B. Riley Weighs in on TrueCar, Inc.’s Q2 2024 Earnings (NASDAQ:TRUE)

TrueCar, Inc. (NASDAQ:TRUE) – Equities research analysts at B. Riley decreased their Q2 2024 earnings per share (EPS) estimates for shares of TrueCar in a note issued to investors on Tuesday, April 30th. B. Riley analyst N. Khan now anticipates that the technology company will post earnings per share of ($0.06) for the quarter, down from their previous forecast of ($0.03). The consensus estimate for TrueCar’s current full-year earnings is ($0.22) per share. B. Riley also issued estimates for TrueCar’s Q3 2024 earnings at ($0.04) EPS, Q4 2024 earnings at ($0.03) EPS, FY2024 earnings at ($0.22) EPS, FY2025 earnings at ($0.12) EPS, FY2026 earnings at ($0.05) EPS and FY2027 earnings at $0.00 EPS.

Separately, Needham & Company LLC cut their price target on shares of TrueCar from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th.

TrueCar Stock Performance

NASDAQ:TRUE opened at $2.85 on Friday. TrueCar has a 52 week low of $1.76 and a 52 week high of $4.05. The firm’s fifty day moving average is $3.22 and its 200-day moving average is $3.09. The firm has a market cap of $260.97 million, a P/E ratio of -7.12 and a beta of 1.71.

TrueCar (NASDAQ:TRUE) last released its earnings results on Tuesday, February 20th. The technology company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.05. TrueCar had a negative net margin of 22.15% and a negative return on equity of 17.12%. The business had revenue of $41.29 million during the quarter, compared to the consensus estimate of $41.50 million.

Insiders Place Their Bets

In other news, EVP Jeff Swart sold 15,000 shares of TrueCar stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $3.45, for a total value of $51,750.00. Following the completion of the sale, the executive vice president now owns 325,044 shares in the company, valued at approximately $1,121,401.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.30% of the company’s stock.

Institutional Trading of TrueCar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its stake in TrueCar by 35.4% in the first quarter. BNP Paribas Financial Markets now owns 70,820 shares of the technology company’s stock valued at $240,000 after acquiring an additional 18,501 shares during the period. Fairman Group LLC acquired a new stake in TrueCar in the 4th quarter valued at $73,000. Mill Road Capital Management LLC increased its stake in TrueCar by 5.3% during the 4th quarter. Mill Road Capital Management LLC now owns 1,723,800 shares of the technology company’s stock valued at $5,964,000 after purchasing an additional 86,100 shares in the last quarter. Acuitas Investments LLC raised its holdings in TrueCar by 28.3% during the fourth quarter. Acuitas Investments LLC now owns 1,264,272 shares of the technology company’s stock worth $4,374,000 after buying an additional 279,106 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its stake in shares of TrueCar by 269.8% in the fourth quarter. New York State Common Retirement Fund now owns 27,762 shares of the technology company’s stock valued at $96,000 after buying an additional 20,254 shares in the last quarter. 79.44% of the stock is owned by institutional investors.

TrueCar Company Profile

TrueCar, Inc operates as an internet-based information, technology, and communication services company in the United States. It operates its platform on the TrueCar website and mobile applications. Its platform enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar certified dealers.