TrueCar (NASDAQ:TRUE) Shares Pass Above 50-Day Moving Average of $2.86

TrueCar, Inc. (NASDAQ:TRUE)’s share price passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $2.86 and traded as high as $2.91. TrueCar shares last traded at $2.87, with a volume of 144,029 shares changing hands.

Analyst Ratings Changes

Several brokerages have recently weighed in on TRUE. StockNews.com raised shares of TrueCar from a “hold” rating to a “buy” rating in a research report on Tuesday, May 14th. Needham & Company LLC lowered their price target on shares of TrueCar from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th.

TrueCar Price Performance

The stock’s 50-day moving average is $2.86 and its 200 day moving average is $3.22. The company has a market cap of $276.54 million, a PE ratio of -7.55 and a beta of 1.79.

TrueCar (NASDAQ:TRUE) last posted its earnings results on Monday, April 29th. The technology company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. TrueCar had a negative net margin of 22.15% and a negative return on equity of 17.26%. The company had revenue of $41.05 million during the quarter, compared to analysts’ expectations of $41.21 million. On average, analysts expect that TrueCar, Inc. will post -0.22 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Gladius Capital Management LP increased its stake in TrueCar by 31.3% during the 3rd quarter. Gladius Capital Management LP now owns 15,367 shares of the technology company’s stock valued at $32,000 after purchasing an additional 3,661 shares in the last quarter. Lazard Asset Management LLC acquired a new position in TrueCar during the 1st quarter valued at approximately $43,000. Fairman Group LLC acquired a new position in TrueCar during the 4th quarter valued at approximately $73,000. New York State Common Retirement Fund increased its stake in TrueCar by 269.8% during the 4th quarter. New York State Common Retirement Fund now owns 27,762 shares of the technology company’s stock valued at $96,000 after purchasing an additional 20,254 shares in the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in TrueCar during the 1st quarter valued at approximately $152,000. Institutional investors and hedge funds 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.