TrueCar (NASDAQ:TRUE) Stock Price Passes Above 50 Day Moving Average – What’s Next?

TrueCar, Inc. (NASDAQ:TRUE)’s stock price crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $2.25 and traded as high as $2.54. TrueCar shares last traded at $2.5450, with a volume of 14,755,372 shares trading hands.

Wall Street Analysts Forecast Growth

TRUE has been the topic of several recent analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of TrueCar in a report on Tuesday, October 7th. Lake Street Capital increased their target price on TrueCar from $2.00 to $2.55 and gave the stock a “hold” rating in a research note on Thursday, October 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of TrueCar in a research note on Wednesday, January 21st. JPMorgan Chase & Co. raised shares of TrueCar from an “underweight” rating to a “neutral” rating in a research report on Thursday, October 16th. Finally, BTIG Research reiterated a “neutral” rating on shares of TrueCar in a report on Thursday, January 22nd. Five research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $2.65.

TrueCar Price Performance

The company has a market cap of $226.35 million, a PE ratio of -11.57 and a beta of 2.22. The business has a fifty day simple moving average of $2.25 and a two-hundred day simple moving average of $2.13.

Hedge Funds Weigh In On TrueCar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its holdings in TrueCar by 332.9% in the first quarter. AQR Capital Management LLC now owns 59,791 shares of the technology company’s stock worth $94,000 after purchasing an additional 45,980 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of TrueCar by 4.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 387,829 shares of the technology company’s stock worth $613,000 after buying an additional 16,822 shares during the last quarter. Jane Street Group LLC bought a new position in shares of TrueCar during the 1st quarter worth approximately $234,000. Strs Ohio bought a new position in shares of TrueCar during the 1st quarter worth approximately $38,000. Finally, Vanguard Personalized Indexing Management LLC lifted its position in TrueCar by 219.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 54,653 shares of the technology company’s stock valued at $104,000 after acquiring an additional 37,533 shares during the last quarter. Hedge funds and other institutional investors own 79.44% of the company’s stock.

TrueCar Company Profile

TrueCar, Inc operates a digital automotive marketplace designed to streamline the vehicle buying and selling process in the United States. Through its online platform, TrueCar provides prospective car buyers with transparent pricing information, real‐time market data and guaranteed savings from a network of certified dealers. The company’s core offerings include pricing analytics, dealer inventory listings and a purchase–price guarantee that aims to reduce the negotiation burden typically associated with new and used vehicle transactions.

Founded in 2005 under the name Zag.com by entrepreneur Scott Painter, the company rebranded as TrueCar in 2010 and subsequently completed its initial public offering in 2014.