Raymond James Financial Inc. Purchases New Holdings in TrueCar, Inc. (NASDAQ:TRUE)

Raymond James Financial Inc. bought a new stake in shares of TrueCar, Inc. (NASDAQ:TRUE - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 249,461 shares of the technology company's stock, valued at approximately $930,000. Raymond James Financial Inc. owned 0.29% of TrueCar at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Noesis Capital Mangement Corp lifted its stake in shares of TrueCar by 25.0% in the 4th quarter. Noesis Capital Mangement Corp now owns 125,000 shares of the technology company's stock valued at $466,000 after purchasing an additional 25,000 shares during the period. R Squared Ltd bought a new position in TrueCar during the fourth quarter worth about $49,000. Assenagon Asset Management S.A. boosted its holdings in TrueCar by 12.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 189,144 shares of the technology company's stock worth $706,000 after buying an additional 20,544 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of TrueCar by 58.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 150,903 shares of the technology company's stock valued at $521,000 after acquiring an additional 55,731 shares during the last quarter. Finally, SkyView Investment Advisors LLC raised its position in shares of TrueCar by 1.8% in the 3rd quarter. SkyView Investment Advisors LLC now owns 203,695 shares of the technology company's stock valued at $703,000 after acquiring an additional 3,510 shares during the period. Institutional investors own 79.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on TRUE shares. JPMorgan Chase & Co. downgraded shares of TrueCar from a "neutral" rating to an "underweight" rating in a research note on Thursday, March 27th. StockNews.com cut TrueCar from a "strong-buy" rating to a "buy" rating in a research note on Friday, February 28th. Needham & Company LLC lowered their price target on TrueCar from $5.00 to $4.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Finally, Citigroup cut TrueCar to an "underweight" rating in a report on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, TrueCar currently has an average rating of "Hold" and a consensus target price of $4.63.

TrueCar Trading Up 14.4 %

Shares of TrueCar stock traded up $0.20 during trading on Wednesday, reaching $1.59. The stock had a trading volume of 324,049 shares, compared to its average volume of 270,788. The company has a market capitalization of $138.74 million, a price-to-earnings ratio of -4.68 and a beta of 1.97. The stock has a fifty day moving average price of $2.27 and a two-hundred day moving average price of $3.27. TrueCar, Inc. has a 52 week low of $1.30 and a 52 week high of $4.62.

TrueCar (NASDAQ:TRUE - Get Free Report) last announced its earnings results on Tuesday, February 18th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01). TrueCar had a negative net margin of 17.68% and a negative return on equity of 17.54%. The firm had revenue of $46.21 million during the quarter, compared to analyst estimates of $47.30 million. On average, equities analysts forecast that TrueCar, Inc. will post -0.19 EPS for the current fiscal year.

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.