TrueCar Inc. (TRUE) Shares Up 4.5%
TrueCar Inc. (NASDAQ:TRUE) shot up 4.5% during trading on Monday . The stock traded as high as $10.95 and last traded at $10.69, with a volume of 658,312 shares. The stock had previously closed at $10.23.
Several research firms have recently commented on TRUE. B. Riley reiterated a “sell” rating and set a $5.00 price objective on shares of TrueCar in a research note on Friday. JMP Securities reiterated a “hold” rating on shares of TrueCar in a research note on Monday, June 6th. Royal Bank Of Canada reiterated a “hold” rating and set a $6.00 price objective on shares of TrueCar in a research note on Friday, May 6th. RBC Capital Markets reiterated a “sector perform” rating and set a $10.00 price objective (up from $6.00) on shares of TrueCar in a research note on Monday. Finally, Zacks Investment Research upgraded shares of TrueCar from a “sell” rating to a “hold” rating in a research note on Thursday, April 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. TrueCar currently has a consensus rating of “Hold” and a consensus target price of $7.69.
The firm has a 50-day moving average price of $8.52 and a 200 day moving average price of $6.71. The stock’s market capitalization is $896.37 million.
TrueCar (NASDAQ:TRUE) last announced its quarterly earnings data on Thursday, August 4th. The company reported ($0.05) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.05. The firm earned $66.42 million during the quarter, compared to analysts’ expectations of $65.52 million. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) earnings per share. Analysts expect that TrueCar Inc. will post ($0.24) EPS for the current year.
In other TrueCar news, major shareholder Services Automobile Ass United sold 30,000 shares of the stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $7.92, for a total value of $237,600.00. Following the sale, the insider now directly owns 10,232,346 shares of the company’s stock, valued at approximately $81,040,180.32. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
An institutional investor recently raised its position in TrueCar stock. Morgan Stanley increased its position in shares of TrueCar Inc. (NASDAQ:TRUE) by 167.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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 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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