Cowen initiated coverage on shares of TrueCar (NASDAQ:TRUE) in a report released on Monday, TipRanks reports. The brokerage set a “hold” rating and a $7.00 price target on the technology company’s stock. Cowen’s target price suggests a potential upside of 9.37% from the company’s current price.
A number of other research firms also recently commented on TRUE. Royal Bank of Canada downgraded shares of TrueCar from an “outperform” rating to a “sector perform” rating and cut their target price for the company from $12.00 to $9.00 in a research report on Friday, February 15th. B. Riley reissued a “neutral” rating and set a $9.50 target price (down previously from $16.50) on shares of TrueCar in a research report on Friday, February 15th. Zacks Investment Research raised shares of TrueCar from a “sell” rating to a “hold” rating in a research report on Thursday, February 14th. Craig Hallum downgraded shares of TrueCar from a “buy” rating to a “hold” rating and set a $10.00 target price on the stock. in a research report on Friday, February 15th. Finally, Benchmark cut their price objective on shares of TrueCar from $16.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, February 15th. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the company. The company currently has an average rating of “Hold” and an average price target of $9.91.
NASDAQ TRUE traded down $0.20 during trading on Monday, reaching $6.40. 684,346 shares of the company’s stock traded hands, compared to its average volume of 1,298,445. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.15 and a current ratio of 5.09. The company has a market capitalization of $694.91 million, a price-to-earnings ratio of -24.62 and a beta of 2.03. TrueCar has a 12-month low of $5.61 and a 12-month high of $14.55.
TrueCar (NASDAQ:TRUE) last posted its earnings results on Thursday, May 9th. The technology company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. The business had revenue of $85.60 million for the quarter, compared to the consensus estimate of $84.99 million. TrueCar had a negative net margin of 9.39% and a negative return on equity of 7.97%. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.01 EPS. Equities analysts expect that TrueCar will post -0.27 earnings per share for the current fiscal year.
In other news, EVP Robert Mcclung sold 7,736 shares of TrueCar stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $6.90, for a total value of $53,378.40. Following the transaction, the executive vice president now owns 105,070 shares of the company’s stock, valued at approximately $724,983. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 9,183 shares of company stock worth $62,778. Insiders own 7.00% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. purchased a new position in shares of TrueCar in the 4th quarter worth approximately $92,000. Quantamental Technologies LLC grew its position in shares of TrueCar by 654.8% in the 1st quarter. Quantamental Technologies LLC now owns 14,069 shares of the technology company’s stock worth $93,000 after buying an additional 12,205 shares during the last quarter. M&T Bank Corp purchased a new position in shares of TrueCar in the 1st quarter worth approximately $105,000. Amalgamated Bank purchased a new position in shares of TrueCar in the 4th quarter worth approximately $126,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in shares of TrueCar in the 1st quarter worth approximately $140,000. 95.66% of the stock is currently owned by hedge funds and other institutional investors.
TrueCar Company Profile
TrueCar, Inc, together with its subsidiaries, 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. The company also customizes and operates its platform for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for large enterprises.
Further Reading: Diluted Earnings Per Share
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