JPMorgan Chase & Co. Lowers TrueCar (TRUE) to Underweight

TrueCar (NASDAQ:TRUE) was downgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports.

Several other analysts also recently weighed in on the company. Zacks Investment Research downgraded TrueCar from a “hold” rating to a “strong sell” rating in a research note on Saturday, January 20th. Stephens set a $18.00 target price on TrueCar and gave the company a “buy” rating in a research note on Friday, February 16th. B. Riley reaffirmed a “buy” rating and set a $18.00 target price on shares of TrueCar in a research note on Wednesday, January 24th. Finally, ValuEngine downgraded TrueCar from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 1st. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $17.60.

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Shares of TrueCar stock opened at $9.32 on Thursday. The stock has a market capitalization of $998.55, a P/E ratio of -26.63 and a beta of 2.52. TrueCar has a 1-year low of $9.31 and a 1-year high of $21.75. The company has a debt-to-equity ratio of 0.09, a current ratio of 6.41 and a quick ratio of 6.41.

TrueCar (NASDAQ:TRUE) last announced its earnings results on Thursday, February 15th. The technology company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.04. The firm had revenue of $83.13 million for the quarter, compared to the consensus estimate of $81.72 million. TrueCar had a negative return on equity of 8.70% and a negative net margin of 10.16%. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.01) EPS. analysts forecast that TrueCar will post -0.25 earnings per share for the current year.

In other news, SVP John Pierantoni sold 2,494 shares of TrueCar stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $11.29, for a total transaction of $28,157.26. Following the transaction, the senior vice president now directly owns 57,513 shares in the company, valued at approximately $649,321.77. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 5,227 shares of company stock worth $59,857. 15.50% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. Xact Kapitalforvaltning AB acquired a new position in shares of TrueCar during the 4th quarter valued at $132,000. 683 Capital Management LLC acquired a new position in shares of TrueCar during the 4th quarter valued at $18,603,000. Harvest Capital Strategies LLC acquired a new position in shares of TrueCar during the 4th quarter valued at $10,686,000. Millennium Management LLC increased its position in shares of TrueCar by 52.8% during the 4th quarter. Millennium Management LLC now owns 990,503 shares of the technology company’s stock valued at $11,094,000 after purchasing an additional 342,214 shares during the period. Finally, Caledonia Private Investments Pty Ltd increased its position in shares of TrueCar by 1.4% during the 4th quarter. Caledonia Private Investments Pty Ltd now owns 16,474,191 shares of the technology company’s stock valued at $184,511,000 after purchasing an additional 233,433 shares during the period. Institutional investors own 89.02% of the company’s stock.

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TrueCar Company Profile

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.

Analyst Recommendations for TrueCar (NASDAQ:TRUE)

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