California Public Employees Retirement System Decreases Stake in TrueCar Inc. (TRUE)
California Public Employees Retirement System decreased its stake in TrueCar Inc. (NASDAQ:TRUE) by 3.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 176,800 shares of the company’s stock after selling 5,500 shares during the period. California Public Employees Retirement System owned approximately 0.21% of TrueCar worth $1,388,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Emerald Acquisition Ltd. purchased a new stake in shares of TrueCar during the second quarter valued at approximately $508,000. Quantitative Investment Management LLC purchased a new stake in shares of TrueCar during the second quarter valued at approximately $134,000. California State Teachers Retirement System raised its stake in shares of TrueCar by 8.9% in the second quarter. California State Teachers Retirement System now owns 113,963 shares of the company’s stock valued at $895,000 after buying an additional 9,288 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of TrueCar by 7.2% in the second quarter. Bank of New York Mellon Corp now owns 247,283 shares of the company’s stock valued at $1,940,000 after buying an additional 16,593 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of TrueCar by 1.6% in the first quarter. Geode Capital Management LLC now owns 397,526 shares of the company’s stock valued at $2,222,000 after buying an additional 6,248 shares during the last quarter. Hedge funds and other institutional investors own 58.68% of the company’s stock.
Shares of TrueCar Inc. (NASDAQ:TRUE) remained flat at $9.18 during mid-day trading on Wednesday. The company had a trading volume of 153,238 shares. TrueCar Inc. has a one year low of $4.42 and a one year high of $11.13. The stock has a 50 day moving average price of $9.27 and a 200-day moving average price of $8.00. The firm’s market cap is $776.68 million.
TrueCar (NASDAQ:TRUE) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($0.05) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 net margin of 24.55% and a negative return on equity of 22.85%. The company’s revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.05) earnings per share. On average, analysts expect that TrueCar Inc. will post ($0.24) EPS for the current fiscal year.
Several equities research analysts have commented on TRUE shares. B. Riley restated a “sell” rating and issued a $3.50 price target on shares of TrueCar in a research note on Monday, July 18th. Zacks Investment Research upgraded shares of TrueCar from a “hold” rating to a “buy” rating and set a $10.00 price target on the stock in a research note on Wednesday, August 3rd. JPMorgan Chase & Co. restated a “hold” rating and issued a $6.00 price target on shares of TrueCar in a research note on Friday, August 5th. RBC Capital Markets restated a “sector perform” rating and issued a $10.00 price target (up previously from $6.00) on shares of TrueCar in a research note on Monday, August 8th. Finally, Craig Hallum restated a “hold” rating on shares of TrueCar in a research note on Friday, August 5th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $8.28.
In related news, major shareholder Services Automobile Ass United sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $9.54, for a total transaction of $1,908,000.00. Following the transaction, the insider now directly owns 10,072,346 shares of the company’s stock, valued at $96,090,180.84. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 in the company, valued at $799,600.92. The disclosure for this sale can be found here. 17.30% of the stock is currently owned by insiders.
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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