Zacks Investment Research upgraded shares of TrueCar Inc. (NASDAQ:TRUE) from a hold rating to a strong-buy rating in a research note released on Thursday morning. The firm currently has $11.00 price target on the stock.
According to Zacks, “TrueCar Inc. engages in developing and publishing an online automotive information and communications platform. The Company operates its company-branded platform on its TrueCar.com Website. It enables users to obtain market-based pricing data on new and used cars, as well as to connect with its network of TrueCar certified dealers. TrueCar, Inc. is based in Santa Monica, California. “
Several other research analysts have also commented on the company. B. Riley reiterated a buy rating and issued a $14.00 target price on shares of TrueCar in a research report on Saturday, October 29th. JPMorgan Chase & Co. reiterated a hold rating and issued a $6.00 target price on shares of TrueCar in a research report on Friday, August 5th. Craig Hallum reiterated a hold rating on shares of TrueCar in a research report on Friday, August 5th. Loop Capital assumed coverage on TrueCar in a research report on Wednesday, August 10th. They issued a hold rating and a $11.00 target price for the company. Finally, RBC Capital Markets restated a sector perform rating and set a $10.00 price objective (up previously from $6.00) on shares of TrueCar in a research report on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $9.34.
Shares of TrueCar (NASDAQ:TRUE) traded up 14.58% during mid-day trading on Thursday, reaching $10.61. 3,329,000 shares of the company’s stock were exchanged. The stock has a 50 day moving average price of $9.35 and a 200 day moving average price of $8.46. TrueCar has a 52 week low of $4.42 and a 52 week high of $11.13. The stock’s market cap is $897.67 million.
TrueCar (NASDAQ:TRUE) last posted its quarterly earnings data on Thursday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.05. TrueCar had a negative return on equity of 22.85% and a negative net margin of 24.55%. The company had revenue of $75.01 million for the quarter, compared to the consensus estimate of $71.17 million. During the same period in the previous year, the business earned ($0.03) EPS. TrueCar’s revenue for the quarter was up 3.7% compared to the same quarter last year. Equities research analysts predict that TrueCar will post ($0.24) EPS for the current year.
In related news, Director John Krafcik sold 16,541 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $10.68, for a total transaction of $176,657.88. Following the completion of the transaction, the director now owns 74,869 shares of the company’s stock, valued at approximately $799,600.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 17.30% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in TrueCar by 7.2% in the second quarter. Bank of New York Mellon Corp now owns 247,283 shares of the company’s stock valued at $1,940,000 after buying an additional 16,593 shares in the last quarter. California State Teachers Retirement System boosted its position in TrueCar by 8.9% in the second quarter. California State Teachers Retirement System now owns 113,963 shares of the company’s stock valued at $895,000 after buying an additional 9,288 shares in the last quarter. Quantitative Investment Management LLC acquired a new position in TrueCar during the second quarter valued at $134,000. Emerald Acquisition Ltd. acquired a new position in TrueCar during the second quarter valued at $508,000. Finally, State Board of Administration of Florida Retirement System boosted its position in TrueCar by 4.5% in the second quarter. State Board of Administration of Florida Retirement System now owns 20,538 shares of the company’s stock valued at $161,000 after buying an additional 881 shares in the last quarter. 58.65% of the stock is owned by institutional investors and hedge funds.
About TrueCar
TrueCar, Inc offers a diverse software ecosystem for buying cars. The Company’s software ecosystem is based on a common technology infrastructure, and powered by data and analytics. The Company operates its platform on the TrueCar Website and its branded mobile experience. It customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for enterprises.