TrueCar (NASDAQ:TRUE) Upgraded at StockNews.com

StockNews.com upgraded shares of TrueCar (NASDAQ:TRUE) from a buy rating to a strong-buy rating in a research note released on Thursday.

A number of other research firms have also issued reports on TRUE. Needham & Company LLC reduced their target price on TrueCar from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Wednesday. B. Riley boosted their price target on TrueCar from $3.30 to $4.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4.63.

TrueCar Trading Down 6.4 %

Shares of TRUE opened at $2.50 on Thursday. TrueCar has a twelve month low of $2.48 and a twelve month high of $4.62. The stock’s 50 day moving average is $3.51 and its two-hundred day moving average is $3.54. The firm has a market capitalization of $217.40 million, a PE ratio of -7.35 and a beta of 1.75.

TrueCar (NASDAQ:TRUE) last announced its quarterly earnings results on Tuesday, February 18th. The technology company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The firm had revenue of $46.21 million for the quarter, compared to analysts’ expectations of $47.30 million. TrueCar had a negative return on equity of 17.54% and a negative net margin of 17.68%. On average, sell-side analysts predict that TrueCar will post -0.19 EPS for the current year.

Hedge Funds Weigh In On TrueCar

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new position in TrueCar in the 3rd quarter valued at about $36,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in TrueCar during the third quarter worth about $43,000. R Squared Ltd acquired a new stake in TrueCar during the fourth quarter worth about $49,000. Straightline Group LLC acquired a new stake in TrueCar during the fourth quarter worth about $69,000. Finally, ProShare Advisors LLC raised its stake in TrueCar by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 24,123 shares of the technology company’s stock worth $90,000 after acquiring an additional 7,938 shares during the period. 79.44% of the stock is owned by hedge funds and other institutional investors.

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.