TrueCar’s (TRUE) Buy Rating Reiterated at Needham & Company LLC

TrueCar (NASDAQ:TRUE)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They presently have a $5.00 price objective on the technology company’s stock. Needham & Company LLC’s target price indicates a potential upside of 20.77% from the stock’s current price.

TRUE has been the topic of several other research reports. StockNews.com cut shares of TrueCar from a “buy” rating to a “hold” rating in a report on Monday. Lake Street Capital assumed coverage on shares of TrueCar in a research note on Monday, October 7th. They set a “buy” rating and a $6.00 target price on the stock. BTIG Research increased their price target on shares of TrueCar from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, B. Riley raised their price objective on shares of TrueCar from $3.30 to $4.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $4.88.

TrueCar Price Performance

NASDAQ TRUE opened at $4.14 on Tuesday. TrueCar has a 1 year low of $2.56 and a 1 year high of $4.53. The stock has a market capitalization of $360.01 million, a PE ratio of -14.28 and a beta of 1.83. The business’s 50-day moving average is $3.71 and its 200 day moving average is $3.29.

TrueCar (NASDAQ:TRUE) last released its quarterly earnings data on Wednesday, November 6th. The technology company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). TrueCar had a negative return on equity of 14.33% and a negative net margin of 15.88%. The business had revenue of $46.54 million during the quarter, compared to analysts’ expectations of $45.82 million. During the same quarter last year, the business posted ($0.07) EPS. As a group, equities research analysts anticipate that TrueCar will post -0.3 earnings per share for the current year.

Institutional Trading of TrueCar

A number of hedge funds have recently modified their holdings of the business. Intech Investment Management LLC purchased a new position in TrueCar during the 3rd quarter valued at about $36,000. Lazard Asset Management LLC purchased a new position in shares of TrueCar during the first quarter valued at approximately $43,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of TrueCar in the 3rd quarter worth approximately $43,000. SG Americas Securities LLC grew its stake in shares of TrueCar by 126.5% in the 3rd quarter. SG Americas Securities LLC now owns 34,644 shares of the technology company’s stock worth $120,000 after buying an additional 19,349 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in TrueCar during the 2nd quarter valued at approximately $210,000. Institutional investors own 79.44% of the company’s stock.

TrueCar Company Profile

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.