Brokerages Set TrueCar, Inc. (NASDAQ:TRUE) Target Price at $2.65
by Sarita Garza · The Markets DailyShares of TrueCar, Inc. (NASDAQ:TRUE – Get Free Report) have been given a consensus rating of “Reduce” by the six brokerages that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $2.65.
Several equities research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of TrueCar in a research note on Wednesday, January 21st. BTIG Research reiterated a “neutral” rating on shares of TrueCar in a research note on Thursday, January 22nd.
Read Our Latest Stock Report on TRUE
TrueCar Price Performance
TrueCar stock opened at $2.54 on Friday. The stock has a market cap of $225.91 million, a PE ratio of -11.55 and a beta of 2.22. The stock’s fifty day moving average is $2.54 and its two-hundred day moving average is $2.30. TrueCar has a 1-year low of $1.05 and a 1-year high of $3.83.
Institutional Investors Weigh In On TrueCar
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Cerity Partners LLC purchased a new stake in TrueCar in the fourth quarter valued at $26,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of TrueCar during the third quarter worth about $29,000. BNP Paribas Financial Markets increased its position in shares of TrueCar by 89.5% during the third quarter. BNP Paribas Financial Markets now owns 15,827 shares of the technology company’s stock worth $29,000 after purchasing an additional 7,475 shares in the last quarter. Mariner LLC purchased a new stake in shares of TrueCar in the 4th quarter valued at about $31,000. Finally, M&T Bank Corp purchased a new stake in shares of TrueCar in the 4th quarter valued at about $32,000. 79.44% of the stock is currently owned by institutional investors and hedge funds.
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.