $7.23, for a total transaction of $1,446,000.00. Following the sale, the insider now directly owns 10,461,346 shares of the company’s stock, valued at $75,635,531.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

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