TrueCar Inc. (TRUE) Sees Large Volume Increase
Shares of TrueCar Inc. (NASDAQ:TRUE) saw unusually-high trading volume on Friday . Approximately 1,546,668 shares traded hands during mid-day trading, an increase of 59% from the previous session’s volume of 975,323 shares.The stock last traded at $9.27 and had previously closed at $9.60.
TRUE has been the subject of several research analyst reports. Cowen and Company reissued a “market perform” rating and issued a $5.00 price objective (up from $4.00) on shares of TrueCar in a research report on Monday, May 9th. Craig Hallum reissued a “hold” rating on shares of TrueCar in a research report on Friday, August 5th. JPMorgan Chase & Co. reissued a “hold” rating and issued a $6.00 price objective on shares of TrueCar in a research report on Friday, August 5th. Zacks Investment Research raised TrueCar from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a research report on Wednesday, August 3rd. Finally, RBC Capital Markets reissued a “sector perform” rating and issued a $10.00 price objective (up from $6.00) on shares of TrueCar in a research report on Monday, August 8th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $8.02.
The company has a 50 day moving average price of $9.72 and a 200 day moving average price of $7.20. The company’s market capitalization is $784.30 million.
TrueCar (NASDAQ:TRUE) last announced its quarterly earnings data on Thursday, August 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.05. During the same period last year, the business posted ($0.05) earnings per share. The company had revenue of $66.42 million for the quarter, compared to the consensus estimate of $65.52 million. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, equities research analysts predict that TrueCar Inc. will post ($0.25) earnings per share for the current fiscal year.
In other news, Director John Krafcik sold 16,541 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $10.68, for a total transaction of $176,657.88. Following the transaction, the director now directly owns 74,869 shares of the company’s stock, valued at $799,600.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Services Automobile Ass United sold 170,000 shares of the firm’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $7.91, for a total value of $1,344,700.00. Following the transaction, the insider now directly owns 10,325,587 shares in the company, valued at $81,675,393.17. The disclosure for this sale can be found here.
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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