TrueCar (NASDAQ:TRUE) Stock Rating Lowered by JPMorgan Chase & Co.

TrueCar (NASDAQ:TRUE) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued on Friday,Finviz reports.

A number of other analysts have also issued reports on TRUE. B. Riley boosted their price target on shares of TrueCar from $3.30 to $4.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. StockNews.com raised TrueCar from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Finally, Needham & Company LLC lowered their price objective on TrueCar from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $4.63.

TrueCar Price Performance

Shares of NASDAQ:TRUE opened at $2.67 on Friday. The firm has a market capitalization of $232.18 million, a PE ratio of -7.85 and a beta of 1.75. The firm’s 50-day moving average is $3.55 and its two-hundred day moving average is $3.55. TrueCar has a 1 year low of $2.50 and a 1 year high of $4.62.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The business had revenue of $46.21 million for the quarter, compared to analysts’ expectations of $47.30 million. TrueCar had a negative return on equity of 17.54% and a negative net margin of 17.68%. Analysts expect that TrueCar will post -0.19 EPS for the current fiscal year.

Hedge Funds Weigh In On TrueCar

A number of institutional investors and hedge funds have recently made changes to their positions in TRUE. Raymond James Financial Inc. acquired a new position in TrueCar in the fourth quarter valued at approximately $930,000. Arrowstreet Capital Limited Partnership boosted its holdings in TrueCar by 75.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 521,467 shares of the technology company’s stock valued at $1,945,000 after purchasing an additional 224,969 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in TrueCar by 113.0% in the fourth quarter. JPMorgan Chase & Co. now owns 321,378 shares of the technology company’s stock valued at $1,199,000 after purchasing an additional 170,475 shares in the last quarter. Lazard Asset Management LLC acquired a new position in TrueCar in the fourth quarter valued at approximately $477,000. Finally, Millennium Management LLC acquired a new position in TrueCar in the fourth quarter valued at approximately $420,000. 79.44% of the stock is owned by institutional investors and hedge funds.

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.