TrueCar, Inc. (TRUE) Rating Reiterated by Goldman Sachs Group, Inc. (The)
TrueCar, Inc. (NASDAQ:TRUE)‘s stock had its “neutral” rating reaffirmed by stock analysts at Goldman Sachs Group, Inc. (The) in a note issued to investors on Wednesday. They presently have a $17.00 price objective on the technology company’s stock. Goldman Sachs Group, Inc. (The)’s price target suggests a potential upside of 9.82% from the company’s current price.
Several other research firms have also issued reports on TRUE. Zacks Investment Research lowered shares of TrueCar from a “hold” rating to a “sell” rating in a research note on Friday, October 6th. B. Riley reiterated a “buy” rating and issued a $21.00 target price on shares of TrueCar in a research note on Monday, October 2nd. Royal Bank Of Canada reiterated a “buy” rating and issued a $22.00 target price on shares of TrueCar in a research note on Friday, August 4th. Morgan Stanley upgraded shares of TrueCar from an “underweight” rating to an “equal weight” rating and set a $13.00 target price for the company in a research note on Monday, October 2nd. Finally, Cowen and Company reiterated a “hold” rating and issued a $15.00 target price on shares of TrueCar in a research note on Thursday, August 17th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. TrueCar presently has a consensus rating of “Buy” and a consensus price target of $18.33.
TrueCar (NASDAQ:TRUE) last announced its quarterly earnings results on Tuesday, August 8th. The technology company reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. The business had revenue of $81.82 million during the quarter, compared to analyst estimates of $80.75 million. TrueCar had a negative net margin of 9.86% and a negative return on equity of 11.00%. TrueCar’s quarterly revenue was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.05) EPS.
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In related news, CFO Michael Guthrie sold 322,865 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $19.12, for a total value of $6,173,178.80. Following the transaction, the chief financial officer now directly owns 359,847 shares of the company’s stock, valued at approximately $6,880,274.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeff Swart sold 34,863 shares of the business’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $19.82, for a total transaction of $690,984.66. Following the completion of the transaction, the executive vice president now directly owns 99,084 shares in the company, valued at $1,963,844.88. The disclosure for this sale can be found here. Insiders sold a total of 2,011,936 shares of company stock worth $37,176,200 over the last three months. 15.50% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the stock. Fondren Management LP purchased a new position in shares of TrueCar in the 2nd quarter worth about $598,000. Lord Abbett & CO. LLC purchased a new position in shares of TrueCar in the 2nd quarter worth about $24,096,000. Wasatch Advisors Inc. purchased a new position in shares of TrueCar in the 2nd quarter worth about $5,254,000. EastBay Asset Management LLC boosted its holdings in shares of TrueCar by 94.7% in the 2nd quarter. EastBay Asset Management LLC now owns 2,894,876 shares of the technology company’s stock worth $57,695,000 after buying an additional 1,408,301 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its holdings in shares of TrueCar by 15.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,427 shares of the technology company’s stock worth $108,000 after buying an additional 734 shares during the last quarter. 91.71% of the stock is currently owned by institutional investors.
TrueCar Company Profile
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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