Needham & Company LLC Begins Coverage on TrueCar (NASDAQ:TRUE)

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Needham & Company LLC assumed coverage on shares of TrueCar (NASDAQ:TRUE) in a research report released on Thursday, BenzingaRatingsTable reports. The firm issued a hold rating on the technology company’s stock.

Several other brokerages have also recently issued reports on TRUE. Citigroup dropped their target price on TrueCar from $7.00 to $4.50 and set a neutral rating on the stock in a research report on Friday, August 9th. TheStreet cut TrueCar from a c- rating to a d rating in a research report on Thursday, August 8th. Zacks Investment Research cut TrueCar from a hold rating to a sell rating in a research report on Saturday, July 27th. Cowen set a $5.00 target price on TrueCar and gave the company a hold rating in a research report on Friday, August 9th. Finally, ValuEngine raised TrueCar from a sell rating to a hold rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. The stock has an average rating of Hold and a consensus target price of $8.71.

TRUE opened at $4.33 on Thursday. The stock’s fifty day moving average is $4.24 and its two-hundred day moving average is $5.71. TrueCar has a 52 week low of $3.01 and a 52 week high of $14.55. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.09 and a current ratio of 3.09.

TrueCar (NASDAQ:TRUE) last announced its earnings results on Thursday, August 8th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.06. The business had revenue of $88.08 million for the quarter, compared to analysts’ expectations of $89.20 million. TrueCar had a negative return on equity of 11.45% and a negative net margin of 14.25%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 EPS. On average, research analysts anticipate that TrueCar will post -0.58 EPS for the current year.

In other news, EVP Robert Mcclung sold 7,669 shares of the firm’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $5.41, for a total value of $41,489.29. Following the completion of the sale, the executive vice president now owns 121,744 shares of the company’s stock, valued at approximately $658,635.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.00% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of TRUE. Advisory Services Network LLC acquired a new stake in shares of TrueCar in the 2nd quarter worth $60,000. Stone Ridge Asset Management LLC acquired a new stake in shares of TrueCar in the 2nd quarter worth $67,000. BNP Paribas Arbitrage SA boosted its position in shares of TrueCar by 1,117.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 21,441 shares of the technology company’s stock worth $142,000 after purchasing an additional 19,680 shares in the last quarter. NumerixS Investment Technologies Inc acquired a new stake in shares of TrueCar in the 1st quarter worth $156,000. Finally, Balyasny Asset Management LLC acquired a new stake in shares of TrueCar in the 2nd quarter worth $196,000. 90.74% of the stock is owned by hedge funds and other institutional investors.

TrueCar Company Profile

TrueCar, Inc, together with its subsidiaries, 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. The company also customizes and operates its platform for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for large enterprises.

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Analyst Recommendations for TrueCar (NASDAQ:TRUE)

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