TrueCar (TRUE) Hits New 1-Year Low After Insider Selling
TrueCar Inc (NASDAQ:TRUE) reached a new 52-week low on Tuesday after an insider sold shares in the company. The stock traded as low as $6.73 and last traded at $6.76, with a volume of 491778 shares. The stock had previously closed at $6.84.
Specifically, EVP Robert Mcclung sold 7,736 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $6.90, for a total value of $53,378.40. Following the completion of the sale, the executive vice president now directly owns 105,070 shares in the company, valued at approximately $724,983. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 9,070 shares of company stock valued at $65,756. 5.60% of the stock is owned by company insiders.
TRUE has been the subject of several analyst reports. Benchmark dropped their target price on TrueCar from $16.00 to $11.00 and set a “buy” rating for the company in a report on Friday, February 15th. Zacks Investment Research upgraded TrueCar from a “sell” rating to a “hold” rating in a report on Thursday, February 21st. SunTrust Banks started coverage on TrueCar in a report on Monday, December 17th. They issued a “hold” rating for the company. Craig Hallum cut TrueCar from a “buy” rating to a “hold” rating and set a $10.00 price target for the company. in a report on Friday, February 15th. Finally, BTIG Research cut TrueCar from a “buy” rating to a “neutral” rating and set a $9.05 price target for the company. in a report on Friday, December 21st. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $10.45.
TrueCar (NASDAQ:TRUE) last released its quarterly earnings results on Thursday, February 14th. The technology company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The business had revenue of $91.10 million for the quarter, compared to analysts’ expectations of $96.03 million. TrueCar had a negative return on equity of 7.85% and a negative net margin of 8.01%. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.05 earnings per share. Analysts expect that TrueCar Inc will post -0.23 EPS for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TRUE. Dimensional Fund Advisors LP acquired a new position in TrueCar during the 3rd quarter worth about $6,630,000. JPMorgan Chase & Co. lifted its stake in TrueCar by 463.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 423,468 shares of the technology company’s stock worth $5,971,000 after acquiring an additional 348,334 shares in the last quarter. SG Americas Securities LLC acquired a new position in TrueCar during the 4th quarter worth about $2,674,000. Bank of New York Mellon Corp lifted its stake in TrueCar by 3.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 374,103 shares of the technology company’s stock worth $5,275,000 after acquiring an additional 12,598 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its stake in TrueCar by 295.6% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,911 shares of the technology company’s stock worth $101,000 after acquiring an additional 5,911 shares in the last quarter. Institutional investors and hedge funds own 94.49% of the company’s stock.
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About TrueCar (NASDAQ:TRUE)
TrueCar, Inc engages in the operation of data-driven online platform which provides dealers and automakers with automobile information. It provides pricing transparency about what other people paid for their cars. The company products include Used Cars for Sale, Sell My Car, Local Pricing, and Lease a Car.
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