TrueCar’s (TRUE) Neutral Rating Reaffirmed at BTIG Research

BTIG Research reaffirmed their neutral rating on shares of TrueCar (NASDAQ:TRUE) in a research note issued to investors on Thursday,Benzinga reports.

TRUE has been the topic of a number of other research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TrueCar in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised shares of TrueCar from an “underweight” rating to a “neutral” rating in a research note on Thursday, October 16th. Lake Street Capital increased their price objective on shares of TrueCar from $2.00 to $2.55 and gave the stock a “hold” rating in a research report on Thursday, October 16th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of TrueCar in a report on Tuesday, October 7th. Five investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $2.65.

TrueCar Stock Up 15.2%

Shares of TrueCar stock opened at $2.55 on Thursday. The firm has a market cap of $226.35 million, a PE ratio of -11.57 and a beta of 2.22. TrueCar has a 52 week low of $1.05 and a 52 week high of $3.83. The business’s fifty day simple moving average is $2.21 and its 200-day simple moving average is $2.10.

Institutional Trading of TrueCar

A number of large investors have recently modified their holdings of the stock. Millennium Management LLC raised its stake in TrueCar by 1,658.6% in the third quarter. Millennium Management LLC now owns 477,100 shares of the technology company’s stock valued at $878,000 after buying an additional 449,970 shares in the last quarter. Connective Capital Management LLC acquired a new position in shares of TrueCar during the 2nd quarter worth about $396,000. Jane Street Group LLC purchased a new position in shares of TrueCar in the 1st quarter valued at about $234,000. Noesis Capital Mangement Corp acquired a new stake in shares of TrueCar during the 2nd quarter worth about $238,000. Finally, Bridgeway Capital Management LLC acquired a new stake in shares of TrueCar during the 2nd quarter worth about $234,000. Hedge funds and other institutional investors 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.