TrueCar’s (TRUE) “Underweight” Rating Reiterated at Morgan Stanley
TrueCar, Inc. (NASDAQ:TRUE)‘s stock had its “underweight” rating reaffirmed by analysts at Morgan Stanley in a research report issued to clients and investors on Thursday. They currently have a $13.00 target price on the technology company’s stock, up from their prior target price of $12.00. Morgan Stanley’s price target would suggest a potential downside of 34.87% from the company’s previous close.
Several other brokerages also recently weighed in on TRUE. Citigroup Inc. initiated coverage on TrueCar in a research note on Monday, March 27th. They issued a “buy” rating and a $18.00 target price on the stock. Craig Hallum lifted their price target on TrueCar from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, May 10th. B. Riley restated a “buy” rating and issued a $21.50 price target on shares of TrueCar in a research note on Tuesday, May 2nd. Royal Bank Of Canada restated a “buy” rating and issued a $19.00 price target on shares of TrueCar in a research note on Friday, April 21st. Finally, Zacks Investment Research downgraded TrueCar from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. TrueCar has a consensus rating of “Buy” and an average price target of $17.25.
TrueCar (NASDAQ TRUE) traded down 2.25% during midday trading on Thursday, reaching $19.96. The company’s stock had a trading volume of 1,023,325 shares. The stock’s 50 day moving average is $19.47 and its 200 day moving average is $16.06. TrueCar has a 12-month low of $8.09 and a 12-month high of $21.75. The stock’s market cap is $1.85 billion.
TrueCar (NASDAQ:TRUE) last announced its earnings results on Tuesday, May 9th. The technology company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.01. TrueCar had a negative return on equity of 13.82% and a negative net margin of 12.64%. The company had revenue of $75.80 million for the quarter, compared to the consensus estimate of $73.34 million. During the same period last year, the business posted ($0.07) EPS. The company’s revenue was up 22.5% on a year-over-year basis. Analysts anticipate that TrueCar will post ($0.01) earnings per share for the current year.
COPYRIGHT VIOLATION NOTICE: This story was first posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this story on another site, it was illegally stolen and reposted in violation of U.S. & international copyright & trademark law. The legal version of this story can be viewed at https://www.thecerbatgem.com/2017/07/20/truecar-inc-true-pt-raised-to-13-00-at-morgan-stanley.html.
In related news, Director Steven J. Dietz sold 1,320,692 shares of TrueCar stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $16.50, for a total value of $21,791,418.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Services Automobile Ass United sold 3,132,343 shares of TrueCar stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $16.50, for a total value of $51,683,659.50. Following the completion of the sale, the insider now owns 8,533,348 shares in the company, valued at $140,800,242. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,178,035 shares of company stock worth $100,592,078. Company insiders own 17.30% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System boosted its position in shares of TrueCar by 300.4% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 82,236 shares of the technology company’s stock valued at $1,028,000 after buying an additional 61,698 shares in the last quarter. Two Sigma Investments LP purchased a new position in shares of TrueCar during the fourth quarter valued at about $963,000. Balter Liquid Alternatives LLC purchased a new position in shares of TrueCar during the first quarter valued at about $953,000. AQR Capital Management LLC boosted its position in shares of TrueCar by 22.5% in the fourth quarter. AQR Capital Management LLC now owns 38,782 shares of the technology company’s stock valued at $485,000 after buying an additional 7,119 shares in the last quarter. Finally, Park West Asset Management LLC purchased a new position in shares of TrueCar during the first quarter valued at about $15,506,000. Hedge funds and other institutional investors own 83.60% 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.
Receive News & Stock Ratings for TrueCar Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TrueCar Inc. and related stocks with our FREE daily email newsletter.