Needham & Company LLC Trims TrueCar (NASDAQ:TRUE) Target Price to $3.75

TrueCar (NASDAQ:TRUE) had its target price reduced by Needham & Company LLC from $4.00 to $3.75 in a research report released on Tuesday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Separately, StockNews.com raised TrueCar from a hold rating to a buy rating in a research note on Tuesday, May 14th.

TrueCar Price Performance

TRUE stock opened at $2.86 on Tuesday. The company has a fifty day moving average price of $3.17 and a two-hundred day moving average price of $3.24. TrueCar has a one year low of $1.76 and a one year high of $4.05. The stock has a market cap of $261.89 million, a price-to-earnings ratio of -7.15 and a beta of 1.88.

Institutional Trading of TrueCar

Several hedge funds and other institutional investors have recently made changes to their positions in the company. ClariVest Asset Management LLC lifted its stake in TrueCar by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 253,474 shares of the technology company’s stock valued at $793,000 after buying an additional 7,088 shares during the period. SG Americas Securities LLC raised its position in TrueCar by 22.5% in the 4th quarter. SG Americas Securities LLC now owns 48,874 shares of the technology company’s stock valued at $169,000 after buying an additional 8,961 shares during the last quarter. American Century Companies Inc. raised its position in TrueCar by 11.7% in the 2nd quarter. American Century Companies Inc. now owns 104,371 shares of the technology company’s stock valued at $327,000 after buying an additional 10,900 shares during the last quarter. Lazard Asset Management LLC bought a new position in TrueCar in the 1st quarter valued at $43,000. Finally, Acadian Asset Management LLC grew its stake in TrueCar by 0.6% in the 2nd quarter. Acadian Asset Management LLC now owns 2,132,154 shares of the technology company’s stock valued at $6,671,000 after purchasing an additional 12,956 shares during the period. 79.44% of the stock is currently owned by institutional investors.

About TrueCar

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.