TrueCar, Inc. (TRUE) is EastBay Asset Management LLC’s 5th Largest Position
EastBay Asset Management LLC raised its position in TrueCar, Inc. (NASDAQ:TRUE) by 94.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,894,876 shares of the technology company’s stock after acquiring an additional 1,408,301 shares during the period. TrueCar comprises approximately 5.4% of EastBay Asset Management LLC’s holdings, making the stock its 5th largest holding. EastBay Asset Management LLC owned 2.94% of TrueCar worth $57,695,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of TRUE. Bank of New York Mellon Corp raised its holdings in TrueCar by 4.4% in the 1st quarter. Bank of New York Mellon Corp now owns 341,422 shares of the technology company’s stock valued at $5,282,000 after acquiring an additional 14,439 shares in the last quarter. Swiss National Bank raised its holdings in TrueCar by 3.3% in the 1st quarter. Swiss National Bank now owns 77,500 shares of the technology company’s stock valued at $1,199,000 after acquiring an additional 2,500 shares in the last quarter. Sei Investments Co. acquired a new position in TrueCar in the 1st quarter valued at approximately $167,000. Ameriprise Financial Inc. raised its holdings in TrueCar by 6.6% in the 1st quarter. Ameriprise Financial Inc. now owns 112,937 shares of the technology company’s stock valued at $1,747,000 after acquiring an additional 7,011 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its holdings in TrueCar by 743.3% in the 1st quarter. Parametric Portfolio Associates LLC now owns 429,493 shares of the technology company’s stock valued at $6,644,000 after acquiring an additional 378,564 shares in the last quarter. 91.71% of the stock is owned by hedge funds and other institutional investors.
TrueCar, Inc. (NASDAQ TRUE) traded up 0.72% during midday trading on Thursday, reaching $15.38. The company had a trading volume of 741,907 shares. TrueCar, Inc. has a 12 month low of $8.69 and a 12 month high of $21.75. The stock’s market cap is $1.51 billion. The firm has a 50-day moving average of $16.23 and a 200-day moving average of $17.39.
TrueCar (NASDAQ:TRUE) last announced its quarterly earnings data on Tuesday, August 8th. The technology company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.02. TrueCar had a negative net margin of 9.86% and a negative return on equity of 11.00%. The business had revenue of $81.82 million during the quarter, compared to the consensus estimate of $80.75 million. During the same period in the previous year, the business earned ($0.05) earnings per share. The company’s revenue was up 23.2% on a year-over-year basis. On average, equities analysts expect that TrueCar, Inc. will post $0.02 EPS for the current fiscal year.
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In other news, EVP Jeff Swart sold 34,863 shares of the company’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $19.82, for a total transaction of $690,984.66. Following the completion of the transaction, the executive vice president now directly owns 99,084 shares in the company, valued at $1,963,844.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Brian Skutta sold 117,410 shares of the company’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $17.01, for a total transaction of $1,997,144.10. Following 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. Insiders have sold 2,011,936 shares of company stock valued at $37,176,200 over the last quarter. Company insiders own 15.50% of the company’s stock.
Several equities analysts have commented on the company. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and issued a $17.00 price target on shares of TrueCar in a report on Wednesday. Zacks Investment Research cut TrueCar from a “hold” rating to a “sell” rating in a report on Friday, October 6th. B. Riley reaffirmed a “buy” rating and issued a $21.00 price target on shares of TrueCar in a report on Monday, October 2nd. Morgan Stanley raised TrueCar from an “underweight” rating to an “equal weight” rating and set a $13.00 target price for the company in a report on Monday, October 2nd. Finally, Cowen and Company reissued a “hold” rating and issued a $15.00 target price on shares of TrueCar in a report on Thursday, August 17th. One research analyst has 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 currently has a consensus rating of “Buy” and a consensus price target of $18.33.
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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