TrueCar (NASDAQ:TRUE) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of TrueCar (NASDAQ:TRUE) from a strong-buy rating to a buy rating in a research note issued to investors on Friday morning.

TRUE has been the subject of a number of other reports. JPMorgan Chase & Co. cut TrueCar from an “overweight” rating to a “neutral” rating in a research note on Friday, February 21st. Needham & Company LLC lowered their price objective on shares of TrueCar from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Finally, B. Riley raised their price objective on shares of TrueCar from $3.30 to $4.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.63.

TrueCar Stock Up 3.6 %

Shares of TRUE stock opened at $2.33 on Friday. The firm has a market capitalization of $203.31 million, a price-to-earnings ratio of -6.85 and a beta of 1.75. TrueCar has a 12-month low of $2.16 and a 12-month high of $4.62. The firm has a fifty day moving average of $3.35 and a 200-day moving average of $3.53.

TrueCar (NASDAQ:TRUE) last posted its earnings results on Tuesday, February 18th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The business had revenue of $46.21 million during the quarter, compared to analyst estimates of $47.30 million. TrueCar had a negative net margin of 17.68% and a negative return on equity of 17.54%. Research analysts expect that TrueCar will post -0.19 earnings per share for the current year.

Hedge Funds Weigh In On TrueCar

A number of large investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. raised its holdings in shares of TrueCar by 151.1% in the third quarter. Assenagon Asset Management S.A. now owns 168,600 shares of the technology company’s stock valued at $582,000 after purchasing an additional 101,459 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in TrueCar in the 3rd quarter valued at $43,000. Intech Investment Management LLC acquired a new stake in TrueCar in the 3rd quarter valued at $36,000. FMR LLC lifted its position in TrueCar by 23.7% during the 3rd quarter. FMR LLC now owns 380,636 shares of the technology company’s stock worth $1,313,000 after buying an additional 73,041 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of TrueCar by 15.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 60,942 shares of the technology company’s stock worth $210,000 after buying an additional 8,027 shares during the last quarter. Institutional investors and hedge funds own 79.44% of the company’s stock.

TrueCar Company Profile

TrueCar, Inc operates as an internet-based information, technology, and communication services company in the United States. It operates its platform on the TrueCar website and mobile applications. Its platform enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar certified dealers.