TrueCar (NASDAQ:TRUE) Receives "Buy" Rating from Needham & Company LLC

TrueCar (NASDAQ:TRUE - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $5.00 price objective on the technology company's stock. Needham & Company LLC's price target would indicate a potential upside of 44.09% from the stock's previous close.

TRUE has been the subject of a number of other research reports. BTIG Research boosted their target price on TrueCar from $3.75 to $4.50 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Lake Street Capital initiated coverage on shares of TrueCar in a research report on Monday, October 7th. They issued a "buy" rating and a $6.00 price objective for the company. B. Riley lifted their target price on shares of TrueCar from $3.30 to $4.00 and gave the company a "neutral" rating in a report on Monday, November 11th. Finally, StockNews.com upgraded TrueCar from a "hold" rating to a "buy" rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $4.88.

TrueCar Price Performance

NASDAQ:TRUE traded up $0.20 during trading hours on Wednesday, reaching $3.47. 131,517 shares of the company were exchanged, compared to its average volume of 183,724. TrueCar has a 52-week low of $2.56 and a 52-week high of $4.62. The stock has a 50 day simple moving average of $3.98 and a 200 day simple moving average of $3.56. The firm has a market cap of $301.74 million, a price-to-earnings ratio of -11.97 and a beta of 1.78.

TrueCar (NASDAQ:TRUE - Get Free Report) last issued its earnings results on Wednesday, November 6th. The technology company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). TrueCar had a negative return on equity of 14.33% and a negative net margin of 15.88%. The firm had revenue of $46.54 million during the quarter, compared to analysts' expectations of $45.82 million. During the same period last year, the business posted ($0.07) earnings per share. On average, analysts predict that TrueCar will post -0.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its stake in TrueCar by 12.2% during the 4th 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 period. JPMorgan Chase & Co. increased its position in shares of TrueCar by 58.6% during the third quarter. JPMorgan Chase & Co. now owns 150,903 shares of the technology company's stock worth $521,000 after acquiring an additional 55,731 shares during the last quarter. SkyView Investment Advisors LLC lifted its stake in shares of TrueCar by 1.8% in the third quarter. SkyView Investment Advisors LLC now owns 203,695 shares of the technology company's stock worth $703,000 after acquiring an additional 3,510 shares in the last quarter. Barclays PLC boosted its holdings in TrueCar by 169.2% in the third quarter. Barclays PLC now owns 130,062 shares of the technology company's stock valued at $448,000 after purchasing an additional 81,745 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in TrueCar by 3.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,955,226 shares of the technology company's stock valued at $6,747,000 after purchasing an additional 71,508 shares in the last quarter. 79.44% of the stock is currently owned by hedge funds and other institutional investors.

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.