StockNews.com Downgrades TrueCar (NASDAQ:TRUE) to Hold

StockNews.com lowered shares of TrueCar (NASDAQ:TRUE) from a buy rating to a hold rating in a report released on Monday.

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

TrueCar Trading Down 5.2 %

Shares of TRUE opened at $2.73 on Monday. The company has a market cap of $250.00 million, a price-to-earnings ratio of -6.83 and a beta of 1.71. TrueCar has a 1-year low of $1.76 and a 1-year high of $4.05. The company’s fifty day simple moving average is $3.19 and its 200 day simple moving average is $3.11.

TrueCar (NASDAQ:TRUE) last issued its earnings results on Tuesday, February 20th. The technology company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.05. The business had revenue of $41.29 million for the quarter, compared to the consensus estimate of $41.50 million. TrueCar had a negative net margin of 22.15% and a negative return on equity of 17.12%. As a group, research analysts forecast that TrueCar will post -0.22 earnings per share for the current year.

Insider Buying and Selling at TrueCar

In other TrueCar news, EVP Jeff Swart sold 15,000 shares of the company’s 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 transaction, the executive vice president now directly owns 325,044 shares in the company, valued at $1,121,401.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On TrueCar

Several institutional investors and hedge funds have recently modified their holdings of TRUE. Acuitas Investments LLC grew its position 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 in the last quarter. SG Americas Securities LLC grew its holdings in shares of TrueCar by 22.5% during the 4th quarter. SG Americas Securities LLC now owns 48,874 shares of the technology company’s stock worth $169,000 after purchasing an additional 8,961 shares in the last quarter. SkyView Investment Advisors LLC increased its position in shares of TrueCar by 5.5% in the third quarter. SkyView Investment Advisors LLC now owns 127,658 shares of the technology company’s stock worth $264,000 after purchasing an additional 6,680 shares during the period. Boston Partners increased its position in shares of TrueCar by 20.9% in the third quarter. Boston Partners now owns 184,751 shares of the technology company’s stock worth $382,000 after purchasing an additional 31,898 shares during the period. Finally, Gladius Capital Management LP raised its stake in TrueCar by 31.3% in the third quarter. Gladius Capital Management LP now owns 15,367 shares of the technology company’s stock valued at $32,000 after purchasing an additional 3,661 shares in the last quarter. 79.44% of the stock is currently owned by institutional investors and hedge funds.

About TrueCar

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.