B. Riley Analysts Lower Earnings Estimates for TrueCar

TrueCar, Inc. (NASDAQ:TRUE - Free Report) - Investment analysts at B. Riley decreased their Q3 2024 earnings estimates for TrueCar in a report issued on Tuesday, October 29th. B. Riley analyst N. Khan now forecasts that the technology company will post earnings of ($0.06) per share for the quarter, down from their previous estimate of ($0.05). The consensus estimate for TrueCar's current full-year earnings is ($0.29) per share. B. Riley also issued estimates for TrueCar's Q4 2024 earnings at ($0.04) EPS, FY2024 earnings at ($0.32) EPS, Q1 2025 earnings at ($0.07) EPS, Q2 2025 earnings at ($0.06) EPS, Q4 2025 earnings at ($0.02) EPS, FY2025 earnings at ($0.19) EPS, FY2026 earnings at ($0.13) EPS and FY2027 earnings at ($0.09) EPS.

TrueCar (NASDAQ:TRUE - Get Free Report) last issued its earnings results on Monday, August 5th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.02). The business had revenue of $41.80 million for the quarter, compared to the consensus estimate of $43.38 million. TrueCar had a negative return on equity of 14.10% and a negative net margin of 17.63%.

Several other analysts have also commented on TRUE. Needham & Company LLC dropped their price objective on TrueCar from $4.00 to $3.75 and set a "buy" rating on the stock in a report on Tuesday, August 6th. Lake Street Capital began coverage on shares of TrueCar in a report on Monday, October 7th. They set a "buy" rating and a $6.00 price target for the company. Finally, BTIG Research increased their price target on shares of TrueCar from $3.75 to $4.50 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd.

TrueCar Price Performance

TrueCar stock traded down $0.08 during mid-day trading on Thursday, reaching $3.91. 238,788 shares of the company traded hands, compared to its average volume of 229,720. The firm's fifty day moving average is $3.35 and its two-hundred day moving average is $3.14. The company has a market capitalization of $358.05 million, a price-to-earnings ratio of -9.78 and a beta of 1.85. TrueCar has a fifty-two week low of $1.77 and a fifty-two week high of $4.22.

Hedge Funds Weigh In On TrueCar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. raised its stake in TrueCar by 29.1% during the 1st quarter. Russell Investments Group Ltd. now owns 670,470 shares of the technology company's stock worth $2,273,000 after buying an additional 151,115 shares during the period. Bank of Montreal Can grew its stake in TrueCar by 769.9% in the 2nd quarter. Bank of Montreal Can now owns 416,063 shares of the technology company's stock valued at $1,319,000 after buying an additional 368,234 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of TrueCar by 11.4% in the second quarter. Bank of New York Mellon Corp now owns 332,775 shares of the technology company's stock valued at $1,042,000 after acquiring an additional 34,045 shares during the period. Vanguard Group Inc. increased its stake in TrueCar by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 4,276,548 shares of the technology company's stock worth $14,497,000 after acquiring an additional 41,592 shares during the period. Finally, Squarepoint Ops LLC increased its holdings in TrueCar by 182.5% in the 2nd quarter. Squarepoint Ops LLC now owns 83,538 shares of the technology company's stock valued at $261,000 after buying an additional 53,965 shares during the period. Institutional investors and hedge funds own 79.44% of the company's stock.

Insider Activity

In other TrueCar news, EVP Jeff Swart sold 20,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $2.82, for a total value of $56,400.00. Following the sale, the executive vice president now owns 390,600 shares in the company, valued at approximately $1,101,492. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.30% of the company's stock.

About TrueCar

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.