TrueCar (NASDAQ:TRUE) Price Target Cut to $4.00

TrueCar (NASDAQ:TRUE) had its target price lowered by research analysts at Needham & Company LLC from $4.50 to $4.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s target price suggests a potential upside of 49.81% from the stock’s previous close.

TrueCar Stock Performance

Shares of TRUE stock traded down $0.09 during trading hours on Tuesday, hitting $2.67. The company had a trading volume of 94,574 shares, compared to its average volume of 208,013. TrueCar has a 12 month low of $1.76 and a 12 month high of $4.05. The firm’s fifty day moving average is $3.28 and its 200 day moving average is $3.08. The firm has a market capitalization of $244.49 million, a price-to-earnings ratio of -4.77 and a beta of 1.65.

TrueCar (NASDAQ:TRUE) last announced its quarterly earnings results on Tuesday, February 20th. The technology company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.05. TrueCar had a negative return on equity of 24.27% and a negative net margin of 31.36%. The business had revenue of $41.29 million for the quarter, compared to analyst estimates of $41.50 million. On average, sell-side analysts expect that TrueCar will post -0.19 EPS for the current fiscal year.

Insider Activity at TrueCar

In other news, EVP Jeff Swart sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $3.25, for a total value of $48,750.00. Following the transaction, the executive vice president now directly owns 355,044 shares of the company’s stock, valued at approximately $1,153,893. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On TrueCar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. bought a new stake in shares of TrueCar during the third quarter worth $27,000. Gladius Capital Management LP raised its holdings in TrueCar by 31.3% during the 3rd quarter. Gladius Capital Management LP now owns 15,367 shares of the technology company’s stock worth $32,000 after purchasing an additional 3,661 shares during the last quarter. Fairman Group LLC acquired a new position in TrueCar during the 4th quarter valued at about $73,000. SG Americas Securities LLC bought a new position in shares of TrueCar in the 3rd quarter valued at about $83,000. Finally, New York State Common Retirement Fund boosted its stake in shares of TrueCar by 269.8% in the 4th quarter. New York State Common Retirement Fund now owns 27,762 shares of the technology company’s stock valued at $96,000 after purchasing an additional 20,254 shares during the last quarter. Institutional investors and hedge funds own 79.44% of the company’s stock.

TrueCar Company Profile

TrueCar, Inc operates as an internet-based information, technology, and communication services company in the United States. It operates its platform on the TrueCar website and mobile applications. Its platform enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar certified dealers.