TrueCar Inc. (TRUE) Short Interest Update
TrueCar Inc. (NASDAQ:TRUE) saw a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 11,596,807 shares, an increase of 22.8% from the August 31st total of 9,443,452 shares. Based on an average trading volume of 855,210 shares, the days-to-cover ratio is currently 13.6 days.
TrueCar (NASDAQ:TRUE) opened at 9.44 on Friday. TrueCar has a 1-year low of $4.42 and a 1-year high of $11.13. The firm’s market capitalization is $798.68 million. The firm has a 50-day moving average price of $9.53 and a 200-day moving average price of $7.80.
TrueCar (NASDAQ:TRUE) last issued its earnings results on Thursday, August 4th. The company reported ($0.05) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.05. The firm had revenue of $66.42 million for the quarter, compared to the consensus estimate of $65.52 million. TrueCar had a negative return on equity of 22.85% and a negative net margin of 24.55%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) EPS. Equities analysts expect that TrueCar will post ($0.24) earnings per share for the current fiscal year.
A number of equities research analysts have recently weighed in on TRUE shares. Zacks Investment Research upgraded TrueCar from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Wednesday, August 3rd. B. Riley upgraded TrueCar to a “neutral” rating and set a $9.50 target price for the company in a research report on Sunday, September 4th. JPMorgan Chase & Co. restated a “hold” rating and set a $6.00 target price on shares of TrueCar in a research report on Friday, August 5th. Craig Hallum restated a “hold” rating on shares of TrueCar in a research report on Friday, August 5th. Finally, RBC Capital Markets restated a “sector perform” rating and set a $10.00 target price (up previously from $6.00) on shares of TrueCar in a research report on Monday, August 8th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. TrueCar has a consensus rating of “Hold” and an average price target of $8.28.
In other news, Director John Krafcik sold 16,541 shares of the business’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $10.68, for a total transaction of $176,657.88. Following the completion of the sale, the director now owns 74,869 shares in the company, valued at $799,600.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Services Automobile Ass United sold 200,000 shares of the business’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $9.54, for a total value of $1,908,000.00. Following the sale, the insider now owns 10,072,346 shares of the company’s stock, valued at approximately $96,090,180.84. The disclosure for this sale can be found here. Insiders own 17.30% of the company’s stock.
Several large investors have recently modified their holdings of TRUE. Schwab Charles Investment Management Inc. increased its stake in shares of TrueCar by 12.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 184,722 shares of the company’s stock worth $1,451,000 after buying an additional 20,732 shares in the last quarter. Landscape Capital Management L.L.C. purchased a new stake in TrueCar during the second quarter valued at $411,000. Caledonia Private Investments Pty Ltd purchased a new stake in TrueCar during the second quarter valued at $14,193,000. Rhumbline Advisers increased its stake in TrueCar by 7.5% in the second quarter. Rhumbline Advisers now owns 50,681 shares of the company’s stock valued at $398,000 after buying an additional 3,555 shares during the period. Finally, Teachers Advisors Inc. increased its stake in TrueCar by 1.0% in the second quarter. Teachers Advisors Inc. now owns 90,321 shares of the company’s stock valued at $709,000 after buying an additional 927 shares during the period. 58.68% of the stock is currently owned by hedge funds and other institutional investors.
TrueCar, Inc offers a diverse software ecosystem for buying cars. The Company’s software ecosystem is based on a common technology infrastructure, and powered by data and analytics. The Company operates its platform on the TrueCar Website and its branded mobile experience. It customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for enterprises.
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