Needham & Company LLC Trims TrueCar (NASDAQ:TRUE) Target Price to $4.00

TrueCar (NASDAQ:TRUE) had its price objective reduced by Needham & Company LLC from $4.50 to $4.00 in a research report report published on Tuesday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

TrueCar Price Performance

NASDAQ TRUE opened at $2.85 on Tuesday. TrueCar has a 1-year low of $1.76 and a 1-year high of $4.05. The stock has a market capitalization of $260.99 million, a price-to-earnings ratio of -7.13 and a beta of 1.71. The business’s fifty day moving average price is $3.23 and its 200-day moving average price is $3.08.

TrueCar (NASDAQ:TRUE) last announced its earnings results on Tuesday, February 20th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.05. TrueCar had a negative return on equity of 17.12% and a negative net margin of 22.15%. The business had revenue of $41.29 million for the quarter, compared to analysts’ expectations of $41.50 million. Equities research analysts anticipate that TrueCar will post -0.19 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Jeff Swart sold 15,000 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $3.45, for a total value of $51,750.00. Following the completion of the sale, the executive vice president now directly owns 325,044 shares in the company, valued at approximately $1,121,401.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.30% of the company’s stock.

Institutional Trading of TrueCar

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Acuitas Investments LLC grew its stake in shares of TrueCar by 28.3% during the 4th quarter. Acuitas Investments LLC now owns 1,264,272 shares of the technology company’s stock valued at $4,374,000 after acquiring an additional 279,106 shares during the period. SG Americas Securities LLC lifted its holdings in TrueCar by 22.5% during the fourth quarter. SG Americas Securities LLC now owns 48,874 shares of the technology company’s stock valued at $169,000 after purchasing an additional 8,961 shares in the last quarter. SkyView Investment Advisors LLC boosted its position in shares of TrueCar by 5.5% in the third quarter. SkyView Investment Advisors LLC now owns 127,658 shares of the technology company’s stock worth $264,000 after purchasing an additional 6,680 shares during the period. Boston Partners increased its stake in shares of TrueCar by 20.9% in the third quarter. Boston Partners now owns 184,751 shares of the technology company’s stock worth $382,000 after purchasing an additional 31,898 shares in the last quarter. Finally, Gladius Capital Management LP increased its stake in shares of TrueCar by 31.3% in the third quarter. Gladius Capital Management LP now owns 15,367 shares of the technology company’s stock worth $32,000 after purchasing an additional 3,661 shares in the last quarter. Hedge funds and other institutional investors own 79.44% of the company’s stock.

About TrueCar

TrueCar, Inc operates as an internet-based information, technology, and communication services company in the United States. It operates its platform on the TrueCar website and mobile applications. Its platform enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar certified dealers.