GABELLI & Co INVESTMENT ADVISERS INC. Acquires Shares of 411,698 TrueCar, Inc. $TRUE

GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in TrueCar, Inc. (NASDAQ:TRUE) during the 4th quarter, HoldingsChannel reports. The firm acquired 411,698 shares of the technology company’s stock, valued at approximately $930,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake in TrueCar by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 1,842,858 shares of the technology company’s stock valued at $3,502,000 after buying an additional 24,162 shares during the period. Russell Investments Group Ltd. increased its stake in shares of TrueCar by 2.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 731,015 shares of the technology company’s stock worth $1,345,000 after purchasing an additional 17,106 shares during the last quarter. Millennium Management LLC increased 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 last quarter. Gabelli Funds LLC acquired a new position in shares of TrueCar during the 4th quarter worth $908,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of TrueCar by 4.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 387,829 shares of the technology company’s stock worth $613,000 after purchasing an additional 16,822 shares during the last quarter. Institutional investors and hedge funds own 79.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. BTIG Research restated a “neutral” rating on shares of TrueCar in a research note on Thursday, January 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of TrueCar in a research note on Wednesday, January 21st. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, TrueCar has an average rating of “Reduce” and a consensus target price of $2.55.

TrueCar Price Performance

Shares of TRUE opened at $2.54 on Monday. The company’s fifty day moving average is $2.54 and its 200-day moving average is $2.40. TrueCar, Inc. has a 12 month low of $1.05 and a 12 month high of $2.54. The firm has a market cap of $225.91 million, a price-to-earnings ratio of -11.55 and a beta of 2.22.

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.