Needham & Company LLC Reiterates Buy Rating for TrueCar (NASDAQ:TRUE)

TrueCar (NASDAQ:TRUE)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They presently have a $5.00 price target on the technology company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 20.77% from the company’s current price.

A number of other research firms also recently commented on TRUE. StockNews.com downgraded shares of TrueCar from a “buy” rating to a “hold” rating in a research report on Monday. B. Riley lifted their price objective on TrueCar from $3.30 to $4.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. BTIG Research increased their target price on TrueCar from $3.75 to $4.50 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Lake Street Capital started coverage on TrueCar in a research report on Monday, October 7th. They issued a “buy” rating and a $6.00 target price on the stock. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $4.88.

TrueCar Price Performance

Shares of NASDAQ:TRUE opened at $4.14 on Tuesday. TrueCar has a 1 year low of $2.56 and a 1 year high of $4.53. The company has a market cap of $360.01 million, a P/E ratio of -14.28 and a beta of 1.83. The stock’s fifty day moving average price is $3.71 and its 200-day moving average price is $3.29.

TrueCar (NASDAQ:TRUE) last posted its earnings results on Wednesday, November 6th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). TrueCar had a negative net margin of 15.88% and a negative return on equity of 14.33%. The company had revenue of $46.54 million for the quarter, compared to the consensus estimate of $45.82 million. During the same quarter in the prior year, the company posted ($0.07) EPS. On average, sell-side analysts anticipate that TrueCar will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On TrueCar

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of TrueCar by 1.0% in the first quarter. Vanguard Group Inc. now owns 4,276,548 shares of the technology company’s stock worth $14,497,000 after buying an additional 41,592 shares during the period. Lazard Asset Management LLC purchased a new stake in TrueCar in the 1st quarter worth approximately $43,000. Boston Partners increased its holdings in TrueCar by 28.4% in the 1st quarter. Boston Partners now owns 131,053 shares of the technology company’s stock worth $444,000 after acquiring an additional 29,025 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in TrueCar during the 2nd quarter worth approximately $210,000. Finally, Bank of New York Mellon Corp lifted its holdings in TrueCar by 11.4% during the second quarter. Bank of New York Mellon Corp now owns 332,775 shares of the technology company’s stock valued at $1,042,000 after purchasing an additional 34,045 shares in the last quarter. 79.44% of the stock is currently owned by hedge funds and other institutional investors.

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.