TrueCar (NASDAQ:TRUE) Coverage Initiated by Analysts at Needham & Company LLC

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Needham & Company LLC initiated coverage on shares of TrueCar (NASDAQ:TRUE) in a research report released on Thursday morning, BenzingaRatingsTable reports. The brokerage issued a hold rating on the technology company’s stock.

A number of other equities analysts have also issued reports on TRUE. Citigroup decreased their target price on shares of TrueCar from $7.00 to $4.50 and set a neutral rating for the company in a research report on Friday, August 9th. ValuEngine upgraded shares of TrueCar from a sell rating to a hold rating in a research report on Thursday, August 1st. Zacks Investment Research lowered shares of TrueCar from a hold rating to a sell rating in a research report on Saturday, July 27th. Cowen set a $5.00 target price on shares of TrueCar and gave the company a hold rating in a research report on Friday, August 9th. Finally, TheStreet lowered shares of TrueCar from a c- rating to a d rating in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. TrueCar presently has a consensus rating of Hold and an average target price of $8.71.

TRUE stock opened at $4.33 on Thursday. The company has a quick ratio of 3.09, a current ratio of 3.09 and a debt-to-equity ratio of 0.12. TrueCar has a fifty-two week low of $3.01 and a fifty-two week high of $14.55. The firm’s 50-day simple moving average is $4.24 and its 200 day simple moving average is $5.71. The stock has a market cap of $452.35 million, a PE ratio of -16.65 and a beta of 1.40.

TrueCar (NASDAQ:TRUE) last announced its earnings results on Thursday, August 8th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.06. The firm had revenue of $88.08 million during the quarter, compared to analyst estimates of $89.20 million. TrueCar had a negative net margin of 14.25% and a negative return on equity of 11.45%. TrueCar’s revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.03 EPS. Equities analysts forecast that TrueCar will post -0.58 EPS for the current fiscal year.

In other news, EVP Robert Mcclung sold 7,669 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $5.41, for a total transaction of $41,489.29. Following the completion of the transaction, the executive vice president now owns 121,744 shares in the company, valued at approximately $658,635.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 7.00% of the company’s stock.

Several large investors have recently bought and sold shares of TRUE. Dimensional Fund Advisors LP boosted its position in shares of TrueCar by 128.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,072,659 shares of the technology company’s stock valued at $9,719,000 after purchasing an additional 602,448 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of TrueCar by 1,117.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 21,441 shares of the technology company’s stock valued at $142,000 after purchasing an additional 19,680 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its position in shares of TrueCar by 5.3% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 48,062 shares of the technology company’s stock valued at $319,000 after purchasing an additional 2,436 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of TrueCar during the 1st quarter valued at about $409,000. Finally, Alambic Investment Management L.P. bought a new position in shares of TrueCar during the 1st quarter valued at about $377,000. Institutional investors own 90.74% of the company’s stock.

About TrueCar

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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Analyst Recommendations for TrueCar (NASDAQ:TRUE)

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