TrueCar, Inc. (NASDAQ:TRUE) to Post Q2 2024 Earnings of ($0.06) Per Share, B. Riley Forecasts

TrueCar, Inc. (NASDAQ:TRUE) – B. Riley dropped their Q2 2024 earnings estimates for TrueCar in a report released on Tuesday, April 30th. B. Riley analyst N. Khan now expects that the technology company will earn ($0.06) per share for the quarter, down from their previous estimate of ($0.03). The consensus estimate for TrueCar’s current full-year earnings is ($0.19) per share. B. Riley also issued estimates for TrueCar’s Q3 2024 earnings at ($0.04) EPS, Q4 2024 earnings at ($0.03) EPS, FY2024 earnings at ($0.22) EPS, FY2025 earnings at ($0.12) EPS, FY2026 earnings at ($0.05) EPS and FY2027 earnings at $0.00 EPS.

Separately, Needham & Company LLC cut their target price on shares of TrueCar from $4.50 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday.

TrueCar Stock Down 1.0 %

Shares of TrueCar stock opened at $2.85 on Friday. The business has a 50 day moving average of $3.23 and a 200 day moving average of $3.08. TrueCar has a 52 week low of $1.76 and a 52 week high of $4.05. The company has a market cap of $260.99 million, a PE ratio of -7.13 and a beta of 1.71.

TrueCar (NASDAQ:TRUE) last released its quarterly earnings results on Tuesday, February 20th. The technology company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.05. The business had revenue of $41.29 million during the quarter, compared to analyst estimates of $41.50 million. TrueCar had a negative return on equity of 17.12% and a negative net margin of 22.15%.

Insider Buying and Selling

In related news, EVP Jeff Swart sold 15,000 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $3.25, for a total transaction of $48,750.00. Following the sale, the executive vice president now owns 355,044 shares of the company’s stock, valued at $1,153,893. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRUE. BNP Paribas Financial Markets grew its stake in shares of TrueCar by 35.4% in the first quarter. BNP Paribas Financial Markets now owns 70,820 shares of the technology company’s stock worth $240,000 after acquiring an additional 18,501 shares during the last quarter. Fairman Group LLC purchased a new stake in TrueCar during the 4th quarter valued at about $73,000. Mill Road Capital Management LLC grew its position in TrueCar by 5.3% during the 4th quarter. Mill Road Capital Management LLC now owns 1,723,800 shares of the technology company’s stock valued at $5,964,000 after purchasing an additional 86,100 shares during the last quarter. Acuitas Investments LLC increased its stake in TrueCar by 28.3% during the 4th quarter. Acuitas Investments LLC now owns 1,264,272 shares of the technology company’s stock valued at $4,374,000 after purchasing an additional 279,106 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in TrueCar by 269.8% in the fourth quarter. New York State Common Retirement Fund now owns 27,762 shares of the technology company’s stock worth $96,000 after buying an additional 20,254 shares during the last quarter. Institutional investors own 79.44% of the company’s stock.

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.