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

StockNews.com lowered shares of TrueCar (NASDAQ:TRUE) from a buy rating to a hold rating in a research report report published on Monday.

Separately, Needham & Company LLC reduced their target price on shares of TrueCar from $4.50 to $4.00 and set a buy rating for the company in a research note on Tuesday, April 30th.

TrueCar Trading Up 1.8 %

TRUE stock opened at $2.90 on Monday. The business has a 50-day simple moving average of $3.21 and a two-hundred day simple moving average of $3.10. TrueCar has a 52-week low of $1.76 and a 52-week high of $4.05.

TrueCar (NASDAQ:TRUE) last announced its earnings results on Tuesday, February 20th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.05. TrueCar had a negative return on equity of 17.12% and a negative net margin of 22.15%. The company had revenue of $41.29 million for the quarter, compared to analysts’ expectations of $41.50 million. On average, equities research analysts anticipate that TrueCar will post -0.22 earnings per share for the current fiscal year.

Insider Activity

In other TrueCar news, EVP Jeff Swart sold 15,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $3.45, for a total value of $51,750.00. Following the transaction, the executive vice president now owns 325,044 shares of the company’s stock, valued at $1,121,401.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.30% of the stock is currently owned by corporate insiders.

Institutional Trading of TrueCar

A number of large investors have recently added to or reduced their stakes in TRUE. Cannell Capital LLC grew its position in shares of TrueCar by 2.6% during the 3rd quarter. Cannell Capital LLC now owns 8,441,072 shares of the technology company’s stock valued at $17,473,000 after acquiring an additional 216,636 shares during the period. Acadian Asset Management LLC increased its position in TrueCar by 2.6% in the third quarter. Acadian Asset Management LLC now owns 2,113,950 shares of the technology company’s stock worth $4,374,000 after buying an additional 53,889 shares during the last quarter. Mill Road Capital Management LLC raised its stake in shares of TrueCar by 5.3% in the fourth quarter. Mill Road Capital Management LLC now owns 1,723,800 shares of the technology company’s stock valued at $5,964,000 after buying an additional 86,100 shares during the period. Acuitas Investments LLC lifted its position in shares of TrueCar by 28.3% during the 4th quarter. Acuitas Investments LLC now owns 1,264,272 shares of the technology company’s stock valued at $4,374,000 after buying an additional 279,106 shares during the last quarter. Finally, Boston Partners grew its stake in shares of TrueCar by 20.9% during the 3rd quarter. Boston Partners now owns 184,751 shares of the technology company’s stock worth $382,000 after acquiring an additional 31,898 shares during the period. Hedge funds and other institutional investors own 79.44% of the company’s stock.

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.