TrueCar (NASDAQ:TRUE) Earns Buy Rating from Analysts at Lake Street Capital

Lake Street Capital assumed coverage on shares of TrueCar (NASDAQ:TRUE) in a research note published on Monday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $6.00 price objective on the technology company’s stock.

TRUE has been the subject of a number of other reports. Needham & Company LLC reduced their price objective on shares of TrueCar from $4.00 to $3.75 and set a buy rating for the company in a research note on Tuesday, August 6th. BTIG Research upgraded TrueCar from a neutral rating to a buy rating and set a $3.75 price target for the company in a research note on Wednesday, August 7th.

TrueCar Stock Performance

Shares of NASDAQ TRUE opened at $3.60 on Monday. The stock has a fifty day moving average of $3.09 and a 200-day moving average of $3.09. The stock has a market cap of $327.20 million, a PE ratio of -8.75 and a beta of 1.85. TrueCar has a fifty-two week low of $1.76 and a fifty-two week high of $4.05.

TrueCar (NASDAQ:TRUE) last released its earnings results on Monday, August 5th. The technology company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.02). TrueCar had a negative net margin of 17.63% and a negative return on equity of 14.10%. The business had revenue of $41.80 million for the quarter, compared to the consensus estimate of $43.38 million. On average, sell-side analysts predict that TrueCar will post -0.28 EPS for the current year.

Insider Activity at TrueCar

In other news, EVP Jeff Swart sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $2.82, for a total transaction of $56,400.00. Following the sale, the executive vice president now directly owns 390,600 shares in the company, valued at $1,101,492. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 3.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC increased its holdings in TrueCar by 0.3% during the 2nd quarter. Renaissance Technologies LLC now owns 2,123,601 shares of the technology company’s stock worth $6,647,000 after purchasing an additional 6,800 shares during the period. ClariVest Asset Management LLC increased its stake in shares of TrueCar by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 253,474 shares of the technology company’s stock worth $793,000 after acquiring an additional 7,088 shares during the period. American Century Companies Inc. boosted its stake in shares of TrueCar by 11.7% in the second quarter. American Century Companies Inc. now owns 104,371 shares of the technology company’s stock worth $327,000 after buying an additional 10,900 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in TrueCar during the first quarter valued at $43,000. Finally, Acadian Asset Management LLC increased its position in shares of TrueCar by 0.6% in the second quarter. Acadian Asset Management LLC now owns 2,132,154 shares of the technology company’s stock valued at $6,671,000 after buying an additional 12,956 shares in the last quarter. Institutional investors own 79.44% of the company’s stock.

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.