Royal Bank Of Canada reaffirmed their outperform rating on shares of TrueCar, Inc. (NASDAQ:TRUE) in a research report released on Thursday. The firm currently has a $23.00 target price on the technology company’s stock, up from their prior target price of $22.00.
Several other brokerages have also issued reports on TRUE. Zacks Investment Research lowered shares of TrueCar from a buy rating to a hold rating in a research note on Thursday, July 13th. Morgan Stanley reissued an underweight rating and issued a $13.00 price objective (up previously from $12.00) on shares of TrueCar in a research report on Thursday, July 20th. B. Riley reissued a buy rating and issued a $21.00 price objective on shares of TrueCar in a research report on Wednesday. TheStreet raised shares of TrueCar from a d rating to a c rating in a research report on Monday, May 15th. Finally, Craig Hallum lifted their price objective on shares of TrueCar from $20.00 to $23.00 and gave the company a buy rating in a research report on Wednesday, May 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. TrueCar has an average rating of Buy and an average target price of $18.56.
TrueCar (NASDAQ TRUE) traded up 1.27% during midday trading on Thursday, reaching $15.94. 1,785,109 shares of the company’s stock were exchanged. The company’s market cap is $1.57 billion. The firm has a 50-day moving average price of $19.51 and a 200 day moving average price of $16.69. TrueCar has a 52 week low of $8.09 and a 52 week high of $21.75.
TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Tuesday, August 8th. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.02. TrueCar had a negative net margin of 9.86% and a negative return on equity of 11.83%. The firm had revenue of $81.82 million for the quarter, compared to analyst estimates of $80.75 million. During the same period in the previous year, the business earned ($0.05) EPS. The company’s revenue was up 23.2% compared to the same quarter last year.
In other news, CFO Michael Guthrie sold 290,052 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $18.66, for a total value of $5,412,370.32. Following the completion of the transaction, the chief financial officer now directly owns 390,467 shares in the company, valued at approximately $7,286,114.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Neeraj Gunsagar sold 158,160 shares of the business’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $19.30, for a total transaction of $3,052,488.00. Following the completion of the transaction, the executive vice president now owns 363,655 shares of the company’s stock, valued at $7,018,541.50. The disclosure for this sale can be found here. Insiders sold a total of 1,513,149 shares of company stock valued at $28,870,907 over the last 90 days. Corporate insiders own 17.30% of the company’s stock.
Several institutional investors have recently modified their holdings of TRUE. 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 valued at $12,152,000 after buying an additional 53,212 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of TrueCar by 22.5% in the fourth quarter. AQR Capital Management LLC now owns 38,782 shares of the technology company’s stock valued at $485,000 after buying an additional 7,119 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of TrueCar by 5.7% in the fourth quarter. Teachers Advisors LLC now owns 92,822 shares of the technology company’s stock valued at $1,160,000 after buying an additional 5,030 shares during the last quarter. Columbus Circle Investors purchased a new position in shares of TrueCar during the first quarter valued at approximately $4,372,000. Finally, Profund Advisors LLC boosted its position in shares of TrueCar by 3.7% in the first quarter. Profund Advisors LLC now owns 46,907 shares of the technology company’s stock valued at $726,000 after buying an additional 1,667 shares during the last quarter. Institutional investors own 83.72% of the company’s stock.
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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