Needham & Company LLC Reaffirms “Buy” Rating for TrueCar (NASDAQ:TRUE)

Needham & Company LLC reissued their buy rating on shares of TrueCar (NASDAQ:TRUE) in a research report released on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $5.00 price objective on the technology company’s stock.

TRUE has been the topic of a number of other research reports. BTIG Research raised their price objective on TrueCar from $3.75 to $4.50 and gave the company a “buy” rating in a report on Tuesday, October 22nd. StockNews.com downgraded shares of TrueCar from a “buy” rating to a “hold” rating in a research note on Monday, November 25th. B. Riley upped their price objective on shares of TrueCar from $3.30 to $4.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, Lake Street Capital assumed coverage on TrueCar in a report on Monday, October 7th. They set a “buy” rating and a $6.00 target price on the stock. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, TrueCar presently has an average rating of “Moderate Buy” and a consensus target price of $4.88.

TrueCar Stock Down 2.1 %

TRUE opened at $4.26 on Tuesday. The company has a market cap of $370.45 million, a PE ratio of -14.69 and a beta of 1.83. TrueCar has a twelve month low of $2.56 and a twelve month high of $4.53. The company has a 50-day moving average price of $3.80 and a 200 day moving average price of $3.33.

TrueCar (NASDAQ:TRUE) last posted its quarterly earnings data on Wednesday, November 6th. The technology company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $46.54 million for the quarter, compared to analysts’ expectations of $45.82 million. TrueCar had a negative return on equity of 14.33% and a negative net margin of 15.88%. During the same quarter last year, the firm posted ($0.07) earnings per share. As a group, sell-side analysts expect that TrueCar will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On TrueCar

Hedge funds have recently modified their holdings of the company. Bank of Montreal Can grew its position in TrueCar by 769.9% in the second quarter. Bank of Montreal Can now owns 416,063 shares of the technology company’s stock worth $1,319,000 after acquiring an additional 368,234 shares during the period. Bank of New York Mellon Corp increased its position in shares of TrueCar by 11.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 332,775 shares of the technology company’s stock worth $1,042,000 after purchasing an additional 34,045 shares during the last quarter. Vanguard Group Inc. increased its position in shares of TrueCar by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 4,276,548 shares of the technology company’s stock worth $14,497,000 after purchasing an additional 41,592 shares during the last quarter. Squarepoint Ops LLC raised its holdings in TrueCar by 182.5% in the 2nd quarter. Squarepoint Ops LLC now owns 83,538 shares of the technology company’s stock valued at $261,000 after buying an additional 53,965 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in TrueCar in the second quarter valued at about $210,000. Hedge funds and other institutional investors own 79.44% of the company’s stock.

TrueCar Company Profile

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.