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

by · The Cerbat Gem

TrueCar, Inc. (NASDAQ:TRUE – Get Free Report) has been given a consensus rating of “Reduce” by the seven analysts that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating and five have issued a hold rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $2.65.

TRUE has been the topic of a number of recent research reports. BTIG Research lowered shares of TrueCar from a “buy” rating to a “hold” rating in a research report on Monday, October 20th. Weiss Ratings restated a “sell (d-)” rating on shares of TrueCar in a research report on Wednesday, October 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of TrueCar in a report on Tuesday, October 7th. Lake Street Capital lifted their price objective on TrueCar from $2.00 to $2.55 and gave the stock a “hold” rating in a research report on Thursday, October 16th. Finally, JPMorgan Chase & Co. upgraded TrueCar from an “underweight” rating to a “neutral” rating in a report on Thursday, October 16th.

Read Our Latest Research Report on TRUE

TrueCar Stock Performance

Shares of TRUE stock opened at $2.19 on Friday. TrueCar has a fifty-two week low of $1.05 and a fifty-two week high of $3.83. The stock’s fifty day moving average is $2.21 and its two-hundred day moving average is $2.08. The firm has a market capitalization of $194.78 million, a P/E ratio of -9.95 and a beta of 2.22.

Institutional Investors Weigh In On TrueCar

Hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC raised its stake in TrueCar by 22.2% during the first quarter. Acadian Asset Management LLC now owns 2,753,300 shares of the technology company’s stock worth $4,346,000 after purchasing an additional 500,804 shares during the period. Geode Capital Management LLC increased its holdings in shares of TrueCar by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 1,842,858 shares of the technology company’s stock worth $3,502,000 after buying an additional 24,162 shares during the last quarter. Russell Investments Group Ltd. raised its position 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 valued at $1,345,000 after buying an additional 17,106 shares during the period. Millennium Management LLC lifted its holdings in TrueCar by 1,658.6% in the third quarter. Millennium Management LLC now owns 477,100 shares of the technology company’s stock valued at $878,000 after acquiring an additional 449,970 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in TrueCar by 4.5% in the first quarter. Goldman Sachs Group Inc. now owns 387,829 shares of the technology company’s stock valued at $613,000 after acquiring an additional 16,822 shares during the last quarter. Hedge funds and other institutional investors own 79.44% of the company’s stock.

About TrueCar

(Get Free Report)

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.

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