Russell Investments Group Ltd. Buys 54,292 Shares of TrueCar, Inc. (TRUE)
Russell Investments Group Ltd. increased its position in shares of TrueCar, Inc. (NASDAQ:TRUE) by 7.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 757,599 shares of the technology company’s stock after buying an additional 54,292 shares during the period. Russell Investments Group Ltd.’s holdings in TrueCar were worth $15,098,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in TRUE. First Mercantile Trust Co. bought a new position in shares of TrueCar during the first quarter worth about $141,000. Sei Investments Co. bought a new position in shares of TrueCar during the first quarter worth about $167,000. North Star Investment Management Corp. bought a new position in shares of TrueCar during the second quarter worth about $179,000. SG Americas Securities LLC bought a new position in shares of TrueCar during the first quarter worth about $190,000. Finally, Cipher Capital LP bought a new position in shares of TrueCar during the first quarter worth about $215,000. Institutional investors own 83.72% of the company’s stock.
TrueCar, Inc. (NASDAQ TRUE) traded down 4.30% on Thursday, reaching $16.01. The company’s stock had a trading volume of 2,583,787 shares. The firm has a 50-day moving average of $19.66 and a 200 day moving average of $16.67. TrueCar, Inc. has a 12-month low of $8.09 and a 12-month high of $21.75. The company’s market capitalization is $1.50 billion.
TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Tuesday, August 8th. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.02. The firm had revenue of $81.82 million for the quarter, compared to analyst estimates of $80.75 million. TrueCar had a negative return on equity of 13.82% and a negative net margin of 12.64%. The business’s revenue was up 23.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.05) earnings per share. On average, equities research analysts anticipate that TrueCar, Inc. will post ($0.01) EPS for the current fiscal year.
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A number of research analysts recently issued reports on TRUE shares. Royal Bank Of Canada reiterated a “buy” rating and set a $19.00 price objective on shares of TrueCar in a research note on Friday, April 21st. B. Riley reiterated a “buy” rating and set a $21.50 price objective on shares of TrueCar in a research note on Sunday, May 7th. Zacks Investment Research upgraded TrueCar from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Friday, May 5th. Craig Hallum boosted their price objective on TrueCar from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, May 10th. Finally, TheStreet upgraded TrueCar from a “d” rating to a “c” rating in a research note on Monday, May 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $18.56.
In other TrueCar news, EVP Jeff Swart sold 34,863 shares of the business’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $19.82, for a total transaction of $690,984.66. Following the transaction, the executive vice president now owns 99,084 shares of the company’s stock, valued at $1,963,844.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Neeraj Gunsagar sold 158,160 shares of the business’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $19.30, for a total value of $3,052,488.00. Following the transaction, the executive vice president now directly owns 363,655 shares in the company, valued at approximately $7,018,541.50. The disclosure for this sale can be found here. Insiders sold 1,513,149 shares of company stock worth $28,870,907 over the last ninety days. Corporate insiders own 17.30% of the company’s stock.
TrueCar, Inc is an Internet-based information, technology, and communication services company. The Company has a data-driven online platform, which features market data and analytics. The Company-branded platform is available on its TrueCar Website and mobile applications. 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 a range of enterprises.
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