TrueCar, Inc. (NASDAQ:TRUE) Receives $2.65 Average Target Price from Brokerages

Shares of TrueCar, Inc. (NASDAQ:TRUE) have earned an average recommendation of “Reduce” from the seven research firms that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $2.65.

Several analysts have recently commented on the stock. Lake Street Capital raised their price objective on shares of TrueCar from $2.00 to $2.55 and gave the company a “hold” rating in a research report on Thursday, October 16th. BTIG Research reaffirmed a “neutral” rating on shares of TrueCar in a research note on Thursday, January 22nd. JPMorgan Chase & Co. raised shares of TrueCar from an “underweight” rating to a “neutral” rating in a research note on Thursday, October 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of TrueCar in a report on Wednesday, January 21st.

Institutional Investors Weigh In On TrueCar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TRUE. Millennium Management LLC boosted its holdings in shares of TrueCar by 1,658.6% in the 3rd quarter. Millennium Management LLC now owns 477,100 shares of the technology company’s stock worth $878,000 after purchasing an additional 449,970 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in TrueCar during the 4th quarter valued at $930,000. Gabelli Funds LLC bought a new stake in TrueCar in the fourth quarter worth $908,000. Connective Capital Management LLC bought a new stake in TrueCar in the second quarter worth $396,000. Finally, Credit Industriel ET Commercial purchased a new position in TrueCar during the fourth quarter worth $403,000. 79.44% of the stock is currently owned by hedge funds and other institutional investors.

TrueCar Stock Down 0.2%

Shares of TrueCar stock opened at $2.54 on Thursday. TrueCar has a twelve month low of $1.05 and a twelve month high of $3.83. The company’s 50 day moving average is $2.30 and its 200 day moving average is $2.15. The company has a market cap of $225.91 million, a price-to-earnings ratio of -11.55 and a beta of 2.22.

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.