BlackRock Inc. boosted its stake in shares of TrueCar Inc (NASDAQ:TRUE) by 33.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,139,516 shares of the technology company’s stock after purchasing an additional 1,530,730 shares during the period. BlackRock Inc. owned about 6.08% of TrueCar worth $61,948,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in TRUE. Verition Fund Management LLC bought a new stake in TrueCar in the first quarter worth approximately $100,000. Amalgamated Bank bought a new stake in TrueCar in the second quarter worth approximately $141,000. Jane Street Group LLC bought a new stake in TrueCar in the first quarter worth approximately $170,000. Sciencast Management LP bought a new stake in TrueCar in the first quarter worth approximately $273,000. Finally, Cubist Systematic Strategies LLC grew its position in TrueCar by 119.2% in the first quarter. Cubist Systematic Strategies LLC now owns 53,745 shares of the technology company’s stock worth $508,000 after acquiring an additional 29,226 shares in the last quarter. 90.38% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have commented on the stock. ValuEngine raised shares of TrueCar from a “sell” rating to a “hold” rating in a research report on Thursday, September 13th. DA Davidson set a $13.00 target price on shares of TrueCar and gave the stock a “hold” rating in a research report on Monday, August 13th. Finally, Zacks Investment Research downgraded shares of TrueCar from a “buy” rating to a “hold” rating in a research report on Thursday, August 16th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $15.57.
Shares of TrueCar stock opened at $11.97 on Friday. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.09. TrueCar Inc has a 1-year low of $8.75 and a 1-year high of $16.45. The firm has a market capitalization of $1.44 billion, a PE ratio of -44.33 and a beta of 2.60.
TrueCar (NASDAQ:TRUE) last issued its quarterly earnings data on Thursday, August 9th. The technology company reported $0.03 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.03. TrueCar had a negative net margin of 10.07% and a negative return on equity of 8.42%. The business had revenue of $87.85 million during the quarter, compared to analysts’ expectations of $87.81 million. During the same period in the previous year, the company earned $0.01 earnings per share. TrueCar’s revenue for the quarter was up 7.4% on a year-over-year basis. As a group, analysts anticipate that TrueCar Inc will post -0.25 EPS for the current year.
TrueCar, Inc, together with its subsidiaries, 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. The company also customizes and operates its platform for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for large enterprises.
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