Needham & Company LLC Cuts TrueCar (NASDAQ:TRUE) Price Target to $4.00

TrueCar (NASDAQ:TRUE) had its price target cut by Needham & Company LLC from $5.00 to $4.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other research analysts also recently issued reports on TRUE. B. Riley lifted their price target on TrueCar from $3.30 to $4.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. BTIG Research upped their price objective on shares of TrueCar from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, StockNews.com raised shares of TrueCar from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $4.63.

TrueCar Stock Performance

Shares of NASDAQ TRUE opened at $2.50 on Wednesday. The firm has a market capitalization of $217.40 million, a P/E ratio of -7.35 and a beta of 1.75. TrueCar has a one year low of $2.48 and a one year high of $4.62. The company’s fifty day moving average is $3.55 and its two-hundred day moving average is $3.55.

TrueCar (NASDAQ:TRUE) last issued its earnings results on Tuesday, February 18th. The technology company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The company had revenue of $46.21 million for the quarter, compared to analysts’ expectations of $47.30 million. TrueCar had a negative return on equity of 17.54% and a negative net margin of 17.68%. On average, sell-side analysts forecast that TrueCar will post -0.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TrueCar

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Mackenzie Financial Corp increased its position in shares of TrueCar by 55.2% in the 4th quarter. Mackenzie Financial Corp now owns 34,044 shares of the technology company’s stock worth $127,000 after purchasing an additional 12,112 shares during the last quarter. Two Sigma Advisers LP increased its position in shares of TrueCar by 43.5% in the 4th quarter. Two Sigma Advisers LP now owns 33,000 shares of the technology company’s stock worth $123,000 after purchasing an additional 10,000 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of TrueCar by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 24,123 shares of the technology company’s stock valued at $90,000 after buying an additional 7,938 shares during the period. Occudo Quantitative Strategies LP acquired a new position in shares of TrueCar in the 4th quarter valued at about $111,000. Finally, Millennium Management LLC acquired a new position in shares of TrueCar in the 4th quarter valued at about $420,000. 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.