People s United Financial Inc. Has $1.24 Million Stake in TrueCar, Inc. (TRUE)
People s United Financial Inc. lifted its stake in shares of TrueCar, Inc. (NASDAQ:TRUE) by 129.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 61,970 shares of the technology company’s stock after buying an additional 35,000 shares during the quarter. People s United Financial Inc. owned approximately 0.06% of TrueCar worth $1,235,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Caledonia Private Investments Pty Ltd increased its stake in shares of TrueCar by 143.2% during the first quarter. Caledonia Private Investments Pty Ltd now owns 4,629,739 shares of the technology company’s stock worth $71,622,000 after buying an additional 2,725,970 shares during the period. Ontario Teachers Pension Plan Board acquired a new stake in TrueCar in the second quarter valued at approximately $49,825,000. Vanguard Group Inc. raised its holdings in TrueCar by 43.9% in the second quarter. Vanguard Group Inc. now owns 6,574,867 shares of the technology company’s stock valued at $131,037,000 after acquiring an additional 2,004,642 shares in the last quarter. Park West Asset Management LLC acquired a new stake in TrueCar in the first quarter valued at approximately $15,506,000. Finally, Renaissance Technologies LLC raised its holdings in TrueCar by 336.2% in the second quarter. Renaissance Technologies LLC now owns 978,900 shares of the technology company’s stock valued at $19,509,000 after acquiring an additional 754,500 shares in the last quarter. 91.71% of the stock is owned by institutional investors and hedge funds.
In related news, Director Robert Buce sold 32,999 shares of TrueCar stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $16.52, for a total value of $545,143.48. Following the completion of the transaction, the director now directly owns 181,558 shares in the company, valued at $2,999,338.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brian Skutta sold 117,410 shares of TrueCar stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $17.01, for a total value of $1,997,144.10. Following the completion of the transaction, the executive vice president now owns 181,282 shares of the company’s stock, valued at $3,083,606.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,008,207 shares of company stock valued at $37,117,119. Insiders own 15.50% of the company’s stock.
Shares of TrueCar, Inc. (TRUE) traded up 0.9071% during mid-day trading on Tuesday, hitting $15.9635. 37,305 shares of the stock traded hands. The stock has a 50-day moving average of $16.36 and a 200 day moving average of $17.36. The stock’s market cap is $1.57 billion. TrueCar, Inc. has a one year low of $8.47 and a one year high of $21.75.
TrueCar (NASDAQ:TRUE) last released its earnings results on Tuesday, August 8th. The technology company reported $0.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. TrueCar had a negative return on equity of 11.00% and a negative net margin of 9.86%. The company had revenue of $81.82 million during the quarter, compared to analysts’ expectations of $80.75 million. During the same period in the prior year, the business posted ($0.05) EPS. The business’s revenue was up 23.2% on a year-over-year basis. Equities analysts predict that TrueCar, Inc. will post $0.02 EPS for the current fiscal year.
A number of research analysts recently issued reports on TRUE shares. B. Riley reiterated a “buy” rating and issued a $21.00 price target on shares of TrueCar in a research note on Wednesday, August 9th. Cowen and Company reissued a “hold” rating and issued a $15.00 price objective on shares of TrueCar in a research report on Thursday, August 17th. Royal Bank Of Canada restated an “outperform” rating and issued a $23.00 price objective (up from $22.00) on shares of TrueCar in a report on Thursday, August 10th. Morgan Stanley upgraded shares of TrueCar from an “underweight” rating to an “equal weight” rating and set a $13.00 price objective on the stock in a report on Monday. Finally, Zacks Investment Research cut shares of TrueCar from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $18.56.
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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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