TrueCar (TRUE) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of TrueCar (NASDAQ:TRUE) from a sell rating to a hold rating in a research note released on Friday, November 10th.

According to Zacks, “TrueCar Inc. engages in developing and publishing an online automotive information and communications platform. The Company operates its company-branded platform on its TrueCar.com Website. It enables users to obtain market-based pricing data on new and used cars, as well as to connect with its network of TrueCar certified dealers. TrueCar, Inc. is based in Santa Monica, California. “

TRUE has been the subject of several other reports. B. Riley reissued a buy rating and set a $21.00 price objective on shares of TrueCar in a report on Saturday, August 26th. Morgan Stanley reissued an underweight rating and set a $13.00 price objective (up from $12.00) on shares of TrueCar in a report on Thursday, July 20th. Goldman Sachs Group reissued a neutral rating and set a $17.00 price objective on shares of TrueCar in a report on Wednesday, October 11th. Royal Bank Of Canada reissued an outperform rating and set a $23.00 price objective (up from $22.00) on shares of TrueCar in a report on Thursday, August 10th. Finally, Cowen restated a hold rating and set a $15.00 target price on shares of TrueCar in a research report on Thursday, August 17th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $17.44.

Shares of TrueCar (NASDAQ TRUE) traded up $0.11 during trading on Friday, reaching $12.18. 1,121,800 shares of the company’s stock traded hands, compared to its average volume of 1,546,359. The company has a debt-to-equity ratio of 0.09, a current ratio of 6.31 and a quick ratio of 6.31. TrueCar has a twelve month low of $10.16 and a twelve month high of $21.75.

In other news, EVP Neeraj Gunsagar sold 1,882 shares of the business’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $15.22, for a total value of $28,644.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Brian Skutta sold 117,410 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $17.01, for a total transaction of $1,997,144.10. Following the completion of the transaction, the executive vice president now directly owns 181,282 shares in the company, valued at approximately $3,083,606.82. The disclosure for this sale can be found here. Over the last quarter, insiders sold 209,369 shares of company stock valued at $3,546,566. Company insiders own 15.50% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Caledonia Private Investments Pty Ltd raised its stake in TrueCar by 35.7% during the third quarter. Caledonia Private Investments Pty Ltd now owns 16,240,758 shares of the technology company’s stock valued at $98,542,000 after purchasing an additional 4,268,501 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of TrueCar by 43.9% in the second quarter. Vanguard Group Inc. now owns 6,574,867 shares of the technology company’s stock valued at $131,037,000 after acquiring an additional 2,004,642 shares during the period. Senvest Management LLC raised its stake in shares of TrueCar by 4.6% in the third quarter. Senvest Management LLC now owns 3,975,385 shares of the technology company’s stock valued at $62,771,000 after acquiring an additional 174,103 shares during the period. EastBay Asset Management LLC raised its stake in shares of TrueCar by 94.7% in the second quarter. EastBay Asset Management LLC now owns 2,894,876 shares of the technology company’s stock valued at $57,695,000 after acquiring an additional 1,408,301 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of TrueCar by 3.8% in the third quarter. First Trust Advisors LP now owns 2,851,218 shares of the technology company’s stock valued at $45,021,000 after acquiring an additional 104,381 shares during the period. 92.06% of the stock is currently owned by institutional investors.

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TrueCar Company Profile

TrueCar, Inc is an Internet-based information, technology, and communication services company. The Company has a data-driven online platform, which features market data and analytics. The Company-branded platform is available on its TrueCar Website and mobile applications. It customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for a range of enterprises.

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