TrueCar (NASDAQ:TRUE) Downgraded by StockNews.com to Buy

StockNews.com downgraded shares of TrueCar (NASDAQ:TRUE) from a strong-buy rating to a buy rating in a research report released on Friday morning.

Several other equities analysts have also issued reports on the stock. B. Riley lifted their target price on shares of TrueCar from $3.30 to $4.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Needham & Company LLC lowered their target price on shares of TrueCar from $5.00 to $4.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. lowered shares of TrueCar from an “overweight” rating to a “neutral” rating in a report on Friday, February 21st. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, TrueCar has a consensus rating of “Moderate Buy” and an average target price of $4.63.

TrueCar Stock Performance

TrueCar stock opened at $2.33 on Friday. The stock’s 50 day simple moving average is $3.35 and its two-hundred day simple moving average is $3.53. TrueCar has a fifty-two week low of $2.16 and a fifty-two week high of $4.62. The stock has a market cap of $203.31 million, a price-to-earnings ratio of -6.85 and a beta of 1.75.

TrueCar (NASDAQ:TRUE) last released its earnings results on Tuesday, February 18th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $46.21 million for the quarter, compared to analysts’ expectations of $47.30 million. On average, analysts predict that TrueCar will post -0.19 earnings per share for the current year.

Hedge Funds Weigh In On TrueCar

A number of hedge funds have recently added to or reduced their stakes in TRUE. Assenagon Asset Management S.A. raised its holdings in TrueCar by 151.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 168,600 shares of the technology company’s stock worth $582,000 after acquiring an additional 101,459 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in TrueCar in the 3rd quarter worth approximately $43,000. Intech Investment Management LLC purchased a new stake in TrueCar during the 3rd quarter valued at $36,000. FMR LLC raised its stake in TrueCar by 23.7% during the 3rd quarter. FMR LLC now owns 380,636 shares of the technology company’s stock valued at $1,313,000 after buying an additional 73,041 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in TrueCar by 15.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 60,942 shares of the technology company’s stock valued at $210,000 after buying an additional 8,027 shares during the last quarter. 79.44% of the stock is currently owned by hedge funds and other 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.