TrueCar Inc. (TRUE) Sees Large Volume Increase
TrueCar Inc. (NASDAQ:TRUE) shares saw strong trading volume on Friday . 1,546,668 shares traded hands during trading, an increase of 59% from the previous session’s volume of 975,323 shares.The stock last traded at $9.27 and had previously closed at $9.60.
A number of research analysts have weighed in on the stock. Loop Capital assumed coverage on shares of TrueCar in a research report on Wednesday, August 10th. They set a “hold” rating and a $11.00 price target on the stock. B. Riley reaffirmed a “sell” rating and set a $5.00 price target on shares of TrueCar in a research report on Wednesday, August 10th. Craig Hallum reaffirmed a “hold” rating on shares of TrueCar in a research report on Friday, August 5th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $10.00 price target (up from $6.00) on shares of TrueCar in a research report on Monday, August 8th. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $6.00 price target on shares of TrueCar in a research report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $8.02.
The stock’s 50 day moving average is $9.72 and its 200-day moving average is $7.20. The company’s market cap is $784.30 million.
TrueCar (NASDAQ:TRUE) last released its earnings results on Thursday, August 4th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The company earned $66.42 million during the quarter, compared to the consensus estimate of $65.52 million. The company’s revenue was up 1.7% on a year-over-year basis. During the same period last year, the firm posted ($0.05) EPS. Equities analysts predict that TrueCar Inc. will post ($0.25) EPS for the current fiscal year.
In related news, Director John Krafcik sold 16,541 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $10.68, for a total transaction of $176,657.88. Following the transaction, the director now owns 74,869 shares in the company, valued at approximately $799,600.92. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Services Automobile Ass United sold 200,000 shares of the business’s stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $7.23, for a total value of $1,446,000.00. Following the transaction, the insider now owns 10,461,346 shares in the company, valued at approximately $75,635,531.58. The disclosure for this sale can be found here.
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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