TrueCar Inc (TRUE) Upgraded to “Buy” by Zacks Investment Research
TrueCar Inc (NASDAQ:TRUE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, May 5th. The firm currently has a $19.00 price target on the technology company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 8.32% from the company’s previous close.
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. “
TRUE has been the subject of a number of other research reports. Citigroup Inc initiated coverage on TrueCar in a research note on Monday, March 27th. They set a “buy” rating and a $18.00 price objective for the company. B. Riley reaffirmed a “buy” rating and set a $14.50 target price on shares of TrueCar in a research note on Friday, January 13th. Loop Capital reissued a “buy” rating and issued a $18.00 price objective on shares of TrueCar in a research note on Tuesday, February 21st. Royal Bank of Canada reiterated a “buy” rating and set a $19.00 price target on shares of TrueCar in a report on Friday, April 21st. Finally, JMP Securities raised TrueCar from a “market perform” rating to an “outperform” rating and set a $17.00 price target for the company in a research report on Monday, January 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $16.59.
TrueCar (NASDAQ:TRUE) traded up 0.40% on Friday, hitting $17.61. 440,735 shares of the stock were exchanged. The stock’s 50 day moving average price is $16.15 and its 200 day moving average price is $13.86. TrueCar has a 52-week low of $6.51 and a 52-week high of $18.76. The firm’s market cap is $1.64 billion.
TrueCar (NASDAQ:TRUE) last released its quarterly earnings data on Tuesday, May 9th. The technology company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The company had revenue of $75.80 million for the quarter, compared to the consensus estimate of $73.34 million. TrueCar had a negative return on equity of 22.29% and a negative net margin of 22.92%. The company’s quarterly revenue was up 22.5% compared to the same quarter last year. During the same period last year, the business posted ($0.07) EPS. Equities research analysts forecast that TrueCar will post ($0.02) earnings per share for the current year.
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In other TrueCar news, major shareholder Services Automobile Ass United sold 3,132,343 shares of the stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $16.50, for a total transaction of $51,683,659.50. Following the completion of the transaction, the insider now owns 8,533,348 shares in the company, valued at approximately $140,800,242. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Steven J. Dietz sold 1,320,692 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $16.50, for a total value of $21,791,418.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,203,606 shares of company stock valued at $100,967,971. Corporate insiders own 17.30% of the company’s stock.
A number of large investors have recently modified their holdings of TRUE. First Mercantile Trust Co. bought a new stake in shares of TrueCar during the first quarter valued at about $141,000. Trexquant Investment LP bought a new stake in shares of TrueCar during the fourth quarter valued at about $161,000. Sei Investments Co. bought a new stake in shares of TrueCar during the first quarter valued at about $167,000. Strategic Investment Management LLC acquired a new stake in TrueCar during the fourth quarter worth $168,000. Finally, SG Americas Securities LLC acquired a new stake in TrueCar during the first quarter worth $190,000. Hedge funds and other institutional investors own 63.62% of the company’s stock.
TrueCar, Inc is an Internet-based information, technology, and communication services company. The Company has a data-driven online platform, which features market data and analytics. The Company-branded platform is available on its TrueCar Website and mobile applications. 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 a range of enterprises.
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