TrueCar Inc. (TRUE) Shares Up 2.9%
TrueCar Inc. (NASDAQ:TRUE) shot up 2.9% on Monday . The company traded as high as $9.65 and last traded at $9.64, with a volume of 313,006 shares changing hands. The stock had previously closed at $9.37.
A number of brokerages have weighed in on TRUE. B. Riley reissued a “sell” rating and issued a $3.50 price target on shares of TrueCar in a report on Friday, April 8th. Zacks Investment Research raised shares of TrueCar from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a report on Wednesday. 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 price target on shares of TrueCar in a report on Friday, May 6th. Finally, Cowen and Company reissued a “market perform” rating and issued a $5.00 price target (up from $4.00) on shares of TrueCar in a report on Monday, May 9th. One research analyst has rated the stock with a sell rating, six have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $7.21.
The company’s market cap is $761.49 million. The stock has a 50 day moving average of $8.27 and a 200-day moving average of $6.65.
TrueCar (NASDAQ:TRUE) last announced its earnings results on Thursday, May 5th. The company reported ($0.07) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.07). The business earned $61.86 million during the quarter, compared to analyst estimates of $61.13 million. The business’s revenue was up 5.7% compared to the same quarter last year. Analysts expect that TrueCar Inc. will post ($0.29) earnings per share for the current year.
In other news, major shareholder Services Automobile Ass United sold 200,000 shares of the firm’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 completion of the sale, the insider now directly owns 10,461,346 shares in the company, valued at $75,635,531.58. The sale was disclosed in a filing with the SEC, which is accessible through this link.
An institutional investor recently raised its position in TrueCar stock. Morgan Stanley increased its position in TrueCar Inc. (NASDAQ:TRUE) by 167.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 6,217,816 shares of the company’s stock after buying an additional 3,893,934 shares during the period. Morgan Stanley owned 7.52% of TrueCar worth $59,318,000 as of its most recent SEC filing.
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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