TrueCar (NASDAQ:TRUE) Lowered to “Hold” Rating by Lake Street Capital

Lake Street Capital lowered shares of TrueCar (NASDAQ:TRUE) from a buy rating to a hold rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. Lake Street Capital currently has $1.50 target price on the technology company’s stock, down from their prior target price of $5.00.

Several other equities analysts have also weighed in on the company. StockNews.com lowered TrueCar from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 28th. Needham & Company LLC reduced their target price on TrueCar from $4.00 to $2.75 and set a “buy” rating for the company in a research note on Tuesday. JPMorgan Chase & Co. lowered TrueCar from a “neutral” rating to an “underweight” rating in a research report on Thursday, March 27th. Finally, Citigroup lowered shares of TrueCar to an “underweight” rating in a report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $3.19.

TrueCar Trading Up 9.8 %

TrueCar stock opened at $1.45 on Tuesday. The firm has a market cap of $126.90 million, a PE ratio of -4.26 and a beta of 2.13. TrueCar has a 12 month low of $1.05 and a 12 month high of $4.62. The stock’s 50 day simple moving average is $1.62 and its two-hundred day simple moving average is $2.97.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC grew its holdings in shares of TrueCar by 19.4% during the third quarter. Jane Street Group LLC now owns 99,586 shares of the technology company’s stock worth $344,000 after buying an additional 16,163 shares in the last quarter. Barclays PLC grew its stake in TrueCar by 169.2% during the 3rd quarter. Barclays PLC now owns 130,062 shares of the technology company’s stock valued at $448,000 after acquiring an additional 81,745 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in TrueCar by 58.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 150,903 shares of the technology company’s stock valued at $521,000 after acquiring an additional 55,731 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in TrueCar by 12.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 189,144 shares of the technology company’s stock worth $706,000 after purchasing an additional 20,544 shares in the last quarter. Finally, R Squared Ltd acquired a new position in shares of TrueCar during the 4th quarter worth approximately $49,000. 79.44% of the stock is owned by institutional investors and hedge funds.

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.