B. Riley Issues Negative Outlook for TrueCar Earnings

TrueCar, Inc. (NASDAQ:TRUE) – Research analysts at B. Riley dropped their Q3 2024 earnings estimates for shares of TrueCar in a research note issued to investors on Tuesday, October 29th. B. Riley analyst N. Khan now forecasts that the technology company will earn ($0.06) per share for the quarter, down from their previous estimate of ($0.05). The consensus estimate for TrueCar’s current full-year earnings is ($0.29) per share. B. Riley also issued estimates for TrueCar’s Q4 2024 earnings at ($0.04) EPS, FY2024 earnings at ($0.32) EPS, Q1 2025 earnings at ($0.07) EPS, Q2 2025 earnings at ($0.06) EPS, Q4 2025 earnings at ($0.02) EPS, FY2025 earnings at ($0.19) EPS, FY2026 earnings at ($0.13) EPS and FY2027 earnings at ($0.09) EPS.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Monday, August 5th. The technology company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.02). The business had revenue of $41.80 million during the quarter, compared to analyst estimates of $43.38 million. TrueCar had a negative return on equity of 14.10% and a negative net margin of 17.63%.

A number of other equities research analysts have also recently commented on the stock. Needham & Company LLC dropped their price objective on shares of TrueCar from $4.00 to $3.75 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. BTIG Research increased their target price on TrueCar from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, Lake Street Capital assumed coverage on TrueCar in a research report on Monday, October 7th. They set a “buy” rating and a $6.00 target price on the stock.

TrueCar Price Performance

Shares of NASDAQ TRUE opened at $3.99 on Thursday. The stock has a market capitalization of $365.38 million, a price-to-earnings ratio of -9.98 and a beta of 1.85. TrueCar has a 12 month low of $1.77 and a 12 month high of $4.22. The firm’s 50 day simple moving average is $3.33 and its 200-day simple moving average is $3.13.

Insider Buying and Selling at TrueCar

In other TrueCar news, EVP Jeff Swart sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $2.82, for a total value of $56,400.00. Following the completion of the sale, the executive vice president now directly owns 390,600 shares of the company’s stock, valued at $1,101,492. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.30% of the stock is currently owned by insiders.

Institutional Trading of TrueCar

A number of hedge funds and other institutional investors have recently modified their holdings of TRUE. Renaissance Technologies LLC increased its position in shares of TrueCar by 0.3% during the 2nd quarter. Renaissance Technologies LLC now owns 2,123,601 shares of the technology company’s stock worth $6,647,000 after purchasing an additional 6,800 shares during the last quarter. ClariVest Asset Management LLC increased its position in shares of TrueCar by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 253,474 shares of the technology company’s stock worth $793,000 after purchasing an additional 7,088 shares during the last quarter. American Century Companies Inc. increased its position in shares of TrueCar by 11.7% during the 2nd quarter. American Century Companies Inc. now owns 104,371 shares of the technology company’s stock worth $327,000 after purchasing an additional 10,900 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of TrueCar during the 1st quarter worth about $43,000. Finally, Acadian Asset Management LLC increased its position in shares of TrueCar by 0.6% during the 2nd quarter. Acadian Asset Management LLC now owns 2,132,154 shares of the technology company’s stock worth $6,671,000 after purchasing an additional 12,956 shares during the last quarter. 79.44% of the stock is owned by institutional investors and hedge funds.

About TrueCar

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.