TrueCar (NASDAQ:TRUE) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of TrueCar (NASDAQ:TRUE) from a hold rating to a buy rating in a research report report published on Tuesday morning.

A number of other research analysts have also recently commented on the company. BTIG Research upped their price target on TrueCar from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Lake Street Capital initiated coverage on shares of TrueCar in a report on Monday, October 7th. They set a “buy” rating and a $6.00 price objective on the stock. B. Riley lifted their target price on shares of TrueCar from $3.30 to $4.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Finally, Needham & Company LLC restated a “buy” rating and set a $5.00 price target on shares of TrueCar in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $4.88.

TrueCar Stock Performance

NASDAQ TRUE opened at $4.57 on Tuesday. The company has a market capitalization of $397.41 million, a PE ratio of -15.76 and a beta of 1.75. TrueCar has a 52-week low of $2.56 and a 52-week high of $4.59. The company has a 50-day simple moving average of $3.85 and a 200 day simple moving average of $3.36.

TrueCar (NASDAQ:TRUE) last issued its quarterly 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 return on equity of 14.33% and a negative net margin of 15.88%. The company had revenue of $46.54 million for the quarter, compared to analysts’ expectations of $45.82 million. During the same quarter in the previous year, the business earned ($0.07) EPS. As a group, analysts forecast that TrueCar will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On TrueCar

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in TrueCar by 1.0% during the first quarter. Vanguard Group Inc. now owns 4,276,548 shares of the technology company’s stock valued at $14,497,000 after acquiring an additional 41,592 shares in the last quarter. Boston Partners increased its holdings in shares of TrueCar by 28.4% in the first quarter. Boston Partners now owns 131,053 shares of the technology company’s stock worth $444,000 after purchasing an additional 29,025 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of TrueCar in the second quarter worth $210,000. Bank of New York Mellon Corp boosted its stake 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 buying an additional 34,045 shares during the period. Finally, Acadian Asset Management LLC grew its position in TrueCar by 0.6% during the second quarter. Acadian Asset Management LLC now owns 2,132,154 shares of the technology company’s stock worth $6,671,000 after buying an additional 12,956 shares in the last quarter. 79.44% of the stock is owned by hedge funds and other 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.