TrueCar Inc (NASDAQ:TRUE) Sees Significant Increase in Short Interest

TrueCar Inc (NASDAQ:TRUE) was the recipient of a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 9,627,400 shares, an increase of 8.0% from the June 30th total of 8,913,900 shares. Currently, 10.6% of the shares of the company are short sold. Based on an average daily volume of 2,180,000 shares, the days-to-cover ratio is presently 4.4 days.

TRUE has been the topic of several research analyst reports. SunTrust Banks reissued a “hold” rating and set a $8.00 target price on shares of TrueCar in a research note on Tuesday, May 14th. Cowen set a $5.00 target price on shares of TrueCar and gave the company a “hold” rating in a research note on Friday, August 9th. TheStreet cut shares of TrueCar from a “c-” rating to a “d” rating in a research note on Thursday, August 8th. Citigroup lowered their target price on shares of TrueCar from $7.00 to $4.50 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Finally, ValuEngine raised shares of TrueCar from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $8.71.

In related news, EVP Robert Mcclung sold 7,669 shares of TrueCar stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $5.41, for a total value of $41,489.29. Following the sale, the executive vice president now directly owns 121,744 shares in the company, valued at approximately $658,635.04. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 7.00% of the company’s stock.



Several institutional investors and hedge funds have recently made changes to their positions in the company. Legal & General Group Plc grew its stake in shares of TrueCar by 5.8% in the 4th quarter. Legal & General Group Plc now owns 35,262 shares of the technology company’s stock worth $319,000 after purchasing an additional 1,935 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of TrueCar by 5.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 48,062 shares of the technology company’s stock worth $319,000 after purchasing an additional 2,436 shares during the last quarter. Deutsche Bank AG grew its stake in shares of TrueCar by 2.6% in the 4th quarter. Deutsche Bank AG now owns 234,570 shares of the technology company’s stock worth $2,124,000 after purchasing an additional 6,053 shares during the last quarter. Northern Trust Corp grew its stake in shares of TrueCar by 0.7% in the 2nd quarter. Northern Trust Corp now owns 1,138,283 shares of the technology company’s stock worth $6,215,000 after purchasing an additional 8,106 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in shares of TrueCar in the 2nd quarter worth approximately $60,000. 93.62% of the stock is currently owned by institutional investors.

Shares of TRUE traded down $0.06 during mid-day trading on Wednesday, hitting $3.79. The company’s stock had a trading volume of 793,400 shares, compared to its average volume of 1,586,002. The company has a 50-day moving average of $5.07. The company has a market cap of $370.62 million, a PE ratio of -14.58 and a beta of 1.55. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.09 and a quick ratio of 5.09. TrueCar has a fifty-two week low of $3.01 and a fifty-two week high of $14.55.

TrueCar (NASDAQ:TRUE) last announced its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.06. The company had revenue of $88.08 million for the quarter, compared to analysts’ expectations of $89.20 million. TrueCar had a negative net margin of 14.25% and a negative return on equity of 11.35%. The business’s revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 EPS. Equities research analysts forecast that TrueCar will post -0.31 EPS for the current fiscal year.

About TrueCar

TrueCar, Inc, together with its subsidiaries, 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. The company also customizes and operates its platform for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for large enterprises.

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