Brokers Issue Forecasts for TrueCar, Inc.’s Q2 2024 Earnings (NASDAQ:TRUE)

TrueCar, Inc. (NASDAQ:TRUE) – Stock analysts at B. Riley decreased their Q2 2024 earnings estimates for TrueCar in a research report issued to clients and investors on Tuesday, April 30th. B. Riley analyst N. Khan now anticipates that the technology company will earn ($0.06) per share for the quarter, down from their prior estimate of ($0.03). The consensus estimate for TrueCar’s current full-year earnings is ($0.19) per share. B. Riley also issued estimates for TrueCar’s Q3 2024 earnings at ($0.04) EPS, Q4 2024 earnings at ($0.03) EPS, FY2024 earnings at ($0.22) EPS, FY2025 earnings at ($0.12) EPS, FY2026 earnings at ($0.05) EPS and FY2027 earnings at $0.00 EPS.

Separately, Needham & Company LLC cut their price objective on TrueCar from $4.50 to $4.00 and set a “buy” rating for the company in a report on Tuesday.

TrueCar Trading Down 1.0 %

Shares of TRUE opened at $2.85 on Friday. The stock has a market cap of $260.99 million, a PE ratio of -7.13 and a beta of 1.71. TrueCar has a 1 year low of $1.76 and a 1 year high of $4.05. The stock has a 50 day simple moving average of $3.23 and a 200-day simple moving average of $3.08.

TrueCar (NASDAQ:TRUE) last issued its earnings results on Tuesday, February 20th. The technology company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.05. The business had revenue of $41.29 million for the quarter, compared to analyst estimates of $41.50 million. TrueCar had a negative net margin of 22.15% and a negative return on equity of 17.12%.

Hedge Funds Weigh In On TrueCar

Several large investors have recently made changes to their positions in TRUE. Cannell Capital LLC lifted its position in TrueCar by 2.6% during the 3rd quarter. Cannell Capital LLC now owns 8,441,072 shares of the technology company’s stock valued at $17,473,000 after purchasing an additional 216,636 shares during the period. Acadian Asset Management LLC lifted its holdings in TrueCar by 2.6% in the third quarter. Acadian Asset Management LLC now owns 2,113,950 shares of the technology company’s stock valued at $4,374,000 after buying an additional 53,889 shares during the period. Mill Road Capital Management LLC boosted its stake in TrueCar by 5.3% in the fourth quarter. Mill Road Capital Management LLC now owns 1,723,800 shares of the technology company’s stock valued at $5,964,000 after acquiring an additional 86,100 shares during the last quarter. Acuitas Investments LLC grew its holdings in TrueCar by 28.3% during the 4th quarter. Acuitas Investments LLC now owns 1,264,272 shares of the technology company’s stock worth $4,374,000 after acquiring an additional 279,106 shares during the period. Finally, Boston Partners raised its position in shares of TrueCar by 20.9% during the 3rd quarter. Boston Partners now owns 184,751 shares of the technology company’s stock valued at $382,000 after acquiring an additional 31,898 shares during the last quarter. Institutional investors and hedge funds own 79.44% of the company’s stock.

Insider Transactions at TrueCar

In other TrueCar news, EVP Jeff Swart sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $3.25, for a total value of $48,750.00. Following the completion of the sale, the executive vice president now owns 355,044 shares in the company, valued at approximately $1,153,893. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.30% of the stock is owned by company insiders.

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.