Bank of New York Mellon Corp increased its position in shares of TrueCar Inc. (NASDAQ:TRUE) by 7.2% during the second quarter, Holdings Channel reports. The firm owned 247,283 shares of the company’s stock after buying an additional 16,593 shares during the period. Bank of New York Mellon Corp owned approximately 0.30% of TrueCar worth $1,940,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of TRUE. Geode Capital Management LLC boosted its position in shares of TrueCar by 1.6% in the first quarter. Geode Capital Management LLC now owns 397,526 shares of the company’s stock worth $2,222,000 after buying an additional 6,248 shares during the period. State Street Corp boosted its position in shares of TrueCar by 12.2% in the first quarter. State Street Corp now owns 845,387 shares of the company’s stock worth $4,727,000 after buying an additional 91,689 shares during the period. Finally, Spark Investment Management LLC acquired a new position in shares of TrueCar during the first quarter worth $869,000. 58.68% of the stock is owned by institutional investors.
Shares of TrueCar Inc. (NASDAQ:TRUE) traded down 3.05% during trading on Friday, hitting $9.21. 448,568 shares of the company’s stock were exchanged. The firm’s market capitalization is $779.22 million. TrueCar Inc. has a 1-year low of $4.42 and a 1-year high of $11.13. The stock’s 50 day moving average is $9.39 and its 200 day moving average is $7.91.
TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. The company earned $66.42 million during the quarter, compared to analyst estimates of $65.52 million. TrueCar had a negative net margin of 24.55% and a negative return on equity of 22.85%. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.05) EPS. On average, equities research analysts forecast that TrueCar Inc. will post ($0.24) earnings per share for the current year.
A number of research analysts have recently weighed in on the stock. Loop Capital assumed coverage on shares of TrueCar in a research note on Wednesday, August 10th. They set a “hold” rating and a $11.00 price objective for the company. B. Riley reissued a “sell” rating and set a $5.00 price objective on shares of TrueCar in a research note on Wednesday, August 10th. Craig Hallum reissued a “hold” rating on shares of TrueCar in a research note on Friday, August 5th. JPMorgan Chase & Co. reissued a “hold” rating and set a $6.00 price objective on shares of TrueCar in a research note on Friday, August 5th. Finally, RBC Capital Markets reissued a “sector perform” rating and set a $10.00 price objective (up from $6.00) on shares of TrueCar in a research note on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $8.28.
In related news, major shareholder Services Automobile Ass United sold 200,000 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $9.54, for a total transaction of $1,908,000.00. Following the completion of the sale, the insider now directly owns 10,072,346 shares of the company’s stock, valued at $96,090,180.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John Krafcik sold 16,541 shares of the stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $10.68, for a total transaction of $176,657.88. Following the sale, the director now directly owns 74,869 shares of the company’s stock, valued at $799,600.92. The disclosure for this sale can be found here. 17.30% of the stock is currently owned by insiders.
TrueCar Company Profile
TrueCar, Inc offers a diverse software ecosystem for buying cars. The Company’s software ecosystem is based on a common technology infrastructure, and powered by data and analytics. The Company operates its platform on the TrueCar Website and its branded mobile experience. 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 enterprises.
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