TrueCar Inc. (TRUE) Sees Large Volume Increase
Shares of TrueCar Inc. (NASDAQ:TRUE) saw an uptick in trading volume on Friday . 1,020,564 shares traded hands during mid-day trading, an increase of 37% from the previous session’s volume of 746,189 shares.The stock last traded at $8.40 and had previously closed at $8.57.
A number of research firms recently commented on TRUE. JMP Securities reiterated a “hold” rating on shares of TrueCar in a report on Monday, June 6th. Zacks Investment Research upgraded TrueCar from a “sell” rating to a “hold” rating in a report on Thursday, April 21st. B. Riley reiterated a “sell” rating and issued a $3.50 price objective on shares of TrueCar in a report on Friday, May 6th. Royal Bank Of Canada reiterated a “hold” rating and issued a $6.00 price objective on shares of TrueCar in a report on Friday, May 6th. Finally, Morgan Stanley restated a “hold” rating on shares of TrueCar in a report on Sunday, May 8th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $7.40.
The firm has a 50-day moving average of $7.62 and a 200-day moving average of $6.56. The stock’s market capitalization is $703.68 million.
TrueCar (NASDAQ:TRUE) last released its quarterly earnings data on Thursday, May 5th. The company reported ($0.07) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.07). The firm had revenue of $61.86 million for the quarter, compared to analyst estimates of $61.13 million. TrueCar’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities analysts anticipate 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 TrueCar stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $6.38, for a total transaction of $1,276,000.00. Following the transaction, the insider now directly owns 10,632,346 shares of the company’s stock, valued at approximately $67,834,367.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
An institutional investor recently raised its position in TrueCar stock. Wells Fargo & Company MN increased its stake in TrueCar Inc. (NASDAQ:TRUE) by 648.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 113,232 shares of the company’s stock after buying an additional 98,110 shares during the period. Wells Fargo & Company MN owned about 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.
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