Short Interest in TrueCar Inc (TRUE) Increases By 14.3%

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TrueCar Inc (NASDAQ:TRUE) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 11,001,520 shares, an increase of 14.3% from the January 15th total of 9,628,476 shares. Based on an average daily volume of 599,766 shares, the short-interest ratio is presently 18.3 days.

Several analysts have recently issued reports on TRUE shares. Zacks Investment Research lowered shares of TrueCar from a “hold” rating to a “sell” rating in a research report on Wednesday, January 30th. B. Riley lowered their price target on shares of TrueCar from $18.00 to $16.50 and set a “buy” rating on the stock in a research report on Wednesday, November 7th. Benchmark lowered their price target on shares of TrueCar from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday, November 7th. BTIG Research started coverage on shares of TrueCar in a research report on Tuesday, November 13th. They issued a “buy” rating and a $13.00 price target on the stock. Finally, SunTrust Banks started coverage on shares of TrueCar in a research report on Monday, December 17th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $13.51.

In other news, EVP Robert Mcclung sold 7,669 shares of the business’s stock in a transaction that occurred on Tuesday, December 18th. The shares were sold at an average price of $9.63, for a total value of $73,852.47. Following the sale, the executive vice president now owns 123,992 shares of the company’s stock, valued at $1,194,042.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 9,024 shares of company stock worth $86,823. Insiders own 5.60% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in TrueCar by 4.4% during the 3rd quarter. Vanguard Group Inc. now owns 6,955,065 shares of the technology company’s stock worth $98,066,000 after acquiring an additional 295,455 shares during the period. Vanguard Group Inc increased its holdings in TrueCar by 4.4% during the 3rd quarter. Vanguard Group Inc now owns 6,955,065 shares of the technology company’s stock worth $98,066,000 after acquiring an additional 295,455 shares during the period. BlackRock Inc. grew its stake in TrueCar by 1.1% in the 4th quarter. BlackRock Inc. now owns 6,318,080 shares of the technology company’s stock worth $57,241,000 after buying an additional 71,172 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its stake in shares of TrueCar by 11.4% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 5,850,000 shares of the technology company’s stock valued at $82,485,000 after purchasing an additional 600,000 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of TrueCar by 32.9% in the 3rd quarter. Morgan Stanley now owns 1,208,571 shares of the technology company’s stock valued at $17,042,000 after purchasing an additional 298,898 shares in the last quarter. 96.71% of the stock is currently owned by institutional investors and hedge funds.

TrueCar stock traded down $0.02 during midday trading on Monday, reaching $9.88. 297,177 shares of the stock were exchanged, compared to its average volume of 514,796. The company has a current ratio of 5.66, a quick ratio of 5.66 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.03 billion, a PE ratio of -36.59 and a beta of 2.21. TrueCar has a 52 week low of $8.03 and a 52 week high of $14.55.

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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.

Further Reading: How Do Front-End Loads Impact an Investment?

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