TrueCar (TRUE) Coverage Initiated by Analysts at Citigroup

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Citigroup initiated coverage on shares of TrueCar (NASDAQ:TRUE) in a research note issued to investors on Friday, MarketBeat reports. The firm issued a neutral rating and a $11.50 price target on the technology company’s stock.

Other research analysts have also issued reports about the stock. Zacks Investment Research lowered shares of TrueCar from a buy rating to a hold rating in a research report on Thursday, August 16th. DA Davidson set a $13.00 target price on shares of TrueCar and gave the stock a hold rating in a research report on Monday, August 13th. ValuEngine upgraded shares of TrueCar from a sell rating to a hold rating in a research report on Thursday, September 13th. BTIG Research began coverage on shares of TrueCar in a research report on Tuesday, November 13th. They set a buy rating and a $13.00 target price on the stock. Finally, Benchmark lowered their target price on shares of TrueCar from $18.00 to $16.00 and set a buy rating on the stock in a research report on Wednesday, November 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $14.00.

TRUE traded down $0.50 on Friday, hitting $9.74. 700,434 shares of the company were exchanged, compared to its average volume of 510,762. The company has a debt-to-equity ratio of 0.07, a quick ratio of 5.66 and a current ratio of 5.66. TrueCar has a fifty-two week low of $8.75 and a fifty-two week high of $14.55.

TrueCar (NASDAQ:TRUE) last issued its earnings results on Tuesday, November 6th. The technology company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). TrueCar had a negative return on equity of 7.56% and a negative net margin of 8.80%. The company had revenue of $93.59 million for the quarter, compared to analyst estimates of $93.89 million. During the same quarter in the previous year, the company posted $0.02 earnings per share. The company’s quarterly revenue was up 13.5% compared to the same quarter last year. On average, sell-side analysts predict that TrueCar will post -0.27 earnings per share for the current year.

In other news, EVP Robert Mcclung sold 7,669 shares of the stock in a transaction that occurred on Tuesday, September 18th. The shares were sold at an average price of $13.51, for a total value of $103,608.19. Following the sale, the executive vice president now directly owns 128,791 shares in the company, valued at $1,739,966.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 9,168 shares of company stock worth $121,704 over the last quarter. Company insiders own 5.60% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Voya Investment Management LLC grew its position in shares of TrueCar by 19.1% in the second quarter. Voya Investment Management LLC now owns 33,777 shares of the technology company’s stock valued at $341,000 after purchasing an additional 5,412 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in TrueCar by 295.6% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,911 shares of the technology company’s stock worth $101,000 after acquiring an additional 5,911 shares during the last quarter. Swiss National Bank boosted its position in TrueCar by 4.9% during the third quarter. Swiss National Bank now owns 132,000 shares of the technology company’s stock worth $1,861,000 after acquiring an additional 6,200 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in TrueCar by 19.1% during the third quarter. State Board of Administration of Florida Retirement System now owns 43,537 shares of the technology company’s stock worth $614,000 after acquiring an additional 6,980 shares during the last quarter. Finally, NumerixS Investment Technologies Inc boosted its position in TrueCar by 30.8% during the second quarter. NumerixS Investment Technologies Inc now owns 31,818 shares of the technology company’s stock worth $321,000 after acquiring an additional 7,500 shares during the last quarter. Institutional investors and hedge funds own 96.24% of the company’s stock.

TrueCar Company Profile

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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Analyst Recommendations for TrueCar (NASDAQ:TRUE)

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