Raymond James Financial Inc. Invests $930,000 in TrueCar, Inc. (NASDAQ:TRUE)

Raymond James Financial Inc. purchased a new position in shares of TrueCar, Inc. (NASDAQ:TRUE - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 249,461 shares of the technology company's stock, valued at approximately $930,000. Raymond James Financial Inc. owned about 0.29% of TrueCar at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. R Squared Ltd acquired a new stake in shares of TrueCar during the 4th quarter worth about $49,000. Straightline Group LLC acquired a new stake in shares of TrueCar during the 4th quarter worth about $69,000. Wells Fargo & Company MN lifted its holdings in shares of TrueCar by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 50,275 shares of the technology company's stock worth $188,000 after acquiring an additional 10,950 shares during the period. Jane Street Group LLC lifted its holdings in shares of TrueCar by 19.4% during the 3rd quarter. Jane Street Group LLC now owns 99,586 shares of the technology company's stock worth $344,000 after acquiring an additional 16,163 shares during the period. Finally, Noesis Capital Mangement Corp lifted its holdings in shares of TrueCar by 25.0% during the 4th quarter. Noesis Capital Mangement Corp now owns 125,000 shares of the technology company's stock worth $466,000 after acquiring an additional 25,000 shares during the period. 79.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TRUE has been the topic of several recent analyst reports. B. Riley reiterated a "neutral" rating on shares of TrueCar in a report on Wednesday. JPMorgan Chase & Co. lowered shares of TrueCar from a "neutral" rating to an "underweight" rating in a report on Thursday, March 27th. StockNews.com lowered shares of TrueCar from a "buy" rating to a "hold" rating in a report on Thursday. Citigroup lowered shares of TrueCar to an "underweight" rating in a report on Thursday, March 27th. Finally, Needham & Company LLC cut their price objective on shares of TrueCar from $4.00 to $2.75 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, TrueCar currently has a consensus rating of "Hold" and an average price target of $3.19.

TrueCar Stock Performance

Shares of NASDAQ TRUE traded down $0.06 during midday trading on Friday, hitting $1.39. The company's stock had a trading volume of 229,339 shares, compared to its average volume of 286,063. TrueCar, Inc. has a 1-year low of $1.05 and a 1-year high of $4.62. The firm's fifty day moving average price is $1.61 and its 200-day moving average price is $2.95. The firm has a market cap of $121.65 million, a P/E ratio of -4.09 and a beta of 2.13.

TrueCar (NASDAQ:TRUE - Get Free Report) last posted its quarterly 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 business had revenue of $46.21 million during the quarter, compared to analyst estimates of $47.30 million. TrueCar had a negative net margin of 17.68% and a negative return on equity of 17.54%. As a group, research analysts predict that TrueCar, Inc. will post -0.19 earnings per share for the current fiscal year.

TrueCar 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.