TrueCar, Inc. (TRUE) Trading Down 0% After Analyst Downgrade
Shares of TrueCar, Inc. (NASDAQ:TRUE) fell 0% during mid-day trading on Tuesday after Royal Bank Of Canada lowered their price target on the stock from $23.00 to $18.00. Royal Bank Of Canada currently has an outperform rating on the stock. TrueCar traded as low as $10.45 and last traded at $10.58. 18,236,247 shares were traded during mid-day trading, an increase of 1,062% from the average session volume of 1,570,000 shares. The stock had previously closed at $10.58.
A number of other brokerages also recently weighed in on TRUE. B. Riley reissued a “buy” rating and issued a $21.00 price target on shares of TrueCar in a report on Saturday, August 26th. Morgan Stanley reissued an “underweight” rating and issued a $13.00 price target (up from $12.00) on shares of TrueCar in a report on Thursday, July 20th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $17.00 price target on shares of TrueCar in a report on Wednesday, October 11th. Cowen and Company reissued a “hold” rating and issued a $15.00 price target on shares of TrueCar in a report on Thursday, August 17th. Finally, Zacks Investment Research downgraded shares of TrueCar from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $17.44.
In other TrueCar news, EVP Neeraj Gunsagar sold 1,882 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $15.22, for a total transaction of $28,644.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ion Yadigaroglu sold 122,766 shares of the company’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $16.45, for a total transaction of $2,019,500.70. Following the sale, the director now directly owns 19,539 shares in the company, valued at $321,416.55. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 500,669 shares of company stock worth $8,333,936. Insiders own 15.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. lifted its holdings in TrueCar by 188.3% during the third quarter. Ameriprise Financial Inc. now owns 272,757 shares of the technology company’s stock valued at $4,307,000 after purchasing an additional 178,163 shares during the last quarter. SG Americas Securities LLC purchased a new stake in TrueCar during the third quarter valued at about $104,000. Hood River Capital Management LLC lifted its holdings in TrueCar by 8.6% during the third quarter. Hood River Capital Management LLC now owns 715,942 shares of the technology company’s stock valued at $11,305,000 after purchasing an additional 56,998 shares during the last quarter. Quantbot Technologies LP purchased a new stake in TrueCar during the third quarter valued at about $842,000. Finally, Massey Quick Simon & CO. LLC purchased a new stake in TrueCar during the third quarter valued at about $119,000. 92.00% of the stock is currently owned by institutional investors and hedge funds.
The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.06 and a current ratio of 6.06.
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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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