TrueCar, Inc. (TRUE) Shares Sold by Senvest Management LLC
Senvest Management LLC trimmed its stake in TrueCar, Inc. (NASDAQ:TRUE) by 3.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,801,282 shares of the technology company’s stock after selling 140,100 shares during the quarter. TrueCar accounts for 5.9% of Senvest Management LLC’s portfolio, making the stock its 3rd largest position. Senvest Management LLC owned about 4.09% of TrueCar worth $75,760,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of TRUE. Caledonia Private Investments Pty Ltd lifted its position in shares of TrueCar by 143.2% in the first quarter. Caledonia Private Investments Pty Ltd now owns 4,629,739 shares of the technology company’s stock worth $71,622,000 after purchasing an additional 2,725,970 shares in the last quarter. Vanguard Group Inc. increased its holdings in TrueCar by 43.9% in the second quarter. Vanguard Group Inc. now owns 6,574,867 shares of the technology company’s stock worth $131,037,000 after buying an additional 2,004,642 shares during the last quarter. Park West Asset Management LLC acquired a new position in TrueCar in the first quarter worth approximately $15,506,000. Renaissance Technologies LLC increased its holdings in TrueCar by 336.2% in the second quarter. Renaissance Technologies LLC now owns 978,900 shares of the technology company’s stock worth $19,509,000 after buying an additional 754,500 shares during the last quarter. Finally, Credit Suisse AG increased its holdings in TrueCar by 1,037.5% in the first quarter. Credit Suisse AG now owns 531,333 shares of the technology company’s stock worth $8,220,000 after buying an additional 484,622 shares during the last quarter. 91.71% of the stock is owned by institutional investors and hedge funds.
In other TrueCar news, CFO Michael Guthrie sold 322,865 shares of the company’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $19.12, for a total value of $6,173,178.80. Following the transaction, the chief financial officer now directly owns 359,847 shares of the company’s stock, valued at approximately $6,880,274.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jeff Swart sold 34,863 shares of the company’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $19.82, for a total value of $690,984.66. Following the completion of the transaction, the executive vice president now directly owns 99,084 shares in the company, valued at $1,963,844.88. 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. 15.50% of the stock is owned by insiders.
TrueCar (NASDAQ:TRUE) last posted its earnings results on Tuesday, August 8th. The technology company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.02. The business 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 11.00% and a negative net margin of 9.86%. The firm’s revenue was up 23.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.05) EPS.
A number of research firms recently commented on TRUE. B. Riley restated a “buy” rating and issued a $21.00 price objective on shares of TrueCar in a report on Saturday, August 26th. Morgan Stanley restated an “underweight” rating and issued a $13.00 price objective (up previously from $12.00) on shares of TrueCar in a report on Thursday, July 20th. Royal Bank Of Canada restated an “outperform” rating and issued a $23.00 price objective (up previously from $22.00) on shares of TrueCar in a report on Thursday, August 10th. Cowen and Company restated a “hold” rating and issued a $15.00 price objective on shares of TrueCar in a report on Thursday, August 17th. Finally, Zacks Investment Research downgraded TrueCar from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $18.56.
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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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