TrueCar (NASDAQ:TRUE) PT Lowered to $4.00 at Needham & Company LLC

TrueCar (NASDAQ:TRUE) had its price target decreased by research analysts at Needham & Company LLC from $4.50 to $4.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 48.42% from the stock’s current price.

TrueCar Trading Up 2.1 %

TRUE opened at $2.70 on Tuesday. The stock has a fifty day simple moving average of $3.24 and a two-hundred day simple moving average of $3.08. The company has a market cap of $246.78 million, a price-to-earnings ratio of -6.74 and a beta of 1.65. TrueCar has a 12-month low of $1.76 and a 12-month high of $4.05.

TrueCar (NASDAQ:TRUE) last posted its quarterly earnings data on Tuesday, February 20th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.05. The business had revenue of $41.29 million during the quarter, compared to the consensus estimate of $41.50 million. TrueCar had a negative return on equity of 17.12% and a negative net margin of 22.15%. On average, analysts predict that TrueCar will post -0.19 EPS for the current year.

Insider Activity

In other news, EVP Jeff Swart sold 15,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $3.25, for a total transaction of $48,750.00. Following the completion of the transaction, the executive vice president now directly owns 355,044 shares in the company, valued at $1,153,893. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On TrueCar

Several institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its holdings in shares of TrueCar by 35.4% during the first quarter. BNP Paribas Financial Markets now owns 70,820 shares of the technology company’s stock valued at $240,000 after acquiring an additional 18,501 shares in the last quarter. Fairman Group LLC bought a new stake in TrueCar in the 4th quarter worth about $73,000. Mill Road Capital Management LLC increased its holdings in TrueCar by 5.3% in the 4th quarter. Mill Road Capital Management LLC now owns 1,723,800 shares of the technology company’s stock worth $5,964,000 after buying an additional 86,100 shares in the last quarter. Acuitas Investments LLC increased its holdings in TrueCar by 28.3% in the 4th quarter. Acuitas Investments LLC now owns 1,264,272 shares of the technology company’s stock worth $4,374,000 after buying an additional 279,106 shares in the last quarter. Finally, New York State Common Retirement Fund increased its holdings in TrueCar by 269.8% in the 4th quarter. New York State Common Retirement Fund now owns 27,762 shares of the technology company’s stock worth $96,000 after buying an additional 20,254 shares in the last quarter. 79.44% of the stock is currently owned by institutional investors.

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.