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

TrueCar, Inc. (NASDAQ:TRUE) has been assigned an average recommendation of “Reduce” from the seven analysts that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating and five have issued a hold rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $2.65.

A number of brokerages have recently issued reports on TRUE. Weiss Ratings reiterated a “sell (d-)” rating on shares of TrueCar in a research report on Wednesday, January 21st. BTIG Research reaffirmed a “neutral” rating on shares of TrueCar in a report on Thursday, January 22nd.

Hedge Funds Weigh In On TrueCar

Several hedge funds have recently added to or reduced their stakes in TRUE. Cerity Partners LLC bought a new stake in shares of TrueCar in the 4th quarter valued at $26,000. Mariner LLC acquired a new position in TrueCar in the fourth quarter valued at about $31,000. M&T Bank Corp bought a new stake in shares of TrueCar in the fourth quarter worth about $32,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of TrueCar in the third quarter worth about $29,000. Finally, BNP Paribas Financial Markets raised its position in shares of TrueCar by 89.5% during the third quarter. BNP Paribas Financial Markets now owns 15,827 shares of the technology company’s stock worth $29,000 after purchasing an additional 7,475 shares during the period. Institutional investors own 79.44% of the company’s stock.

TrueCar Price Performance

Shares of NASDAQ TRUE opened at $2.54 on Monday. TrueCar has a 12-month low of $1.05 and a 12-month high of $3.83. The firm’s 50-day simple moving average is $2.42 and its 200 day simple moving average is $2.23. The company has a market cap of $225.91 million, a price-to-earnings ratio of -11.55 and a beta of 2.22.

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.