TrueCar, Inc. (NASDAQ:TRUE) Given Consensus Rating of "Hold" by Brokerages

Shares of TrueCar, Inc. (NASDAQ:TRUE - Get Free Report) have been given an average recommendation of "Hold" by the six brokerages that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $3.19.

A number of equities analysts have issued reports on TRUE shares. B. Riley reissued a "neutral" rating on shares of TrueCar in a report on Wednesday, May 7th. JPMorgan Chase & Co. cut TrueCar from a "neutral" rating to an "underweight" rating in a report on Thursday, March 27th. Lake Street Capital cut TrueCar from a "buy" rating to a "hold" rating and cut their price target for the company from $5.00 to $1.50 in a report on Tuesday, May 6th. Needham & Company LLC cut their price target on TrueCar from $4.00 to $2.75 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Finally, Wall Street Zen cut TrueCar from a "buy" rating to a "hold" rating in a report on Thursday, May 8th.

Institutional Investors Weigh In On TrueCar

Hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. raised its holdings in TrueCar by 4.5% during the first quarter. Goldman Sachs Group Inc. now owns 387,829 shares of the technology company's stock worth $613,000 after purchasing an additional 16,822 shares in the last quarter. Strs Ohio bought a new stake in TrueCar during the first quarter worth approximately $38,000. Acadian Asset Management LLC raised its holdings in TrueCar by 22.2% during the first quarter. Acadian Asset Management LLC now owns 2,753,300 shares of the technology company's stock worth $4,346,000 after purchasing an additional 500,804 shares in the last quarter. Jane Street Group LLC bought a new stake in TrueCar during the first quarter worth approximately $234,000. Finally, AQR Capital Management LLC raised its holdings in TrueCar by 332.9% during the first quarter. AQR Capital Management LLC now owns 59,791 shares of the technology company's stock worth $94,000 after purchasing an additional 45,980 shares in the last quarter. Institutional investors own 79.44% of the company's stock.

TrueCar Trading Up 11.9%

NASDAQ TRUE traded up $0.21 during trading hours on Thursday, reaching $1.97. The company's stock had a trading volume of 723,223 shares, compared to its average volume of 307,611. The business has a 50-day simple moving average of $1.54 and a 200 day simple moving average of $2.32. TrueCar has a 52 week low of $1.05 and a 52 week high of $4.62. The stock has a market cap of $172.73 million, a PE ratio of -4.92 and a beta of 2.08.

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.