TrueCar, Inc. (NASDAQ:TRUE) Receives Consensus Recommendation of “Reduce” from Brokerages

TrueCar, Inc. (NASDAQ:TRUE) has been given a consensus recommendation of “Reduce” by the seven brokerages that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $2.65.

Several equities research analysts have commented on TRUE shares. Lake Street Capital upped their price objective on shares of TrueCar from $2.00 to $2.55 and gave the company a “hold” rating in a report on Thursday, October 16th. BTIG Research restated a “neutral” rating on shares of TrueCar in a research note on Thursday, January 22nd. JPMorgan Chase & Co. raised shares of TrueCar from an “underweight” rating to a “neutral” rating in a report on Thursday, October 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of TrueCar in a report on Wednesday, January 21st.

TrueCar Stock Performance

Shares of NASDAQ TRUE opened at $2.54 on Thursday. The stock has a fifty day simple moving average of $2.32 and a two-hundred day simple moving average of $2.16. TrueCar has a 1-year low of $1.05 and a 1-year high of $3.83. The firm has a market cap of $225.91 million, a price-to-earnings ratio of -11.55 and a beta of 2.22.

Institutional Trading of TrueCar

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Cerity Partners LLC bought a new position in TrueCar in the 4th quarter worth about $26,000. M&T Bank Corp purchased a new stake in shares of TrueCar in the fourth quarter worth about $32,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of TrueCar in the third quarter valued at approximately $29,000. BNP Paribas Financial Markets boosted its position in shares of TrueCar by 89.5% in the third quarter. BNP Paribas Financial Markets now owns 15,827 shares of the technology company’s stock valued at $29,000 after acquiring an additional 7,475 shares during the period. Finally, SG Americas Securities LLC purchased a new position in TrueCar during the third quarter valued at approximately $41,000. 79.44% of the stock is currently owned by institutional investors.

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.