TrueCar Inc. (TRUE) Sees Large Volume Increase
TrueCar Inc. (NASDAQ:TRUE) shares saw unusually-strong trading volume on Friday . Approximately 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.
Several analysts recently issued reports on TRUE shares. Zacks Investment Research raised shares of TrueCar from a “sell” rating to a “hold” rating in a report on Thursday, April 21st. Topeka Capital Markets began coverage on shares of TrueCar in a research report on Monday, April 4th. They set a “hold” rating and a $6.00 price target for the company. JMP Securities restated a “hold” rating on shares of TrueCar in a research report on Monday, June 6th. Cowen and Company restated a “market perform” rating and set a $5.00 price target (up previously from $4.00) on shares of TrueCar in a research report on Monday, May 9th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $6.00 price target on shares of TrueCar in a research report on Friday, May 6th. One 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 company’s stock. TrueCar presently has a consensus rating of “Hold” and an average price target of $7.40.
The stock’s 50-day moving average price is $7.62 and its 200 day moving average price is $6.56. The company’s market capitalization is $703.68 million.
TrueCar (NASDAQ:TRUE) last posted its earnings results on Thursday, May 5th. The company reported ($0.07) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.07). The business had revenue of $61.86 million for the quarter, compared to analyst estimates of $61.13 million. TrueCar’s revenue was up 5.7% on a year-over-year basis. Equities analysts anticipate that TrueCar Inc. will post ($0.29) EPS for the current year.
In other TrueCar news, major shareholder Services Automobile Ass United sold 200,000 shares of the company’s stock in a transaction on Thursday, June 2nd. The stock was sold at an average price of $7.23, for a total value of $1,446,000.00. Following the transaction, the insider now directly owns 10,461,346 shares of the company’s stock, valued at approximately $75,635,531.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
A hedge fund recently raised its stake in TrueCar stock. Wells Fargo & Company MN boosted its stake in shares of TrueCar Inc. (NASDAQ:TRUE) by 648.8% during the fourth quarter, according to its most recent disclosure 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 0.14% of TrueCar worth $1,080,000 at the end of the most recent reporting period.
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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