TrueCar Inc. (TRUE) Shares Up 2.8%
TrueCar Inc. (NASDAQ:TRUE)’s share price shot up 2.8% during mid-day trading on Wednesday . The company traded as high as $8.15 and last traded at $8.10, with a volume of 206,168 shares traded. The stock had previously closed at $7.88.
A number of brokerages have issued reports on TRUE. B. Riley reissued a “sell” rating and issued a $3.50 target price on shares of TrueCar in a report on Thursday, May 12th. Morgan Stanley reissued a “hold” rating on shares of TrueCar in a report on Sunday, May 8th. Royal Bank Of Canada reissued a “hold” rating and issued a $6.00 target price on shares of TrueCar in a report on Friday, May 6th. Cowen and Company reissued a “market perform” rating and issued a $5.00 target price (up previously from $4.00) on shares of TrueCar in a report on Monday, May 9th. Finally, JMP Securities reaffirmed a “hold” rating on shares of TrueCar in a report on Monday, June 6th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $7.74.
The company’s market cap is $665.99 million. The company’s 50-day moving average price is $7.25 and its 200-day moving average price is $6.54.
TrueCar (NASDAQ:TRUE) last posted its quarterly earnings data on Thursday, May 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). The company had revenue of $61.86 million for the quarter, compared to the consensus estimate of $61.13 million. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities research analysts expect that TrueCar Inc. will post ($0.29) EPS 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 dated Thursday, June 2nd. The shares were sold at an average price of $7.23, for a total transaction of $1,446,000.00. Following the transaction, the insider now owns 10,461,346 shares in the company, valued at approximately $75,635,531.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
A number of hedge funds have bought and sold shares of TRUE. First Trust Advisors LP boosted its stake in TrueCar by 35.4% in the fourth quarter. First Trust Advisors LP now owns 3,654,874 shares of the company’s stock worth $34,867,000 after buying an additional 956,153 shares during the last quarter. Morgan Stanley boosted its stake in TrueCar by 167.6% in the fourth quarter. Morgan Stanley now owns 6,217,816 shares of the company’s stock worth $59,318,000 after buying an additional 3,893,934 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in TrueCar by 648.8% in the fourth quarter. Wells Fargo & Company MN now owns 113,232 shares of the company’s stock worth $1,080,000 after buying an additional 98,110 shares during the last quarter.
TrueCar, Inc (TrueCar) is a data-driven online platform operating on a common technology infrastructure, powered by data and analytics. The Company operates its Company-branded platform on its TrueCar.com Website. In addition, it customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, such as USAA and American Express; membership-based organizations, such as Consumer Reports, AARP and AAA, and employee buying programs for enterprises, such as IBM and Walmart.