TrueCar, Inc. (NASDAQ:TRUE) Receives Average Rating of “Reduce” from Analysts

Shares of TrueCar, Inc. (NASDAQ:TRUE) have earned a consensus recommendation of “Reduce” from the seven ratings firms that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $2.65.

TRUE has been the subject of several research analyst reports. Lake Street Capital increased their target price on shares of TrueCar from $2.00 to $2.55 and gave the stock a “hold” rating in a research note on Thursday, October 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TrueCar in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upgraded shares of TrueCar from an “underweight” rating to a “neutral” rating in a report on Thursday, October 16th. BTIG Research cut TrueCar from a “buy” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Needham & Company LLC restated a “hold” rating on shares of TrueCar in a research report on Tuesday, October 7th.

Hedge Funds Weigh In On TrueCar

Several institutional investors have recently bought and sold shares of TRUE. Acadian Asset Management LLC lifted its position in shares of TrueCar by 22.2% during the first quarter. Acadian Asset Management LLC now owns 2,753,300 shares of the technology company’s stock worth $4,346,000 after purchasing an additional 500,804 shares in the last quarter. Millennium Management LLC increased its stake in TrueCar by 1,658.6% during the 3rd quarter. Millennium Management LLC now owns 477,100 shares of the technology company’s stock worth $878,000 after buying an additional 449,970 shares during the period. Connective Capital Management LLC purchased a new stake in TrueCar during the 2nd quarter worth approximately $396,000. Jane Street Group LLC acquired a new stake in TrueCar during the 1st quarter worth approximately $234,000. Finally, Noesis Capital Mangement Corp purchased a new position in TrueCar in the 2nd quarter valued at approximately $238,000. 79.44% of the stock is owned by institutional investors and hedge funds.

TrueCar Trading Up 1.4%

NASDAQ TRUE opened at $2.19 on Friday. The stock has a fifty day simple moving average of $2.21 and a 200-day simple moving average of $2.08. The stock has a market cap of $194.78 million, a PE ratio of -9.95 and a beta of 2.22. TrueCar has a twelve month low of $1.05 and a twelve month high of $3.83.

About TrueCar

TrueCar, Inc operates a digital automotive marketplace designed to streamline the vehicle buying and selling process in the United States. Through its online platform, TrueCar provides prospective car buyers with transparent pricing information, real‐time market data and guaranteed savings from a network of certified dealers. The company’s core offerings include pricing analytics, dealer inventory listings and a purchase–price guarantee that aims to reduce the negotiation burden typically associated with new and used vehicle transactions.

Founded in 2005 under the name Zag.com by entrepreneur Scott Painter, the company rebranded as TrueCar in 2010 and subsequently completed its initial public offering in 2014.