TrueCar (NASDAQ:TRUE) Rating Lowered to "Neutral" at JPMorgan Chase & Co.

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

Other equities research analysts have also issued research reports about the company. Needham & Company LLC dropped their price target on TrueCar from $5.00 to $4.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. StockNews.com upgraded shares of TrueCar from a "buy" rating to a "strong-buy" rating in a research report on Thursday, February 20th. Finally, B. Riley upped their price objective on shares of TrueCar from $3.30 to $4.00 and gave the company a "neutral" rating in a research note on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $4.63.

TrueCar Stock Performance

NASDAQ TRUE traded up $0.09 on Friday, hitting $2.45. The stock had a trading volume of 643,168 shares, compared to its average volume of 311,921. The firm has a 50-day moving average of $3.48 and a 200-day moving average of $3.55. The company has a market capitalization of $213.05 million, a price-to-earnings ratio of -7.21 and a beta of 1.75. TrueCar has a 52-week low of $2.28 and a 52-week high of $4.62.

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TrueCar (NASDAQ:TRUE - Get Free Report) last announced its earnings results on Tuesday, February 18th. The technology company reported ($0.07) earnings per share 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 company had revenue of $46.21 million during the quarter, compared to analysts' expectations of $47.30 million. As a group, research analysts anticipate that TrueCar will post -0.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TrueCar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new position in shares of TrueCar in the third quarter valued at about $36,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of TrueCar in the third quarter worth about $43,000. R Squared Ltd purchased a new position in TrueCar during the 4th quarter valued at about $49,000. Straightline Group LLC bought a new position in TrueCar during the 4th quarter valued at approximately $69,000. Finally, ProShare Advisors LLC lifted its holdings in TrueCar by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 24,123 shares of the technology company's stock worth $90,000 after buying an additional 7,938 shares during the period. 79.44% of the stock is currently owned by institutional investors.

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.