State Board of Administration of Florida Retirement System grew its holdings in shares of TrueCar, Inc. (NASDAQ:TRUE) by 17.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 108,191 shares of the technology company’s stock after purchasing an additional 16,019 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.12% of TrueCar worth $2,156,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BNP Paribas Arbitrage SA increased its position in TrueCar by 648.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,937 shares of the technology company’s stock worth $158,000 after purchasing an additional 6,876 shares during the period. Sei Investments Co. acquired a new position in TrueCar during the 1st quarter worth approximately $167,000. North Star Investment Management Corp. acquired a new position in TrueCar during the 2nd quarter worth approximately $179,000. SG Americas Securities LLC acquired a new position in TrueCar during the 1st quarter worth approximately $190,000. Finally, Great West Life Assurance Co. Can increased its position in TrueCar by 185.6% during the 2nd quarter. Great West Life Assurance Co. Can now owns 10,576 shares of the technology company’s stock worth $210,000 after purchasing an additional 6,873 shares during the period. Institutional investors own 91.71% of the company’s stock.
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A number of equities research analysts recently weighed in on the company. TheStreet upgraded TrueCar from a “d” rating to a “c” rating in a report on Monday, May 15th. B. Riley restated a “buy” rating and issued a $21.50 price target on shares of TrueCar in a report on Tuesday, June 20th. Zacks Investment Research cut TrueCar from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Morgan Stanley restated an “underweight” rating and issued a $13.00 price target (up previously from $12.00) on shares of TrueCar in a report on Thursday, July 20th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $22.00 price target on shares of TrueCar in a report on Friday, August 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. TrueCar has an average rating of “Buy” and a consensus target price of $18.56.
In related news, EVP Brian Skutta sold 117,410 shares of TrueCar stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $17.01, for a total value of $1,997,144.10. Following the completion of the sale, the executive vice president now owns 181,282 shares of the company’s stock, valued at approximately $3,083,606.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael Guthrie sold 322,865 shares of TrueCar stock in a transaction on Friday, July 28th. The shares were sold at an average price of $19.12, for a total transaction of $6,173,178.80. Following the completion of the sale, the chief financial officer now directly owns 359,847 shares of the company’s stock, valued at approximately $6,880,274.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,993,801 shares of company stock valued at $36,878,556. 15.50% of the stock is owned by company insiders.
Shares of TrueCar, Inc. (NASDAQ:TRUE) opened at 16.95 on Tuesday. The company has a 50-day moving average price of $17.52 and a 200 day moving average price of $17.22. The firm’s market capitalization is $1.67 billion. TrueCar, Inc. has a one year low of $8.23 and a one year high of $21.75.
TrueCar (NASDAQ:TRUE) last released its quarterly earnings data on Tuesday, August 8th. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.02. TrueCar had a negative net margin of 9.86% and a negative return on equity of 11.00%. The business had revenue of $81.82 million during the quarter, compared to analyst estimates of $80.75 million. During the same quarter in the previous year, the business earned ($0.05) EPS. TrueCar’s quarterly revenue was up 23.2% compared to the same quarter last year. Analysts expect that TrueCar, Inc. will post $0.02 earnings per share for the current fiscal year.
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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