Emerald Acquisition Ltd. Takes Position in TrueCar Inc. (TRUE)

Emerald Acquisition Ltd. purchased a new stake in TrueCar Inc. (NASDAQ:TRUE) during the second quarter, Holdings Channel reports. The firm purchased 64,660 shares of the company’s stock, valued at approximately $508,000. Emerald Acquisition Ltd. owned 0.08% of TrueCar at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in TRUE. Quantitative Investment Management LLC purchased a new stake in shares of TrueCar during the second quarter valued at approximately $134,000. California State Teachers Retirement System raised its stake in shares of TrueCar by 8.9% in the second quarter. California State Teachers Retirement System now owns 113,963 shares of the company’s stock valued at $895,000 after buying an additional 9,288 shares during the period. Bank of New York Mellon Corp raised its stake in shares of TrueCar by 7.2% in the second quarter. Bank of New York Mellon Corp now owns 247,283 shares of the company’s stock valued at $1,940,000 after buying an additional 16,593 shares during the period. Finally, Spark Investment Management LLC purchased a new stake in shares of TrueCar during the first quarter valued at approximately $869,000. 58.67% of the stock is currently owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for TrueCar (NASDAQ:TRUE)

Shares of TrueCar Inc. (NASDAQ:TRUE) traded up 0.32% on Wednesday, reaching $9.44. The company’s stock had a trading volume of 28,973 shares. TrueCar Inc. has a 1-year low of $4.42 and a 1-year high of $11.13. The stock has a 50-day moving average of $9.16 and a 200 day moving average of $8.14. The stock’s market capitalization is $798.68 million.

TrueCar (NASDAQ:TRUE) last announced its earnings results on Thursday, August 4th. The company reported ($0.05) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.05. TrueCar had a negative net margin of 24.55% and a negative return on equity of 22.85%. The company earned $66.42 million during the quarter, compared to the consensus estimate of $65.52 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. The company’s revenue was up 1.7% on a year-over-year basis. On average, equities analysts forecast that TrueCar Inc. will post ($0.24) EPS for the current year.

Several brokerages have recently commented on TRUE. Zacks Investment Research lowered TrueCar from a “buy” rating to a “hold” rating in a research note on Thursday, October 6th. Morgan Stanley lowered TrueCar from an “equal weight” rating to an “underweight” rating and boosted their price target for the stock from $5.00 to $6.40 in a research note on Monday, September 12th. B. Riley raised TrueCar to a “neutral” rating and set a $9.50 price target on the stock in a research note on Sunday, September 4th. Loop Capital started coverage on TrueCar in a research note on Wednesday, August 10th. They set a “hold” rating and a $11.00 price target on the stock. Finally, Craig Hallum reaffirmed a “hold” rating on shares of TrueCar in a research note on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $8.28.

In other TrueCar news, major shareholder Services Automobile Ass United sold 200,000 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $9.54, for a total value of $1,908,000.00. Following the completion of the transaction, the insider now directly owns 10,072,346 shares of the company’s stock, valued at $96,090,180.84. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John Krafcik sold 16,541 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $10.68, for a total transaction of $176,657.88. Following the completion of the transaction, 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 company insiders.

About TrueCar

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.

5 Day Chart for NASDAQ:TRUE

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