TrueCar Inc (NASDAQ:TRUE) saw a significant increase in short interest during the month of June. As of June 30th, there was short interest totalling 7,740,800 shares, an increase of 10.2% from the May 30th total of 7,026,400 shares. Approximately 8.5% of the company’s shares are sold short. Based on an average daily trading volume, of 2,330,000 shares, the days-to-cover ratio is currently 3.3 days.
In related 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 directly owns 121,744 shares in the company, valued at $658,635.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 7.00% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in TrueCar by 1.1% in the fourth quarter. BlackRock Inc. now owns 6,318,080 shares of the technology company’s stock worth $57,241,000 after purchasing an additional 71,172 shares during the period. 683 Capital Management LLC increased its stake in shares of TrueCar by 2.2% during the fourth quarter. 683 Capital Management LLC now owns 3,458,358 shares of the technology company’s stock valued at $31,333,000 after buying an additional 75,000 shares during the period. D. E. Shaw & Co. Inc. increased its stake in shares of TrueCar by 25.2% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,341,222 shares of the technology company’s stock valued at $12,151,000 after buying an additional 270,063 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of TrueCar by 128.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,072,659 shares of the technology company’s stock valued at $9,719,000 after buying an additional 602,448 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of TrueCar by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 998,228 shares of the technology company’s stock valued at $9,043,000 after buying an additional 93,714 shares during the period. Institutional investors and hedge funds own 94.98% of the company’s stock.
TRUE stock opened at $5.27 on Tuesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 5.09 and a current ratio of 5.09. The stock has a fifty day simple moving average of $5.54. TrueCar has a twelve month low of $5.02 and a twelve month high of $14.55. The stock has a market capitalization of $562.24 million, a price-to-earnings ratio of -20.27 and a beta of 1.57.
TrueCar (NASDAQ:TRUE) last released its earnings results on Thursday, May 9th. The technology company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. TrueCar had a negative return on equity of 7.97% and a negative net margin of 9.39%. The business had revenue of $85.60 million for the quarter, compared to analyst estimates of $84.99 million. During the same quarter last year, the firm posted $0.01 earnings per share. The business’s revenue was up 5.6% compared to the same quarter last year. As a group, equities research analysts forecast that TrueCar will post -0.31 earnings per share for the current fiscal year.
A number of analysts recently issued reports on TRUE shares. Cowen started coverage on TrueCar in a research report on Monday, May 20th. They issued a “hold” rating and a $7.00 price target for the company. Benchmark downgraded TrueCar from a “buy” rating to a “hold” rating and set a $11.00 price target for the company. in a research report on Monday, March 25th. Zacks Investment Research upgraded Vistra Energy from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research report on Saturday. Goldman Sachs Group set a €137.00 ($159.30) target price on Safran and gave the stock a “buy” rating in a research note on Monday, March 18th. Finally, SunTrust Banks reiterated a “hold” rating and issued a $8.00 target price on shares of TrueCar in a research note on Tuesday, May 14th. Three analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $9.91.
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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