TrueCar Inc (TRUE) Short Interest Update

TrueCar Inc (NASDAQ:TRUE) was the target of a large drop in short interest during the month of April. As of April 28th, there was short interest totalling 22,093,704 shares, a drop of 5.3% from the April 13th total of 23,326,277 shares. Based on an average daily volume of 2,852,069 shares, the short-interest ratio is currently 7.7 days.

TRUE has been the subject of several recent analyst reports. B. Riley reiterated a “buy” rating and issued a $14.50 target price on shares of TrueCar in a research note on Monday, January 30th. Royal Bank of Canada upgraded shares of TrueCar from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $12.00 to $17.00 in a research note on Monday, February 6th. Cowen and Company raised their target price on shares of TrueCar from $8.00 to $10.00 and gave the company a “market perform” rating in a research note on Tuesday, February 14th. Loop Capital reiterated a “buy” rating and issued a $18.00 target price on shares of TrueCar in a research note on Tuesday, February 21st. Finally, Citigroup Inc initiated coverage on shares of TrueCar in a research note on Monday, March 27th. They issued a “buy” rating and a $18.00 target price for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company’s stock. TrueCar currently has an average rating of “Buy” and an average price target of $16.59.

In related news, EVP Neeraj Gunsagar sold 25,571 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $14.70, for a total value of $375,893.70. Following the completion of the sale, the executive vice president now directly owns 315,181 shares in the company, valued at approximately $4,633,160.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven J. Dietz sold 1,320,692 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $16.50, for a total transaction of $21,791,418.00. The disclosure for this sale can be found here. Insiders sold a total of 6,203,606 shares of company stock valued at $100,967,971 over the last quarter. 17.30% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Spark Investment Management LLC bought a new position in TrueCar during the third quarter worth $607,000. Morgan Stanley increased its position in TrueCar by 6.3% in the third quarter. Morgan Stanley now owns 7,029,769 shares of the technology company’s stock worth $66,360,000 after buying an additional 419,322 shares in the last quarter. SG Capital Management LLC bought a new position in TrueCar during the third quarter worth $7,621,000. Blue Clay Capital Management LLC increased its position in TrueCar by 4.0% in the third quarter. Blue Clay Capital Management LLC now owns 68,290 shares of the technology company’s stock worth $645,000 after buying an additional 2,600 shares in the last quarter. Finally, Russell Investments Group Ltd. bought a new position in TrueCar during the fourth quarter worth $1,941,000. 63.62% of the stock is owned by hedge funds and other institutional investors.

Shares of TrueCar (NASDAQ:TRUE) opened at 17.54 on Friday. The firm’s 50-day moving average is $16.15 and its 200 day moving average is $13.86. TrueCar has a 12 month low of $6.51 and a 12 month high of $18.76. The firm’s market capitalization is $1.63 billion.

TrueCar (NASDAQ:TRUE) last released its earnings results on Tuesday, May 9th. The technology company reported ($0.01) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.01. TrueCar had a negative net margin of 22.92% and a negative return on equity of 22.29%. The firm had revenue of $75.80 million during the quarter, compared to the consensus estimate of $73.34 million. During the same period in the prior year, the firm earned ($0.07) EPS. The company’s revenue was up 22.5% compared to the same quarter last year. On average, equities research analysts anticipate that TrueCar will post ($0.02) EPS for the current year.

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About TrueCar

TrueCar, Inc is an Internet-based information, technology, and communication services company. The Company has a data-driven online platform, which features market data and analytics. The Company-branded platform is available on its TrueCar Website and mobile applications. 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 a range of enterprises.

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