TrueCar Inc. (TRUE) Sees Large Volume Increase
TrueCar Inc. (NASDAQ:TRUE) saw strong trading volume on Friday . 1,039,063 shares traded hands during mid-day trading, an increase of 77% from the previous session’s volume of 587,406 shares.The stock last traded at $8.72 and had previously closed at $8.07.
A number of analysts have recently commented on the company. JMP Securities restated a “hold” rating on shares of TrueCar in a research report on Monday, June 6th. Zacks Investment Research upgraded TrueCar from a “sell” rating to a “hold” rating in a research report on Thursday, April 21st. B. Riley restated a “sell” rating and issued a $3.50 price objective on shares of TrueCar in a research report on Friday, May 6th. Royal Bank Of Canada restated a “hold” rating and issued a $6.00 price objective on shares of TrueCar in a research report on Friday, May 6th. Finally, Morgan Stanley restated a “hold” rating on shares of TrueCar in a research report on Sunday, May 8th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $7.74.
The company’s market cap is $730.49 million. The firm has a 50-day moving average price of $7.39 and a 200-day moving average price of $6.56.
TrueCar (NASDAQ:TRUE) last posted its quarterly earnings data on Thursday, May 5th. The company reported ($0.07) earnings per share 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 for the quarter was up 5.7% on a year-over-year basis. On average, equities research analysts forecast that TrueCar Inc. will post ($0.29) EPS for the current fiscal year.
In other TrueCar news, major shareholder Services Automobile Ass United sold 200,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 10,461,346 shares of the company’s stock, valued at approximately $75,635,531.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
An institutional investor recently raised its position in TrueCar stock. Wells Fargo & Company MN increased its position in TrueCar Inc. (NASDAQ:TRUE) by 648.8% during the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 113,232 shares of the company’s stock after buying an additional 98,110 shares during the period. Wells Fargo & Company MN owned 0.14% of TrueCar worth $1,080,000 as of its most recent filing with the SEC.
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.