JPMorgan Chase & Co. Downgrades TrueCar (NASDAQ:TRUE) to Underweight

TrueCar (NASDAQ:TRUE - Get Free Report) was downgraded by equities research analysts at JPMorgan Chase & Co. from a "neutral" rating to an "underweight" rating in a research report issued to clients and investors on Thursday, MarketBeat.com reports.

A number of other research analysts have also weighed in on the stock. Needham & Company LLC dropped their price objective on shares of TrueCar from $5.00 to $4.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. StockNews.com cut shares of TrueCar from a "strong-buy" rating to a "buy" rating in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $4.63.

TrueCar Trading Down 2.8 %

TrueCar stock traded down $0.05 during midday trading on Thursday, reaching $1.55. The stock had a trading volume of 101,014 shares, compared to its average volume of 262,782. The company has a fifty day moving average price of $2.68 and a two-hundred day moving average price of $3.39. The company has a market capitalization of $134.81 million, a P/E ratio of -4.54 and a beta of 1.72. TrueCar has a 12 month low of $1.51 and a 12 month high of $4.62.

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TrueCar (NASDAQ:TRUE - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The technology company reported ($0.07) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $47.30 million. On average, equities research analysts predict that TrueCar will post -0.19 earnings per share for the current fiscal year.

Institutional Trading of TrueCar

Several institutional investors and hedge funds have recently made changes to their positions in the company. Intech Investment Management LLC purchased a new stake in TrueCar in the 3rd quarter valued at about $36,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of TrueCar in the third quarter valued at approximately $43,000. R Squared Ltd purchased a new stake in shares of TrueCar during the fourth quarter valued at approximately $49,000. Straightline Group LLC purchased a new stake in shares of TrueCar during the fourth quarter valued at approximately $69,000. Finally, ProShare Advisors LLC lifted its holdings in TrueCar by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 24,123 shares of the technology company's stock worth $90,000 after acquiring an additional 7,938 shares during the period. Hedge funds and other institutional investors own 79.44% 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.