Brokerages Set TrueCar, Inc. (NASDAQ:TRUE) Target Price at $2.65

TrueCar, Inc. (NASDAQ:TRUE) has been assigned an average recommendation of “Reduce” from the seven ratings firms that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating and five have issued a hold rating on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $2.65.

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

Hedge Funds Weigh In On TrueCar

Hedge funds have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of TrueCar in the third quarter valued at about $29,000. BNP Paribas Financial Markets boosted its holdings in TrueCar by 89.5% in the third quarter. BNP Paribas Financial Markets now owns 15,827 shares of the technology company’s stock valued at $29,000 after acquiring an additional 7,475 shares during the last quarter. Kapitalo Investimentos Ltda acquired a new stake in TrueCar during the 2nd quarter valued at approximately $35,000. SG Americas Securities LLC bought a new position in TrueCar during the 3rd quarter worth approximately $41,000. Finally, Strs Ohio acquired a new position in shares of TrueCar in the 1st quarter worth approximately $38,000. Institutional investors and hedge funds own 79.44% of the company’s stock.

TrueCar Price Performance

Shares of NASDAQ:TRUE opened at $2.11 on Friday. The company has a market cap of $187.66 million, a price-to-earnings ratio of -9.59 and a beta of 2.22. The firm has a 50 day simple moving average of $2.20 and a 200 day simple moving average of $2.09. TrueCar has a one year low of $1.05 and a one year high of $3.83.

TrueCar Company Profile

TrueCar, Inc operates a digital automotive marketplace designed to streamline the vehicle buying and selling process in the United States. Through its online platform, TrueCar provides prospective car buyers with transparent pricing information, real‐time market data and guaranteed savings from a network of certified dealers. The company’s core offerings include pricing analytics, dealer inventory listings and a purchase–price guarantee that aims to reduce the negotiation burden typically associated with new and used vehicle transactions.

Founded in 2005 under the name Zag.com by entrepreneur Scott Painter, the company rebranded as TrueCar in 2010 and subsequently completed its initial public offering in 2014.