TrueCar Inc (NASDAQ:TRUE) had its target price boosted by research analysts at Craig Hallum from $20.00 to $23.00 in a research report issued on Wednesday, May 10th. The brokerage presently has a “buy” rating on the technology company’s stock. Craig Hallum’s target price points to a potential upside of 31.35% from the stock’s current price.
A number of other brokerages have also recently issued reports on TRUE. Citigroup Inc initiated coverage on shares of TrueCar in a research report on Monday, March 27th. They issued a “buy” rating and a $18.00 target price for the company. B. Riley reissued a “buy” rating and issued a $14.50 target price on shares of TrueCar in a research report on Friday, January 13th. Loop Capital reissued a “buy” rating and issued a $18.00 target price on shares of TrueCar in a research report on Tuesday, February 21st. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $19.00 target price on shares of TrueCar in a research report on Friday, April 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $16.59.
TrueCar (NASDAQ:TRUE) last announced its earnings results on Tuesday, May 9th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.01. The company had revenue of $75.80 million during the quarter, compared to analysts’ expectations of $73.34 million. TrueCar had a negative net margin of 22.92% and a negative return on equity of 22.29%. TrueCar’s quarterly revenue was up 22.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.07) earnings per share.
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In related news, Director Steven J. Dietz sold 1,320,692 shares of the business’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $16.50, for a total value of $21,791,418.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Services Automobile Ass United sold 3,132,343 shares of the business’s stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $16.50, for a total value of $51,683,659.50. Following the completion of the transaction, the insider now directly owns 8,533,348 shares of the company’s stock, valued at approximately $140,800,242. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,203,606 shares of company stock valued at $100,967,971. 17.30% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of TRUE. First Mercantile Trust Co. acquired a new position in shares of TrueCar during the first quarter valued at approximately $141,000. Sei Investments Co. acquired a new position in shares of TrueCar during the first quarter valued at approximately $167,000. SG Americas Securities LLC acquired a new position in shares of TrueCar during the first quarter valued at approximately $190,000. Trexquant Investment LP acquired a new position in shares of TrueCar during the fourth quarter valued at approximately $161,000. Finally, Strategic Investment Management LLC acquired a new position in shares of TrueCar during the fourth quarter valued at approximately $168,000. 63.62% of the stock is owned by hedge funds and other institutional investors.
TrueCar Company Profile
TrueCar, Inc is an Internet-based information, technology, and communication services company. The Company has a data-driven online platform, which features market data and analytics. The Company-branded platform is available on its TrueCar Website and mobile applications. It customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for a range of enterprises.
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