TrueCar, Inc. (NASDAQ:TRUE) Receives $2.65 Consensus PT from Analysts

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

Several brokerages have recently weighed in on TRUE. BTIG Research lowered shares of TrueCar from a “buy” rating to a “hold” rating in a research report on Monday, October 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of TrueCar in a report on Tuesday, October 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of TrueCar in a research note on Wednesday, October 8th. Lake Street Capital raised their target price on TrueCar from $2.00 to $2.55 and gave the stock a “hold” rating in a research report on Thursday, October 16th. Finally, JPMorgan Chase & Co. raised TrueCar from an “underweight” rating to a “neutral” rating in a research note on Thursday, October 16th.

TrueCar Price Performance

Shares of TRUE stock opened at $2.10 on Friday. TrueCar has a one year low of $1.05 and a one year high of $4.62. The stock has a fifty day moving average price of $2.12 and a 200 day moving average price of $1.93. The stock has a market cap of $186.77 million, a P/E ratio of -9.55 and a beta of 2.00.

Hedge Funds Weigh In On TrueCar

Several institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC increased its holdings in shares of TrueCar by 22.2% during the first quarter. Acadian Asset Management LLC now owns 2,753,300 shares of the technology company’s stock worth $4,346,000 after buying an additional 500,804 shares in the last quarter. Millennium Management LLC grew its position in TrueCar by 1,658.6% during the 3rd quarter. Millennium Management LLC now owns 477,100 shares of the technology company’s stock worth $878,000 after acquiring an additional 449,970 shares during the last quarter. Nuveen LLC bought a new stake in TrueCar during the 1st quarter worth approximately $399,000. Connective Capital Management LLC acquired a new stake in TrueCar during the 2nd quarter valued at $396,000. Finally, Jane Street Group LLC bought a new position in TrueCar in the 1st quarter valued at $234,000. 79.44% of the stock is 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.