Renaissance Technologies LLC cut its holdings in shares of TrueCar, Inc. (NASDAQ:TRUE) by 3.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 853,700 shares of the technology company’s stock after selling 33,100 shares during the period. Renaissance Technologies LLC owned about 0.85% of TrueCar worth $9,561,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in TrueCar during the third quarter worth $104,000. Global Endowment Management LP bought a new stake in TrueCar during the fourth quarter worth $133,000. Quantitative Systematic Strategies LLC bought a new position in shares of TrueCar in the 4th quarter valued at $190,000. Vident Investment Advisory LLC bought a new position in shares of TrueCar in the 3rd quarter valued at $237,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of TrueCar in the 3rd quarter valued at $278,000. Hedge funds and other institutional investors own 89.02% of the company’s stock.
A number of research analysts have recently commented on the company. Stephens set a $18.00 price target on TrueCar and gave the company a “buy” rating in a research note on Friday, February 16th. B. Riley reiterated a “buy” rating and issued a $18.00 price target on shares of TrueCar in a research note on Wednesday, January 24th. Zacks Investment Research cut TrueCar from a “hold” rating to a “strong sell” rating in a research note on Saturday, January 20th. ValuEngine cut TrueCar from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 1st. Finally, JPMorgan Chase cut TrueCar from a “neutral” rating to an “underweight” rating in a research note on Thursday, March 22nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $16.64.
TrueCar (NASDAQ:TRUE) last posted its quarterly earnings data on Thursday, February 15th. The technology company reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.04. The business had revenue of $83.13 million during 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%. TrueCar’s quarterly revenue was up 12.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.01) earnings per share. sell-side analysts anticipate that TrueCar, Inc. will post -0.25 EPS for the current fiscal year.
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TrueCar Company Profile
TrueCar, Inc, together with its subsidiaries, 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. The company also customizes and operates its platform for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for large enterprises.
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