TrueCar, Inc. (NASDAQ:TRUE) Given Average Rating of “Reduce” by Analysts

TrueCar, Inc. (NASDAQ:TRUE) has earned an average rating of “Reduce” from the seven research firms that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating and five have issued a hold rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $2.65.

TRUE has been the subject of several recent analyst reports. BTIG Research downgraded TrueCar from a “buy” rating to a “hold” rating in a research report on Monday, October 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of TrueCar in a research note on Wednesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of TrueCar in a research note on Tuesday, October 7th. JPMorgan Chase & Co. upgraded shares of TrueCar from an “underweight” rating to a “neutral” rating in a research report on Thursday, October 16th. Finally, Lake Street Capital increased their target price on TrueCar from $2.00 to $2.55 and gave the company a “hold” rating in a research report on Thursday, October 16th.

Institutional Trading of TrueCar

Several hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC lifted its holdings in shares of TrueCar by 22.2% in the 1st quarter. Acadian Asset Management LLC now owns 2,753,300 shares of the technology company’s stock worth $4,346,000 after purchasing an additional 500,804 shares in the last quarter. Millennium Management LLC increased its stake in TrueCar by 1,658.6% during the 3rd quarter. Millennium Management LLC now owns 477,100 shares of the technology company’s stock valued at $878,000 after purchasing an additional 449,970 shares in the last quarter. Nuveen LLC acquired a new position in TrueCar during the first quarter worth $399,000. Connective Capital Management LLC acquired a new position in shares of TrueCar during the second quarter valued at about $396,000. Finally, Jane Street Group LLC bought a new stake in shares of TrueCar during the first quarter worth about $234,000. Institutional investors own 79.44% of the company’s stock.

TrueCar Price Performance

Shares of NASDAQ:TRUE opened at $2.26 on Wednesday. TrueCar has a 1 year low of $1.05 and a 1 year high of $4.26. The stock has a market capitalization of $201.00 million, a price-to-earnings ratio of -10.27 and a beta of 2.22. The company’s 50 day simple moving average is $2.16 and its 200 day simple moving average is $2.00.

TrueCar Company Profile

TrueCar, Inc 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. Its platform enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar certified dealers.