TrueCar (NASDAQ:TRUE) Shares Cross Above Fifty Day Moving Average – Here’s What Happened

TrueCar, Inc. (NASDAQ:TRUE)’s share price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $2.23 and traded as high as $2.34. TrueCar shares last traded at $2.3050, with a volume of 221,745 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. BTIG Research downgraded TrueCar from a “buy” rating to a “hold” rating in a research report on Monday, October 20th. Weiss Ratings restated a “sell (d-)” rating on shares of TrueCar in a research note on Wednesday, October 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of TrueCar in a report on Tuesday, October 7th. Lake Street Capital lifted their target price on TrueCar from $2.00 to $2.55 and gave the stock a “hold” rating in a report on Thursday, October 16th. Finally, JPMorgan Chase & Co. raised shares of TrueCar from an “underweight” rating to a “neutral” rating in a research report on Thursday, October 16th. Five equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $2.65.

TrueCar Stock Performance

The company has a market capitalization of $205.01 million, a price-to-earnings ratio of -10.48 and a beta of 2.22. The firm has a fifty day moving average price of $2.23 and a 200-day moving average price of $2.03.

Institutional Trading of TrueCar

A number of hedge funds have recently added to or reduced their stakes in TRUE. Acadian Asset Management LLC grew its stake in 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 purchasing an additional 500,804 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of TrueCar by 4.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 387,829 shares of the technology company’s stock worth $613,000 after buying an additional 16,822 shares in the last quarter. Nuveen LLC bought a new position in shares of TrueCar during the 1st quarter worth approximately $399,000. Noesis Capital Mangement Corp acquired a new stake in shares of TrueCar during the 2nd quarter worth approximately $238,000. Finally, Connective Capital Management LLC acquired a new stake in shares of TrueCar during the 2nd quarter worth approximately $396,000. Institutional investors and hedge funds own 79.44% of the company’s stock.

TrueCar Company Profile

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.