TrueCar Inc. (TRUE) Downgraded to “Hold” at Zacks Investment Research
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.
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