Needham & Company LLC Reiterates Buy Rating for TrueCar (NASDAQ:TRUE)

Needham & Company LLC reaffirmed their buy rating on shares of TrueCar (NASDAQ:TRUE - Free Report) in a research note published on Tuesday,Benzinga reports. Needham & Company LLC currently has a $5.00 price objective on the technology company's stock.

Several other equities research analysts also recently commented on the stock. Lake Street Capital began coverage on shares of TrueCar in a research note on Monday, October 7th. They set a "buy" rating and a $6.00 price objective for the company. StockNews.com lowered shares of TrueCar from a "buy" rating to a "hold" rating in a research report on Monday. 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 report on Monday, November 11th. Finally, BTIG Research increased their price target on TrueCar from $3.75 to $4.50 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $4.88.

TrueCar Price Performance

NASDAQ TRUE traded up $0.05 on Tuesday, hitting $4.19. The stock had a trading volume of 66,813 shares, compared to its average volume of 234,344. The business's fifty day moving average price is $3.71 and its 200 day moving average price is $3.29. TrueCar has a 52-week low of $2.56 and a 52-week high of $4.53. The stock has a market cap of $364.35 million, a price-to-earnings ratio of -14.52 and a beta of 1.83.

TrueCar (NASDAQ:TRUE - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The technology company reported ($0.06) EPS 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 company 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 firm posted ($0.07) earnings per share. As a group, sell-side analysts anticipate that TrueCar will post -0.3 EPS for the current year.

Institutional Trading of TrueCar

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

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.