Zacks Investment Research downgraded shares of TrueCar Inc. (NASDAQ:TRUE) from a buy rating to a hold rating in a report issued on Thursday.

According to Zacks, “TrueCar Inc. engages in developing and publishing an online automotive information and communications platform. The Company operates its company-branded platform on its TrueCar.com Website. It enables users to obtain market-based pricing data on new and used cars, as well as to connect with its network of TrueCar certified dealers. TrueCar, Inc. is based in Santa Monica, California. “

A number of other brokerages have also recently issued reports on TRUE. Loop Capital began coverage on shares of TrueCar in a research report on Wednesday, August 10th. They set a hold rating and a $11.00 price target for the company. B. Riley restated a sell rating and set a $5.00 price objective on shares of TrueCar in a research note on Wednesday, August 10th. Craig Hallum restated a hold rating on shares of TrueCar in a research note on Friday, August 5th. JPMorgan Chase & Co. restated a hold rating and set a $6.00 price objective on shares of TrueCar in a research note on Friday, August 5th. Finally, RBC Capital Markets restated a sector perform rating and set a $10.00 price objective (up from $6.00) on shares of TrueCar in a research note on Monday, August 8th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a strong buy rating to the stock. TrueCar currently has an average rating of Hold and an average price target of $8.28.

Shares of TrueCar (NASDAQ:TRUE) traded down 3.05% during mid-day trading on Thursday, hitting $9.21. 412,456 shares of the company were exchanged. The company has a 50 day moving average of $9.39 and a 200 day moving average of $7.91. The company’s market capitalization is $779.22 million. TrueCar has a 52 week low of $4.42 and a 52 week high of $11.13.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. TrueCar had a negative net margin of 24.55% and a negative return on equity of 22.85%. The company earned $66.42 million during the quarter, compared to analysts’ expectations of $65.52 million. During the same period last year, the company posted ($0.05) EPS. TrueCar’s revenue was up 1.7% on a year-over-year basis. Equities analysts anticipate that TrueCar will post ($0.24) earnings per share for the current year.

In other TrueCar news, Director John Krafcik sold 16,541 shares of TrueCar stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $10.68, for a total transaction of $176,657.88. Following the transaction, the director now owns 74,869 shares of the company’s stock, valued at $799,600.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Services Automobile Ass United sold 200,000 shares of TrueCar stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $9.54, for a total transaction of $1,908,000.00. Following the transaction, the insider now directly owns 10,072,346 shares in the company, valued at approximately $96,090,180.84. The disclosure for this sale can be found here. 17.30% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the stock. Quantitative Investment Management LLC purchased a new position in shares of TrueCar during the second quarter valued at $134,000. State Board of Administration of Florida Retirement System increased its position in shares of TrueCar by 4.5% in the second quarter. State Board of Administration of Florida Retirement System now owns 20,538 shares of the company’s stock valued at $161,000 after buying an additional 881 shares in the last quarter. BlackRock Advisors LLC increased its position in shares of TrueCar by 2.4% in the second quarter. BlackRock Advisors LLC now owns 25,525 shares of the company’s stock valued at $200,000 after buying an additional 587 shares in the last quarter. American International Group Inc. increased its position in shares of TrueCar by 9.2% in the second quarter. American International Group Inc. now owns 31,287 shares of the company’s stock valued at $246,000 after buying an additional 2,626 shares in the last quarter. Finally, Nationwide Fund Advisors increased its position in shares of TrueCar by 8.5% in the second quarter. Nationwide Fund Advisors now owns 35,365 shares of the company’s stock valued at $278,000 after buying an additional 2,770 shares in the last quarter. 58.68% of the stock is currently owned by institutional investors and hedge funds.

TrueCar Company Profile

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.

5 Day Chart for NASDAQ:TRUE

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