TrueCar, Inc. (NASDAQ:TRUE) Given Average Rating of “Reduce” by Analysts

Shares of TrueCar, Inc. (NASDAQ:TRUE) have earned a consensus recommendation of “Reduce” from the seven analysts that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $2.65.

Several research firms have recently weighed in on TRUE. Weiss Ratings restated 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 report on Thursday, October 16th. Needham & Company LLC restated a “hold” rating on shares of TrueCar in a research report on Tuesday, October 7th. BTIG Research cut TrueCar from a “buy” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Lake Street Capital raised their price objective on TrueCar from $2.00 to $2.55 and gave the company a “hold” rating in a research note on Thursday, October 16th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TRUE. Acadian Asset Management LLC raised its stake in shares of TrueCar by 22.2% in the first quarter. Acadian Asset Management LLC now owns 2,753,300 shares of the technology company’s stock valued at $4,346,000 after acquiring an additional 500,804 shares during the period. Millennium Management LLC lifted its stake in TrueCar by 1,658.6% in the third quarter. Millennium Management LLC now owns 477,100 shares of the technology company’s stock worth $878,000 after purchasing an additional 449,970 shares during the last quarter. Nuveen LLC purchased a new position in shares of TrueCar during the first quarter valued at approximately $399,000. Connective Capital Management LLC bought a new position in shares of TrueCar during the second quarter valued at approximately $396,000. Finally, Jane Street Group LLC purchased a new stake in shares of TrueCar in the first quarter worth approximately $234,000. 79.44% of the stock is owned by hedge funds and other institutional investors.

TrueCar Stock Down 1.4%

Shares of NASDAQ:TRUE traded down $0.03 during midday trading on Friday, reaching $2.09. The company’s stock had a trading volume of 838,952 shares, compared to its average volume of 665,876. The firm has a market capitalization of $185.88 million, a P/E ratio of -9.50 and a beta of 2.00. The firm has a 50 day moving average of $2.12 and a 200-day moving average of $1.91. TrueCar has a 12-month low of $1.05 and a 12-month high of $4.62.

TrueCar Company Profile

TrueCar, Inc operates as an internet-based information, technology, and communication services company in the United States. It operates its platform on the TrueCar website and mobile applications. Its platform enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar certified dealers.