TrueCar (NASDAQ:TRUE) has been assigned a $5.00 target price by equities researchers at Cowen in a note issued to investors on Friday, August 9th, TipRanks reports. The brokerage presently has a “hold” rating on the technology company’s stock. Cowen’s price target would indicate a potential upside of 27.23% from the stock’s current price.
Several other analysts have also commented on the company. ValuEngine raised TrueCar from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Citigroup reduced their price objective on TrueCar from $7.00 to $4.50 and set a “neutral” rating for the company in a research report on Friday, August 9th. TheStreet cut TrueCar from a “c-” rating to a “d” rating in a research report on Thursday, August 8th. Zacks Investment Research cut TrueCar from a “hold” rating to a “sell” rating in a research report on Saturday, July 27th. Finally, SunTrust Banks reaffirmed a “hold” rating and set a $8.00 price objective on shares of TrueCar in a research report on Tuesday, May 14th. Two equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. The company presently has an average rating of “Hold” and an average price target of $8.71.
TRUE traded up $0.06 during trading on Friday, reaching $3.93. The company had a trading volume of 638,952 shares, compared to its average volume of 1,555,334. TrueCar has a 12-month low of $3.01 and a 12-month high of $14.55. The company has a market cap of $417.31 million, a price-to-earnings ratio of -15.12 and a beta of 1.40. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.09 and a current ratio of 3.09. The firm’s 50-day simple moving average is $4.39 and its 200 day simple moving average is $5.85.
In other news, EVP Robert Mcclung sold 7,669 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $5.41, for a total value of $41,489.29. Following the completion of the sale, the executive vice president now directly owns 121,744 shares of the company’s stock, valued at $658,635.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 7.00% of the company’s stock.
A number of institutional investors have recently bought and sold shares of TRUE. Par Capital Management Inc. increased its stake in shares of TrueCar by 4.9% in the 2nd quarter. Par Capital Management Inc. now owns 10,299,504 shares of the technology company’s stock valued at $56,235,000 after purchasing an additional 482,609 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of TrueCar by 11.5% in the 2nd quarter. Vanguard Group Inc. now owns 8,174,969 shares of the technology company’s stock valued at $44,636,000 after purchasing an additional 840,695 shares during the last quarter. BlackRock Inc. increased its stake in shares of TrueCar by 21.3% in the 2nd quarter. BlackRock Inc. now owns 7,787,868 shares of the technology company’s stock valued at $42,521,000 after purchasing an additional 1,365,675 shares during the last quarter. UBS Group AG increased its stake in shares of TrueCar by 90.8% in the 2nd quarter. UBS Group AG now owns 4,882,365 shares of the technology company’s stock valued at $26,657,000 after purchasing an additional 2,323,218 shares during the last quarter. Finally, Morgan Stanley increased its stake in shares of TrueCar by 78.8% in the 2nd quarter. Morgan Stanley now owns 4,246,665 shares of the technology company’s stock valued at $23,187,000 after purchasing an additional 1,871,226 shares during the last quarter. Hedge funds and other institutional investors own 90.74% of the company’s stock.
TrueCar, Inc, together with its subsidiaries, 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. The company also customizes and operates its platform for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for large enterprises.
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