TrueCar, Inc. (NASDAQ:TRUE) Receives Average Rating of “Reduce” from Analysts

TrueCar, Inc. (NASDAQ:TRUE) has been given a consensus recommendation of “Reduce” by the seven brokerages that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation and five have given a hold recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $2.65.

A number of brokerages recently issued reports on TRUE. Weiss Ratings reiterated a “sell (d-)” rating on shares of TrueCar in a report on Wednesday, October 8th. Lake Street Capital upped their target price on TrueCar from $2.00 to $2.55 and gave the stock a “hold” rating in a report on Thursday, October 16th. JPMorgan Chase & Co. raised TrueCar from an “underweight” rating to a “neutral” rating in a research report on Thursday, October 16th. BTIG Research lowered shares of TrueCar from a “buy” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of TrueCar in a report on Tuesday, October 7th.

Hedge Funds Weigh In On TrueCar

A number of large investors have recently bought and sold shares of the business. XTX Topco Ltd raised its position in shares of TrueCar by 92.5% in the 1st quarter. XTX Topco Ltd now owns 70,044 shares of the technology company’s stock worth $111,000 after acquiring an additional 33,652 shares in the last quarter. Nuveen LLC purchased a new position in shares of TrueCar in the 1st quarter worth approximately $399,000. Russell Investments Group Ltd. raised its stake in shares of TrueCar by 8.0% during the 1st quarter. Russell Investments Group Ltd. now owns 747,593 shares of the technology company’s stock worth $1,181,000 after acquiring an additional 55,088 shares in the last quarter. American Century Companies Inc. grew its holdings in TrueCar by 8.4% in the first quarter. American Century Companies Inc. now owns 160,127 shares of the technology company’s stock worth $253,000 after purchasing an additional 12,344 shares during the last quarter. Finally, Algert Global LLC acquired a new position in TrueCar during the 1st quarter valued at about $30,000. Institutional investors own 79.44% of the company’s stock.

TrueCar Stock Down 1.4%

TRUE traded down $0.03 on Friday, reaching $2.09. 838,952 shares of the company traded hands, compared to its average volume of 665,876. The company has a market cap of $185.88 million, a P/E ratio of -9.50 and a beta of 2.00. TrueCar has a one year low of $1.05 and a one year high of $4.62. The firm has a fifty day simple moving average of $2.12 and a two-hundred day simple moving average of $1.91.

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.