TrueCar’s (TRUE) Buy Rating Reaffirmed at B. Riley
B. Riley reaffirmed their buy rating on shares of TrueCar, Inc. (NASDAQ:TRUE) in a research note issued to investors on Tuesday, MarketBeat reports. B. Riley currently has a $18.00 price target on the technology company’s stock, down from their prior price target of $21.00. B. Riley also issued estimates for TrueCar’s Q4 2017 earnings at ($0.07) EPS, FY2017 earnings at ($0.33) EPS, Q2 2018 earnings at ($0.05) EPS, FY2018 earnings at ($0.15) EPS and FY2019 earnings at ($0.06) EPS.
Other equities analysts have also issued reports about the stock. Royal Bank of Canada reissued a buy rating and set a $22.00 price target on shares of TrueCar in a research report on Friday, August 4th. Cowen and Company reissued a hold rating and set a $15.00 price target on shares of TrueCar in a research report on Thursday, August 17th. Morgan Stanley raised shares of TrueCar from an underweight rating to an equal weight rating and set a $13.00 price target for the company in a research report on Monday, October 2nd. Zacks Investment Research lowered shares of TrueCar from a buy rating to a hold rating in a research report on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) reissued a neutral rating and set a $17.00 price target on shares of TrueCar in a research report on Wednesday, October 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $17.44.
TrueCar (TRUE) traded up $0.30 on Tuesday, reaching $11.22. 1,430,000 shares of the company’s stock were exchanged, compared to its average volume of 1,558,917. TrueCar has a 12 month low of $10.16 and a 12 month high of $21.75. The company has a quick ratio of 6.06, a current ratio of 6.06 and a debt-to-equity ratio of 0.10.
In other TrueCar news, EVP Brian Skutta sold 117,410 shares of TrueCar stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $17.01, for a total transaction of $1,997,144.10. Following the sale, the executive vice president now owns 181,282 shares of the company’s stock, valued at approximately $3,083,606.82. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Neeraj Gunsagar sold 1,882 shares of TrueCar stock in a transaction on Monday, October 16th. The stock was sold at an average price of $15.22, for a total transaction of $28,644.04. The disclosure for this sale can be found here. In the last three months, insiders sold 500,669 shares of company stock valued at $8,333,936. 15.50% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Caledonia Private Investments Pty Ltd boosted its stake in TrueCar by 158.6% during the 2nd quarter. Caledonia Private Investments Pty Ltd now owns 11,972,257 shares of the technology company’s stock worth $238,607,000 after purchasing an additional 7,342,518 shares during the last quarter. Vanguard Group Inc. boosted its stake in TrueCar by 43.9% during the 2nd quarter. Vanguard Group Inc. now owns 6,574,867 shares of the technology company’s stock worth $131,037,000 after purchasing an additional 2,004,642 shares during the last quarter. EastBay Asset Management LLC boosted its stake in TrueCar by 94.7% during the 2nd quarter. EastBay Asset Management LLC now owns 2,894,876 shares of the technology company’s stock worth $57,695,000 after purchasing an additional 1,408,301 shares during the last quarter. First Trust Advisors LP boosted its stake in TrueCar by 3.8% during the 3rd quarter. First Trust Advisors LP now owns 2,851,218 shares of the technology company’s stock worth $45,021,000 after purchasing an additional 104,381 shares during the last quarter. Finally, Steadfast Capital Management LP acquired a new position in shares of TrueCar during the 2nd quarter valued at about $56,303,000. 92.00% of the stock is currently owned by institutional investors.
TrueCar Company Profile
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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