TrueCar (NASDAQ:TRUE) Stock Rating Lowered by JPMorgan Chase & Co.

TrueCar (NASDAQ:TRUE) was downgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports.

Several other brokerages have also recently commented on TRUE. StockNews.com cut shares of TrueCar from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 28th. Needham & Company LLC lowered their target price on shares of TrueCar from $5.00 to $4.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $4.63.

TrueCar Trading Down 2.7 %

Shares of NASDAQ TRUE opened at $1.79 on Thursday. TrueCar has a 1-year low of $1.68 and a 1-year high of $4.62. The company has a 50-day moving average of $2.76 and a two-hundred day moving average of $3.41. The company has a market cap of $156.19 million, a PE ratio of -5.26 and a beta of 1.72.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The firm had revenue of $46.21 million for the quarter, compared to analyst estimates of $47.30 million. TrueCar had a negative net margin of 17.68% and a negative return on equity of 17.54%. As a group, equities research analysts forecast that TrueCar will post -0.19 earnings per share for the current year.

Institutional Trading of TrueCar

A number of hedge funds have recently modified their holdings of TRUE. Geode Capital Management LLC grew its holdings in TrueCar by 3.8% during the third quarter. Geode Capital Management LLC now owns 1,955,226 shares of the technology company’s stock valued at $6,747,000 after purchasing an additional 71,508 shares during the period. State Street Corp grew its holdings in shares of TrueCar by 0.9% in the 3rd quarter. State Street Corp now owns 1,790,659 shares of the technology company’s stock valued at $6,178,000 after buying an additional 16,127 shares during the period. Northern Trust Corp grew its holdings in shares of TrueCar by 2.6% in the 4th quarter. Northern Trust Corp now owns 714,729 shares of the technology company’s stock valued at $2,666,000 after buying an additional 17,790 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of TrueCar by 75.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 521,467 shares of the technology company’s stock valued at $1,945,000 after buying an additional 224,969 shares in the last quarter. Finally, FMR LLC raised its stake in TrueCar by 23.7% during the 3rd quarter. FMR LLC now owns 380,636 shares of the technology company’s stock worth $1,313,000 after buying an additional 73,041 shares during the period. 79.44% of the stock is currently owned by institutional investors and hedge funds.

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.