JPMorgan Chase & Co. Downgrades TrueCar (NASDAQ:TRUE) to Neutral

JPMorgan Chase & Co. cut shares of TrueCar (NASDAQ:TRUE) from an overweight rating to a neutral rating in a research report released on Friday morning, Marketbeat reports.

Several other analysts have also weighed in on TRUE. StockNews.com raised shares of TrueCar from a “buy” rating to a “strong-buy” rating in a report on Thursday. Needham & Company LLC reduced their price objective on TrueCar from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, B. Riley upped their target price on shares of TrueCar from $3.30 to $4.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, TrueCar currently has a consensus rating of “Moderate Buy” and an average price target of $4.63.

TrueCar Price Performance

TrueCar stock opened at $2.50 on Friday. The business has a 50 day simple moving average of $3.55 and a 200 day simple moving average of $3.55. The company has a market capitalization of $217.40 million, a PE ratio of -7.35 and a beta of 1.75. TrueCar has a one year low of $2.48 and a one year high of $4.62.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). TrueCar had a negative net margin of 17.68% and a negative return on equity of 17.54%. The company had revenue of $46.21 million for the quarter, compared to the consensus estimate of $47.30 million. Equities analysts anticipate that TrueCar will post -0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TrueCar

A number of hedge funds and other institutional investors have recently made changes to their positions in TRUE. Geode Capital Management LLC lifted its holdings in shares of TrueCar by 3.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,955,226 shares of the technology company’s stock valued at $6,747,000 after purchasing an additional 71,508 shares in the last quarter. State Street Corp lifted its stake in TrueCar by 0.9% in the third quarter. State Street Corp now owns 1,790,659 shares of the technology company’s stock valued at $6,178,000 after buying an additional 16,127 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of TrueCar by 2.6% in the fourth quarter. Northern Trust Corp now owns 714,729 shares of the technology company’s stock valued at $2,666,000 after buying an additional 17,790 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of TrueCar by 75.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 521,467 shares of the technology company’s stock worth $1,945,000 after acquiring an additional 224,969 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of TrueCar by 23.7% during the third quarter. FMR LLC now owns 380,636 shares of the technology company’s stock worth $1,313,000 after acquiring an additional 73,041 shares during the period. 79.44% of the stock is owned by institutional investors.

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.