TrueCar (NASDAQ:TRUE) Stock Passes Above 50-Day Moving Average - Here's Why

TrueCar, Inc. (NASDAQ:TRUE - Get Free Report)'s share price passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $3.60 and traded as high as $4.18. TrueCar shares last traded at $3.92, with a volume of 148,397 shares changing hands.

Analysts Set New Price Targets

TRUE has been the topic of a number of recent research reports. B. Riley upped 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. Needham & Company LLC decreased their price objective on shares of TrueCar from $4.00 to $3.75 and set a "buy" rating for the company in a research report on Tuesday, August 6th. BTIG Research lifted their price objective on shares of TrueCar from $3.75 to $4.50 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Finally, Lake Street Capital assumed coverage on shares of TrueCar in a report on Monday, October 7th. They set a "buy" rating and a $6.00 target price on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $4.56.

TrueCar Trading Up 1.0 %

The firm has a market capitalization of $344.36 million, a P/E ratio of -13.52 and a beta of 1.83. The business's fifty day moving average is $3.62 and its 200 day moving average is $3.25.

TrueCar (NASDAQ:TRUE - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The technology company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $46.54 million for the quarter, compared to analyst estimates of $45.82 million. During the same quarter in the previous year, the business posted ($0.07) earnings per share. As a group, sell-side analysts predict that TrueCar, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other TrueCar news, EVP Jeff Swart sold 20,000 shares of the business's stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $2.82, for a total transaction of $56,400.00. Following the completion of the transaction, the executive vice president now owns 390,600 shares of the company's stock, valued at $1,101,492. The trade was a 4.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.30% of the stock is currently owned by corporate insiders.

Institutional Trading of TrueCar

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

TrueCar Company Profile

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.