TrueCar, Inc. (NASDAQ:TRUE) Given Consensus Recommendation of “Reduce” by Brokerages

TrueCar, Inc. (NASDAQ:TRUE) has been given a consensus rating of “Reduce” by the seven analysts that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating and five have issued a hold rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $2.65.

A number of brokerages have weighed in on TRUE. BTIG Research reiterated a “neutral” rating on shares of TrueCar in a report on Thursday, January 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of TrueCar in a report on Wednesday, January 21st.

TrueCar Stock Performance

TRUE opened at $2.54 on Monday. TrueCar has a 1 year low of $1.05 and a 1 year high of $3.83. The company’s 50 day simple moving average is $2.41 and its 200 day simple moving average is $2.22. The stock has a market capitalization of $225.91 million, a PE ratio of -11.55 and a beta of 2.22.

Institutional Investors Weigh In On TrueCar

Several institutional investors have recently bought and sold shares of the business. Cerity Partners LLC purchased a new stake in TrueCar during the 4th quarter worth $26,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in TrueCar in the third quarter valued at about $29,000. BNP Paribas Financial Markets lifted its stake in shares of TrueCar by 89.5% during the third quarter. BNP Paribas Financial Markets now owns 15,827 shares of the technology company’s stock worth $29,000 after purchasing an additional 7,475 shares in the last quarter. Mariner LLC purchased a new stake in shares of TrueCar in the fourth quarter worth about $31,000. Finally, M&T Bank Corp acquired a new stake in shares of TrueCar in the fourth quarter valued at about $32,000. 79.44% of the stock is currently owned by hedge funds and other institutional investors.

About TrueCar

TrueCar, Inc operates a digital automotive marketplace designed to streamline the vehicle buying and selling process in the United States. Through its online platform, TrueCar provides prospective car buyers with transparent pricing information, real‐time market data and guaranteed savings from a network of certified dealers. The company’s core offerings include pricing analytics, dealer inventory listings and a purchase–price guarantee that aims to reduce the negotiation burden typically associated with new and used vehicle transactions.

Founded in 2005 under the name Zag.com by entrepreneur Scott Painter, the company rebranded as TrueCar in 2010 and subsequently completed its initial public offering in 2014.