TrueCar (NASDAQ:TRUE) Stock Rating Lowered by JPMorgan Chase & Co.

TrueCar (NASDAQ:TRUE) was downgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report issued on Thursday, MarketBeat.com reports.

A number of other brokerages have also recently issued reports on TRUE. StockNews.com cut TrueCar from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 28th. Needham & Company LLC lowered their price target on shares of TrueCar from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, TrueCar presently has a consensus rating of “Moderate Buy” and an average target price of $4.63.

TrueCar Price Performance

NASDAQ:TRUE opened at $1.59 on Thursday. TrueCar has a one year low of $1.52 and a one year high of $4.62. The company has a market cap of $138.74 million, a PE ratio of -4.68 and a beta of 1.72. The firm has a 50-day moving average of $2.68 and a 200-day moving average of $3.38.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $47.30 million. On average, equities research analysts expect that TrueCar will post -0.19 earnings per share for the current fiscal year.

Institutional Trading of TrueCar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRUE. Raymond James Financial Inc. purchased a new position in shares of TrueCar during the fourth quarter valued at about $930,000. Arrowstreet Capital Limited Partnership raised its position in shares of TrueCar by 75.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 521,467 shares of the technology company’s stock worth $1,945,000 after acquiring an additional 224,969 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of TrueCar by 113.0% in the 4th quarter. JPMorgan Chase & Co. now owns 321,378 shares of the technology company’s stock valued at $1,199,000 after purchasing an additional 170,475 shares during the period. Lazard Asset Management LLC bought a new stake in shares of TrueCar during the fourth quarter valued at approximately $477,000. Finally, Millennium Management LLC purchased a new stake in TrueCar in the fourth quarter worth $420,000. Hedge funds and other institutional investors own 79.44% of the company’s stock.

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.