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

StockNews.com upgraded shares of TrueCar (NASDAQ:TRUE - Free Report) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning.

Other analysts have also recently issued reports about the stock. Needham & Company LLC restated a "buy" rating and issued a $5.00 price objective on shares of TrueCar in a research note on Tuesday, November 26th. B. Riley boosted their target price on shares of TrueCar from $3.30 to $4.00 and gave the stock a "neutral" rating in a research report on Monday, November 11th. BTIG Research raised their target price on TrueCar from $3.75 to $4.50 and gave the company a "buy" rating in a report on Tuesday, October 22nd. Finally, Lake Street Capital assumed coverage on TrueCar in a research report on Monday, October 7th. They set a "buy" rating and a $6.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, TrueCar currently has a consensus rating of "Moderate Buy" and a consensus target price of $4.88.

TrueCar Stock Down 0.7 %

Shares of TrueCar stock traded down $0.03 during midday trading on Tuesday, reaching $4.33. 35,245 shares of the company's stock traded hands, compared to its average volume of 233,227. TrueCar has a 52 week low of $2.56 and a 52 week high of $4.53. The company's 50 day simple moving average is $3.82 and its 200 day simple moving average is $3.35.

TrueCar (NASDAQ:TRUE - Get Free Report) last posted 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). The company had revenue of $46.54 million for the quarter, compared to the consensus estimate of $45.82 million. TrueCar had a negative net margin of 15.88% and a negative return on equity of 14.33%. During the same quarter last year, the business earned ($0.07) earnings per share. Sell-side analysts forecast that TrueCar will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of TrueCar

Several hedge funds have recently bought and sold shares of TRUE. SkyView Investment Advisors LLC grew its holdings in TrueCar by 1.8% during the third quarter. SkyView Investment Advisors LLC now owns 203,695 shares of the technology company's stock worth $703,000 after purchasing an additional 3,510 shares during the period. Renaissance Technologies LLC boosted its stake in shares of TrueCar by 0.3% during the 2nd quarter. Renaissance Technologies LLC now owns 2,123,601 shares of the technology company's stock worth $6,647,000 after acquiring an additional 6,800 shares during the period. ClariVest Asset Management LLC increased its holdings in shares of TrueCar by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 253,474 shares of the technology company's stock worth $793,000 after acquiring an additional 7,088 shares during the last quarter. BNP Paribas Financial Markets raised its stake in TrueCar by 15.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 60,942 shares of the technology company's stock valued at $210,000 after acquiring an additional 8,027 shares during the period. Finally, Intech Investment Management LLC bought a new stake in TrueCar in the 3rd quarter valued at $36,000. 79.44% of the stock is currently owned by institutional investors and hedge funds.

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.