Bank of New York Mellon Corp raised its stake in shares of TrueCar, Inc. (NASDAQ:TRUE) by 4.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 341,422 shares of the technology company’s stock after buying an additional 14,439 shares during the period. Bank of New York Mellon Corp owned 0.39% of TrueCar worth $5,282,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of the company. Falcon Point Capital LLC bought a new stake in TrueCar during the first quarter worth about $16,441,000. State Street Corp boosted its position in shares of TrueCar by 5.8% in the fourth quarter. State Street Corp now owns 971,760 shares of the technology company’s stock worth $12,152,000 after buying an additional 53,212 shares during the period. Russell Investments Group Ltd. boosted its position in TrueCar by 351.6% in the first quarter. Russell Investments Group Ltd. now owns 703,307 shares of the technology company’s stock worth $10,880,000 after buying an additional 547,586 shares during the last quarter. Columbus Circle Investors purchased a new position in TrueCar during the first quarter worth approximately $4,372,000. Finally, Teachers Advisors LLC boosted its position in TrueCar by 5.7% in the fourth quarter. Teachers Advisors LLC now owns 92,822 shares of the technology company’s stock worth $1,160,000 after buying an additional 5,030 shares during the last quarter. Institutional investors and hedge funds own 83.60% of the company’s stock.
TrueCar, Inc. (NASDAQ TRUE) opened at 21.00 on Tuesday. TrueCar, Inc. has a 12-month low of $8.09 and a 12-month high of $21.75. The company’s market cap is $1.95 billion. The stock has a 50 day moving average price of $18.19 and a 200-day moving average price of $15.24.
TrueCar (NASDAQ:TRUE) last posted its quarterly earnings data on Tuesday, May 9th. The technology company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. The firm had revenue of $75.80 million during the quarter, compared to analyst estimates of $73.34 million. TrueCar had a negative return on equity of 13.82% and a negative net margin of 12.64%. TrueCar’s revenue was up 22.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.07) EPS. On average, analysts predict that TrueCar, Inc. will post ($0.01) EPS for the current fiscal year.
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TRUE has been the topic of several recent analyst reports. Citigroup Inc. assumed coverage on shares of TrueCar in a report on Monday, March 27th. They issued a “buy” rating and a $18.00 price target on the stock. Craig Hallum upped their price target on shares of TrueCar from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, May 10th. B. Riley reaffirmed a “buy” rating and issued a $21.50 price objective on shares of TrueCar in a report on Tuesday, May 2nd. Royal Bank Of Canada reissued a “buy” rating and issued a $19.00 price target on shares of TrueCar in a report on Friday, April 21st. Finally, Zacks Investment Research downgraded shares of TrueCar from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $16.59.
In related news, Director Steven J. Dietz sold 1,320,692 shares of the stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $16.50, for a total value of $21,791,418.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Services Automobile Ass United sold 3,132,343 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $16.50, for a total transaction of $51,683,659.50. Following the completion of the sale, the insider now directly owns 8,533,348 shares of the company’s stock, valued at approximately $140,800,242. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,178,035 shares of company stock valued at $100,592,078. Company insiders own 17.30% of the company’s stock.
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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