TrueCar, Inc. (NASDAQ:TRUE) Receives Average Recommendation of “Reduce” from Brokerages

TrueCar, Inc. (NASDAQ:TRUE) has been given a consensus recommendation of “Reduce” by the seven brokerages that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation and five have assigned a hold recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $2.65.

TRUE has been the topic of a number of recent research reports. BTIG Research reaffirmed a “neutral” rating on shares of TrueCar in a research report on Thursday, January 22nd. JPMorgan Chase & Co. upgraded shares of TrueCar from an “underweight” rating to a “neutral” rating in a research report on Thursday, October 16th. Lake Street Capital boosted their price objective on shares of TrueCar from $2.00 to $2.55 and gave the company a “hold” rating in a research note on Thursday, October 16th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of TrueCar in a research note on Wednesday, January 21st.

TrueCar Trading Up 15.2%

Shares of TrueCar stock opened at $2.55 on Thursday. The business’s fifty day simple moving average is $2.28 and its 200 day simple moving average is $2.14. The firm has a market capitalization of $226.35 million, a P/E ratio of -11.57 and a beta of 2.22. TrueCar has a 12 month low of $1.05 and a 12 month high of $3.83.

Hedge Funds Weigh In On TrueCar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC raised its stake in shares of TrueCar by 1,658.6% during the third quarter. Millennium Management LLC now owns 477,100 shares of the technology company’s stock worth $878,000 after acquiring an additional 449,970 shares in the last quarter. Connective Capital Management LLC bought a new position in shares of TrueCar during the 2nd quarter valued at $396,000. Credit Industriel ET Commercial purchased a new position in TrueCar in the 4th quarter worth $403,000. Jane Street Group LLC bought a new stake in TrueCar in the first quarter worth $234,000. Finally, Noesis Capital Mangement Corp purchased a new stake in TrueCar during the second quarter valued at about $238,000. 79.44% of the stock is currently owned by hedge funds and other institutional investors.

About TrueCar

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.