TrueCar (TRUE) Downgraded to “Strong Sell” at Zacks Investment Research
TrueCar (NASDAQ:TRUE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Saturday.
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. “
Several other brokerages have also issued reports on TRUE. Royal Bank of Canada dropped their price objective on TrueCar from $23.00 to $18.00 and set an “outperform” rating on the stock in a report on Tuesday, November 7th. B. Riley reaffirmed a “buy” rating and set a $21.00 price objective on shares of TrueCar in a report on Monday, October 2nd. ValuEngine downgraded shares of TrueCar from a “hold” rating to a “sell” rating in a research note on Tuesday, November 7th. 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, Goldman Sachs Group reiterated a “neutral” rating and set a $17.00 target price on shares of TrueCar in a research note on Wednesday, October 11th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $17.50.
TrueCar (NASDAQ:TRUE) last issued its quarterly earnings data on Monday, November 6th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.03). TrueCar had a negative return on equity of 10.38% and a negative net margin of 10.29%. sell-side analysts forecast that TrueCar will post -0.32 EPS for the current year.
In related news, EVP Neeraj Gunsagar sold 10,443 shares of the firm’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $11.28, for a total value of $117,797.04. Following the completion of the sale, the executive vice president now owns 254,144 shares in the company, valued at $2,866,744.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP John Pierantoni sold 2,494 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $11.29, for a total transaction of $28,157.26. Following the completion of the sale, the senior vice president now owns 57,513 shares of the company’s stock, valued at approximately $649,321.77. The disclosure for this sale can be found here. Insiders have sold 15,670 shares of company stock valued at $177,654 in the last quarter. Insiders own 15.50% of the company’s stock.
A number of large investors have recently made changes to their positions in TRUE. Caledonia Private Investments Pty Ltd lifted its position in TrueCar by 158.6% in the second quarter. Caledonia Private Investments Pty Ltd now owns 11,972,257 shares of the technology company’s stock valued at $238,607,000 after purchasing an additional 7,342,518 shares during the period. Steadfast Capital Management LP acquired a new stake in TrueCar in the second quarter valued at about $56,303,000. Ontario Teachers Pension Plan Board acquired a new stake in TrueCar in the second quarter valued at about $49,825,000. Wasatch Advisors Inc. lifted its position in TrueCar by 812.5% in the third quarter. Wasatch Advisors Inc. now owns 2,405,517 shares of the technology company’s stock valued at $37,983,000 after purchasing an additional 2,141,897 shares during the period. Finally, Vanguard Group Inc. lifted its position in TrueCar by 43.9% in the second quarter. Vanguard Group Inc. now owns 6,574,867 shares of the technology company’s stock valued at $131,037,000 after purchasing an additional 2,004,642 shares during the period. Hedge funds and other institutional investors own 92.15% 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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