TrueCar (NASDAQ:TRUE) Price Target Raised to $4.00 at B. Riley

TrueCar (NASDAQ:TRUE) had its price target increased by B. Riley from $3.30 to $4.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

A number of other research analysts have also recently issued reports on the company. Lake Street Capital initiated coverage on TrueCar in a report on Monday, October 7th. They set a “buy” rating and a $6.00 price objective for the company. BTIG Research boosted their price target on shares of TrueCar from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, Needham & Company LLC decreased 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. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $4.56.

TrueCar Stock Performance

Shares of TrueCar stock opened at $4.12 on Monday. TrueCar has a twelve month low of $2.51 and a twelve month high of $4.53. The firm has a market cap of $358.28 million, a P/E ratio of -14.31 and a beta of 1.83. The firm’s 50-day simple moving average is $3.56 and its 200-day simple moving average is $3.22.

TrueCar (NASDAQ:TRUE) last released its quarterly earnings data on Wednesday, November 6th. The technology company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). TrueCar had a negative net margin of 15.88% and a negative return on equity of 14.33%. The company had revenue of $46.54 million during the quarter, compared to the consensus estimate of $45.82 million. During the same quarter in the prior year, the company posted ($0.07) earnings per share. On average, equities analysts forecast that TrueCar will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jeff Swart sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $2.82, for a total value of $56,400.00. Following the completion of the transaction, the executive vice president now owns 390,600 shares in the company, valued at $1,101,492. The trade was a 4.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 3.30% of the stock is owned by corporate insiders.

Institutional Trading of TrueCar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Intech Investment Management LLC acquired a new stake in shares of TrueCar during the 3rd quarter worth approximately $36,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in TrueCar in the third quarter valued at approximately $43,000. Lazard Asset Management LLC acquired a new stake in TrueCar during the 1st quarter worth $43,000. SG Americas Securities LLC raised its position in shares of TrueCar by 126.5% during the 3rd quarter. SG Americas Securities LLC now owns 34,644 shares of the technology company’s stock valued at $120,000 after acquiring an additional 19,349 shares during the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in shares of TrueCar in the 1st quarter valued at $152,000. 79.44% of the stock is 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.