TrueCar Inc. (TRUE) Stock Rating Lowered by Zacks Investment Research
TrueCar Inc. (NASDAQ:TRUE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “TrueCar Inc. engages in developing and publishing an online automotive information and communications platform. The Company operates its company-branded platform on its TrueCar.com Website. It enables users to obtain market-based pricing data on new and used cars, as well as to connect with its network of TrueCar certified dealers. TrueCar, Inc. is based in Santa Monica, California. “
Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $6.00 target price on shares of TrueCar in a research note on Friday, August 5th. Craig Hallum reaffirmed a “hold” rating on shares of TrueCar in a research note on Friday, August 5th. Loop Capital assumed coverage on TrueCar in a research note on Wednesday, August 10th. They set a “hold” rating and a $11.00 target price for the company. B. Riley raised TrueCar to a “neutral” rating and set a $9.50 target price for the company in a research note on Sunday, September 4th. Finally, RBC Capital Markets reaffirmed a “sector perform” rating and set a $10.00 target price (up previously from $6.00) on shares of TrueCar in a research note on Monday, August 8th. One investment 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 stock presently has a consensus rating of “Hold” and a consensus target price of $8.28.
TrueCar (NASDAQ:TRUE) opened at 9.29 on Thursday. TrueCar has a 52 week low of $4.42 and a 52 week high of $11.13. The company has a 50-day moving average of $9.35 and a 200 day moving average of $7.93. The firm’s market cap is $785.99 million.
TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The company had revenue of $66.42 million for the quarter, compared to analyst estimates of $65.52 million. TrueCar had a negative return on equity of 22.85% and a negative net margin of 24.55%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period last year, the company earned ($0.05) earnings per share. On average, equities analysts predict that TrueCar will post ($0.24) earnings per share for the current year.
In other TrueCar 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 completion of the sale, the director now directly owns 74,869 shares in the company, valued at approximately $799,600.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Services Automobile Ass United sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $9.54, for a total value of $1,908,000.00. Following the sale, the insider now owns 10,072,346 shares of the company’s stock, valued at $96,090,180.84. The disclosure for this sale can be found here. Company insiders own 17.30% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Spark Investment Management LLC acquired a new stake in shares of TrueCar during the first quarter worth approximately $869,000. State Street Corp increased its stake in TrueCar by 12.2% in the first quarter. State Street Corp now owns 845,387 shares of the company’s stock worth $4,727,000 after buying an additional 91,689 shares during the period. Geode Capital Management LLC increased its stake in TrueCar by 1.6% in the first quarter. Geode Capital Management LLC now owns 397,526 shares of the company’s stock worth $2,222,000 after buying an additional 6,248 shares during the period. Bank of New York Mellon Corp increased its stake in TrueCar by 7.2% in the second quarter. Bank of New York Mellon Corp now owns 247,283 shares of the company’s stock worth $1,940,000 after buying an additional 16,593 shares during the period. Finally, California State Teachers Retirement System increased its stake in TrueCar by 8.9% in the second quarter. California State Teachers Retirement System now owns 113,963 shares of the company’s stock worth $895,000 after buying an additional 9,288 shares during the period. Hedge funds and other institutional investors own 58.68% of the company’s stock.
TrueCar Company Profile
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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