TrueCar, Inc. (TRUE) Position Increased by Baker Avenue Asset Management LP
Baker Avenue Asset Management LP increased its holdings in shares of TrueCar, Inc. (NASDAQ:TRUE) by 1.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 37,006 shares of the technology company’s stock after acquiring an additional 681 shares during the quarter. Baker Avenue Asset Management LP’s holdings in TrueCar were worth $738,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. California Public Employees Retirement System lifted its holdings in TrueCar by 9.2% during the second quarter. California Public Employees Retirement System now owns 182,000 shares of the technology company’s stock worth $3,627,000 after acquiring an additional 15,400 shares during the period. FMR LLC bought a new stake in TrueCar during the second quarter worth $6,701,000. Vanguard Group Inc. lifted its holdings in TrueCar by 43.9% during the second quarter. Vanguard Group Inc. now owns 6,574,867 shares of the technology company’s stock worth $131,037,000 after acquiring an additional 2,004,642 shares during the period. Northern Trust Corp lifted its holdings in TrueCar by 22.1% during the second quarter. Northern Trust Corp now owns 786,124 shares of the technology company’s stock worth $15,668,000 after acquiring an additional 142,181 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in TrueCar during the second quarter worth $332,000. Institutional investors and hedge funds own 91.71% of the company’s stock.
TrueCar (NASDAQ:TRUE) last issued its earnings results on Tuesday, August 8th. The technology company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.02. The business had revenue of $81.82 million for the quarter, compared to the consensus estimate of $80.75 million. TrueCar had a negative return on equity of 11.00% and a negative net margin of 9.86%. The company’s revenue was up 23.2% compared to the same quarter last year. During the same period last year, the business posted ($0.05) EPS.
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In other news, SVP John Pierantoni sold 3,964 shares of the stock in a transaction on Monday, September 18th. The stock was sold at an average price of $16.56, for a total transaction of $65,643.84. Following the transaction, the senior vice president now directly owns 67,589 shares of the company’s stock, valued at approximately $1,119,273.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Neeraj Gunsagar sold 10,442 shares of the stock in a transaction on Monday, September 18th. The shares were sold at an average price of $16.56, for a total value of $172,919.52. Following the transaction, the executive vice president now directly owns 283,508 shares in the company, valued at $4,694,892.48. The disclosure for this sale can be found here. Insiders have sold a total of 2,008,207 shares of company stock worth $37,117,119 over the last three months. Insiders own 15.50% of the company’s stock.
A number of analysts recently commented on the company. Zacks Investment Research lowered TrueCar from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Morgan Stanley reiterated an “underweight” rating and set a $13.00 price target (up from $12.00) on shares of TrueCar in a report on Thursday, July 20th. B. Riley reiterated a “buy” rating and set a $21.00 price target on shares of TrueCar in a report on Wednesday, August 9th. Royal Bank Of Canada reiterated a “buy” rating and set a $22.00 price target on shares of TrueCar in a report on Friday, August 4th. Finally, Cowen and Company reiterated a “hold” rating and set a $15.00 price target on shares of TrueCar in a report on Thursday, August 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $18.56.
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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