Brokerages Set TrueCar, Inc. (NASDAQ:TRUE) Price Target at $2.65

TrueCar, Inc. (NASDAQ:TRUE) has been assigned an average recommendation of “Reduce” from the seven ratings firms that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation and five have assigned a hold recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $2.65.

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of TrueCar from an “underweight” rating to a “neutral” rating in a research note on Thursday, October 16th. 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 report on Wednesday, October 8th. BTIG Research cut shares of TrueCar from a “buy” rating to a “hold” rating in a research report on Monday, October 20th. Finally, Lake Street Capital lifted 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.

TrueCar Stock Performance

Shares of NASDAQ:TRUE opened at $2.09 on Friday. The business’s 50-day simple moving average is $2.21 and its 200 day simple moving average is $2.09. The company has a market cap of $185.88 million, a P/E ratio of -9.50 and a beta of 2.22. TrueCar has a one year low of $1.05 and a one year high of $3.83.

Hedge Funds Weigh In On TrueCar

A number of institutional investors have recently made changes to their positions in TRUE. Vanguard Personalized Indexing Management LLC boosted its stake in shares of TrueCar by 11.1% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 60,740 shares of the technology company’s stock valued at $112,000 after buying an additional 6,087 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in TrueCar by 89.5% in the third quarter. BNP Paribas Financial Markets now owns 15,827 shares of the technology company’s stock valued at $29,000 after acquiring an additional 7,475 shares in the last quarter. Engineers Gate Manager LP boosted its stake in TrueCar by 30.8% during the 2nd quarter. Engineers Gate Manager LP now owns 37,648 shares of the technology company’s stock valued at $72,000 after acquiring an additional 8,875 shares during the last quarter. Occudo Quantitative Strategies LP grew its holdings in TrueCar by 40.4% during the 3rd quarter. Occudo Quantitative Strategies LP now owns 41,486 shares of the technology company’s stock worth $76,000 after acquiring an additional 11,935 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its holdings in TrueCar by 10.3% during the 3rd quarter. Bridgeway Capital Management LLC now owns 135,820 shares of the technology company’s stock worth $250,000 after acquiring an additional 12,700 shares in the last quarter. 79.44% of the stock is 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.