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

TrueCar, Inc. (NASDAQ:TRUE) has earned an average recommendation of “Reduce” from the six research firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $2.65.

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

TrueCar Stock Performance

TRUE opened at $2.54 on Friday. TrueCar has a 12-month low of $1.05 and a 12-month high of $3.83. The firm has a market capitalization of $225.91 million, a PE ratio of -11.55 and a beta of 2.22. The firm has a 50 day moving average of $2.53 and a two-hundred day moving average of $2.29.

Hedge Funds Weigh In On TrueCar

Several institutional investors and hedge funds have recently modified their holdings of TRUE. Cerity Partners LLC acquired a new stake in TrueCar during the fourth quarter worth about $26,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in TrueCar during the third quarter valued at approximately $29,000. BNP Paribas Financial Markets lifted 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 during the period. Mariner LLC acquired a new position in TrueCar in the fourth quarter valued at approximately $31,000. Finally, M&T Bank Corp purchased a new stake in TrueCar in the 4th quarter worth approximately $32,000. 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.