TrueCar (NASDAQ:TRUE) Stock Price Crosses Above 50 Day Moving Average – Here’s What Happened

TrueCar, Inc. (NASDAQ:TRUE) crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $2.23 and traded as high as $2.34. TrueCar shares last traded at $2.3050, with a volume of 221,745 shares.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on TRUE shares. BTIG Research downgraded TrueCar from a “buy” rating to a “hold” rating in a research report on Monday, October 20th. Needham & Company LLC restated a “hold” rating on shares of TrueCar in a report on Tuesday, October 7th. Lake Street Capital increased their target price on TrueCar from $2.00 to $2.55 and gave the stock a “hold” rating in a research note on Thursday, October 16th. Weiss Ratings restated a “sell (d-)” rating on shares of TrueCar in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upgraded TrueCar from an “underweight” rating to a “neutral” rating in a research report on Thursday, October 16th. Five analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $2.65.

TrueCar Price Performance

The stock has a 50-day moving average of $2.23 and a 200-day moving average of $2.03. The firm has a market cap of $207.67 million, a price-to-earnings ratio of -10.61 and a beta of 2.22.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in TrueCar during the third quarter worth about $29,000. BNP Paribas Financial Markets lifted its holdings in shares of TrueCar by 89.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,827 shares of the technology company’s stock worth $29,000 after acquiring an additional 7,475 shares during the period. Kapitalo Investimentos Ltda bought a new stake in shares of TrueCar during the 2nd quarter worth approximately $35,000. Strs Ohio acquired a new stake in shares of TrueCar during the 1st quarter worth approximately $38,000. Finally, SG Americas Securities LLC bought a new position in TrueCar in the third quarter valued at approximately $41,000. Institutional investors and hedge funds own 79.44% of the company’s stock.

TrueCar Company Profile

TrueCar, Inc operates a digital automotive marketplace designed to streamline the vehicle buying and selling process in the United States. Through its online platform, TrueCar provides prospective car buyers with transparent pricing information, real‐time market data and guaranteed savings from a network of certified dealers. The company’s core offerings include pricing analytics, dealer inventory listings and a purchase–price guarantee that aims to reduce the negotiation burden typically associated with new and used vehicle transactions.

Founded in 2005 under the name Zag.com by entrepreneur Scott Painter, the company rebranded as TrueCar in 2010 and subsequently completed its initial public offering in 2014.