TrueCar, Inc. (NASDAQ:TRUE) Receives $2.65 Consensus PT from Brokerages

Shares of TrueCar, Inc. (NASDAQ:TRUE) have earned a consensus recommendation of “Reduce” from the six ratings firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and five have given a hold recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $2.65.

TRUE has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TrueCar in a research note on Wednesday, January 21st. BTIG Research reaffirmed a “neutral” rating on shares of TrueCar in a research note on Thursday, January 22nd.

TrueCar Price Performance

Shares of NASDAQ TRUE opened at $2.54 on Tuesday. The firm has a 50-day simple moving average of $2.54 and a two-hundred day simple moving average of $2.34. TrueCar has a 1 year low of $1.05 and a 1 year high of $2.54. The company has a market cap of $225.91 million, a P/E ratio of -11.55 and a beta of 2.22.

Hedge Funds Weigh In On TrueCar

Several institutional investors have recently bought and sold shares of TRUE. AQR Capital Management LLC raised its stake in TrueCar by 332.9% in the first quarter. AQR Capital Management LLC now owns 59,791 shares of the technology company’s stock worth $94,000 after buying an additional 45,980 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in TrueCar by 4.5% in the first quarter. Goldman Sachs Group Inc. now owns 387,829 shares of the technology company’s stock worth $613,000 after buying an additional 16,822 shares in the last quarter. Jane Street Group LLC bought a new position in TrueCar in the first quarter worth approximately $234,000. Strs Ohio bought a new position in TrueCar in the first quarter worth approximately $38,000. Finally, Geode Capital Management LLC raised its stake in TrueCar by 1.3% in the second quarter. Geode Capital Management LLC now owns 1,842,858 shares of the technology company’s stock worth $3,502,000 after buying an additional 24,162 shares in the last quarter. 79.44% of the stock is owned by hedge funds and other institutional investors.

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.