B. Riley Issues Positive Forecast for TrueCar (NASDAQ:TRUE) Stock Price

TrueCar (NASDAQ:TRUE) had its price objective raised by B. Riley from $3.30 to $4.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

TRUE has been the subject of a number of other research reports. Lake Street Capital assumed coverage on shares of TrueCar in a research note on Monday, October 7th. They set a “buy” rating and a $6.00 price target for the company. Needham & Company LLC decreased their price target on shares of TrueCar from $4.00 to $3.75 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Finally, BTIG Research increased their price target on shares of TrueCar from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.56.

TrueCar Trading Up 6.1 %

Shares of TrueCar stock opened at $4.37 on Monday. The stock has a market cap of $397.19 million, a price-to-earnings ratio of -14.14 and a beta of 1.83. The company has a fifty day simple moving average of $3.48 and a 200-day simple moving average of $3.19. TrueCar has a 12-month low of $2.43 and a 12-month high of $4.53.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Wednesday, November 6th. The technology company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $46.54 million for the quarter, compared to analyst estimates of $45.82 million. TrueCar had a negative return on equity of 13.73% and a negative net margin of 15.88%. During the same quarter in the prior year, the company earned ($0.07) EPS. On average, analysts forecast that TrueCar will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other TrueCar news, EVP Jeff Swart sold 20,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $2.82, for a total transaction of $56,400.00. Following the completion of the transaction, the executive vice president now owns 390,600 shares in the company, valued at approximately $1,101,492. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.30% of the stock is owned by insiders.

Hedge Funds Weigh In On TrueCar

A number of large investors have recently made changes to their positions in TRUE. Intech Investment Management LLC purchased a new position in shares of TrueCar in the 3rd quarter valued at about $36,000. Lazard Asset Management LLC purchased a new position in shares of TrueCar in the 1st quarter valued at about $43,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in TrueCar during the 3rd quarter valued at about $43,000. SG Americas Securities LLC increased its holdings in TrueCar by 126.5% during the 3rd quarter. SG Americas Securities LLC now owns 34,644 shares of the technology company’s stock valued at $120,000 after acquiring an additional 19,349 shares in the last quarter. Finally, Hillsdale Investment Management Inc. purchased a new position in TrueCar during the 1st quarter valued at about $152,000. Hedge funds and other institutional investors own 79.44% of the company’s stock.

About TrueCar

TrueCar, Inc operates as an internet-based information, technology, and communication services company in the United States. It operates its platform on the TrueCar website and mobile applications. Its platform enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar certified dealers.