TrueCar, Inc. (NASDAQ:TRUE) Sees Large Increase in Short Interest

TrueCar, Inc. (NASDAQ:TRUE) was the target of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 704,500 shares, a growth of 33.1% from the September 15th total of 529,500 shares. Approximately 1.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 284,300 shares, the days-to-cover ratio is currently 2.5 days.

Analyst Ratings Changes

TRUE has been the topic of several research reports. BTIG Research raised TrueCar from a “neutral” rating to a “buy” rating and set a $3.75 target price on the stock in a research report on Wednesday, August 7th. Lake Street Capital assumed coverage on TrueCar in a report on Monday, October 7th. They set a “buy” rating and a $6.00 price target for the company. Finally, Needham & Company LLC decreased their target price on TrueCar from $4.00 to $3.75 and set a “buy” rating for the company in a research report on Tuesday, August 6th.

Insider Buying and Selling

In other news, EVP Jeff Swart sold 20,000 shares of TrueCar stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $2.82, for a total value of $56,400.00. Following the completion of the sale, the executive vice president now directly owns 390,600 shares of the company’s stock, valued at approximately $1,101,492. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.30% of the stock is owned by corporate insiders.

Institutional Trading of TrueCar

A number of large investors have recently made changes to their positions in the business. SG Americas Securities LLC increased its holdings 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. SkyView Investment Advisors LLC boosted its position in TrueCar by 34.8% in the 2nd quarter. SkyView Investment Advisors LLC now owns 200,185 shares of the technology company’s stock valued at $627,000 after buying an additional 51,723 shares during the period. Squarepoint Ops LLC boosted its position in TrueCar by 182.5% in the 2nd quarter. Squarepoint Ops LLC now owns 83,538 shares of the technology company’s stock valued at $261,000 after buying an additional 53,965 shares during the period. Bank of Montreal Can boosted its position in TrueCar by 769.9% in the 2nd quarter. Bank of Montreal Can now owns 416,063 shares of the technology company’s stock valued at $1,319,000 after buying an additional 368,234 shares during the period. Finally, Renaissance Technologies LLC boosted its position in TrueCar by 0.3% in the 2nd quarter. Renaissance Technologies LLC now owns 2,123,601 shares of the technology company’s stock valued at $6,647,000 after buying an additional 6,800 shares during the period. 79.44% of the stock is currently owned by institutional investors.

TrueCar Stock Performance

Shares of TrueCar stock traded up $0.02 on Monday, hitting $3.70. 266,150 shares of the company’s stock were exchanged, compared to its average volume of 222,438. The company has a 50-day simple moving average of $3.11 and a 200-day simple moving average of $3.09. The stock has a market capitalization of $336.29 million, a PE ratio of -11.56 and a beta of 1.85. TrueCar has a 1 year low of $1.76 and a 1 year high of $4.05.

TrueCar (NASDAQ:TRUE) last released its earnings results on Monday, August 5th. The technology company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). The firm had revenue of $41.80 million for the quarter, compared to analysts’ expectations of $43.38 million. TrueCar had a negative net margin of 17.63% and a negative return on equity of 14.10%. On average, analysts expect that TrueCar will post -0.28 EPS for the current fiscal year.

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.