TrueCar (NASDAQ:TRUE) Cut to Buy at StockNews.com

TrueCar (NASDAQ:TRUE - Get Free Report) was downgraded by investment analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a research report issued on Friday.

Several other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. downgraded TrueCar from an "overweight" rating to a "neutral" rating in a report on Friday, February 21st. B. Riley increased their target price on TrueCar from $3.30 to $4.00 and gave the stock a "neutral" rating in a research note on Monday, November 11th. Finally, Needham & Company LLC decreased their target price on TrueCar from $5.00 to $4.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $4.63.

TrueCar Stock Down 4.5 %

TRUE traded down $0.11 during trading on Friday, reaching $2.23. The company had a trading volume of 153,682 shares, compared to its average volume of 310,421. The business has a 50 day simple moving average of $3.35 and a 200-day simple moving average of $3.53. The stock has a market cap of $194.14 million, a P/E ratio of -6.51 and a beta of 1.75. TrueCar has a 52 week low of $2.16 and a 52 week high of $4.62.

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

Hedge Funds Weigh In On TrueCar

A number of hedge funds and other institutional investors have recently made changes to their positions in TRUE. Assenagon Asset Management S.A. raised its holdings in shares of TrueCar by 151.1% in the third quarter. Assenagon Asset Management S.A. now owns 168,600 shares of the technology company's stock valued at $582,000 after acquiring an additional 101,459 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of TrueCar in the 3rd quarter valued at about $43,000. Intech Investment Management LLC purchased a new stake in shares of TrueCar in the 3rd quarter worth approximately $36,000. FMR LLC boosted its stake in shares of TrueCar by 23.7% during the third quarter. FMR LLC now owns 380,636 shares of the technology company's stock valued at $1,313,000 after purchasing an additional 73,041 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in TrueCar by 15.2% during the third quarter. BNP Paribas Financial Markets now owns 60,942 shares of the technology company's stock valued at $210,000 after buying an additional 8,027 shares during the period. 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.