BTIG Research Reaffirms Neutral Rating for TrueCar (NASDAQ:TRUE)

TrueCar (NASDAQ:TRUE)‘s stock had its “neutral” rating reiterated by analysts at BTIG Research in a research note issued on Thursday,Benzinga reports.

TRUE has been the subject of a number of other research reports. JPMorgan Chase & Co. upgraded TrueCar from an “underweight” rating to a “neutral” rating in a research note on Thursday, October 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TrueCar in a research note on Wednesday, October 8th. Lake Street Capital lifted their price target on shares of TrueCar from $2.00 to $2.55 and gave the company a “hold” rating in a report on Thursday, October 16th. Finally, Needham & Company LLC reissued a “hold” rating on shares of TrueCar in a report on Tuesday, October 7th. Five analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, TrueCar has an average rating of “Reduce” and an average target price of $2.65.

TrueCar Stock Performance

NASDAQ:TRUE opened at $2.54 on Thursday. The stock has a 50-day simple moving average of $2.21 and a two-hundred day simple moving average of $2.10. The firm has a market capitalization of $225.91 million, a PE ratio of -11.55 and a beta of 2.22. TrueCar has a 52-week low of $1.05 and a 52-week high of $3.83.

Institutional Investors Weigh In On TrueCar

Institutional investors have recently made changes to their positions in the company. Millennium Management LLC boosted its stake in shares of TrueCar by 1,658.6% during the 3rd quarter. Millennium Management LLC now owns 477,100 shares of the technology company’s stock worth $878,000 after purchasing an additional 449,970 shares during the period. Connective Capital Management LLC bought a new stake in TrueCar in the second quarter worth about $396,000. Jane Street Group LLC purchased a new position in shares of TrueCar during the first quarter valued at approximately $234,000. Noesis Capital Mangement Corp bought a new position in shares of TrueCar during the second quarter valued at approximately $238,000. Finally, Bridgeway Capital Management LLC purchased a new stake in shares of TrueCar in the second quarter worth approximately $234,000. Institutional investors own 79.44% of the company’s stock.

About TrueCar

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.