TrueCar’s (TRUE) “Neutral” Rating Reiterated at BTIG Research

TrueCar (NASDAQ:TRUE)‘s stock had its “neutral” rating reissued by investment analysts at BTIG Research in a report released on Thursday,Benzinga reports.

Several other research firms have also recently weighed in on TRUE. Lake Street Capital lifted their price target on shares of TrueCar from $2.00 to $2.55 and gave the company a “hold” rating in a report on Thursday, October 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TrueCar in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised shares of TrueCar from an “underweight” rating to a “neutral” rating in a research note on Thursday, October 16th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of TrueCar in a research report on Tuesday, October 7th. Five investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, TrueCar has a consensus rating of “Reduce” and an average price target of $2.65.

TrueCar Stock Performance

NASDAQ TRUE opened at $2.54 on Thursday. TrueCar has a fifty-two week low of $1.05 and a fifty-two week high of $3.83. The stock has a market cap of $225.91 million, a P/E ratio of -11.55 and a beta of 2.22. The stock has a 50 day simple moving average of $2.21 and a two-hundred day simple moving average of $2.10.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its holdings 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 purchasing an additional 16,822 shares in the last quarter. Noesis Capital Mangement Corp purchased a new stake in TrueCar during the second quarter valued at $238,000. Connective Capital Management LLC bought a new stake in shares of TrueCar during the 2nd quarter valued at about $396,000. Ethic Inc. grew its position in TrueCar by 104.7% during the second quarter. Ethic Inc. now owns 44,013 shares of the technology company’s stock valued at $87,000 after buying an additional 22,511 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its holdings 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 buying an additional 37,533 shares during the last quarter. Institutional investors own 79.44% of the company’s stock.

About TrueCar

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.