Brokerages Set TrueCar, Inc. (NASDAQ:TRUE) Target Price at $3.19

TrueCar, Inc. (NASDAQ:TRUE - Get Free Report) has been assigned an average recommendation of "Hold" from the six ratings firms that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $3.19.

TRUE has been the topic of a number of research reports. Lake Street Capital lowered shares of TrueCar from a "buy" rating to a "hold" rating and decreased their target price for the stock from $5.00 to $1.50 in a research note on Tuesday, May 6th. Needham & Company LLC cut their target price on TrueCar from $4.00 to $2.75 and set a "buy" rating for the company in a research note on Tuesday, May 6th. JPMorgan Chase & Co. cut shares of TrueCar from a "neutral" rating to an "underweight" rating in a research report on Thursday, March 27th. Citigroup lowered shares of TrueCar to an "underweight" rating in a report on Thursday, March 27th. Finally, Wall Street Zen lowered shares of TrueCar from a "buy" rating to a "hold" rating in a report on Thursday, May 8th.

Institutional Trading of TrueCar

Several institutional investors have recently added to or reduced their stakes in TRUE. Price T Rowe Associates Inc. MD lifted its stake in TrueCar by 3.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 143,749 shares of the technology company's stock worth $537,000 after purchasing an additional 5,089 shares in the last quarter. ProShare Advisors LLC increased its stake in TrueCar by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 24,123 shares of the technology company's stock worth $90,000 after buying an additional 7,938 shares during the period. Two Sigma Advisers LP boosted its position in TrueCar by 43.5% in the 4th quarter. Two Sigma Advisers LP now owns 33,000 shares of the technology company's stock valued at $123,000 after buying an additional 10,000 shares during the period. Wells Fargo & Company MN increased its position in shares of TrueCar by 27.8% during the fourth 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. Finally, Mackenzie Financial Corp raised its stake in shares of TrueCar by 55.2% in the fourth quarter. Mackenzie Financial Corp now owns 34,044 shares of the technology company's stock valued at $127,000 after acquiring an additional 12,112 shares in the last quarter. Institutional investors and hedge funds own 79.44% of the company's stock.

TrueCar Stock Performance

Shares of NASDAQ TRUE traded up $0.12 during mid-day trading on Thursday, reaching $1.88. The company's stock had a trading volume of 20,066 shares, compared to its average volume of 305,151. The stock has a market capitalization of $164.40 million, a P/E ratio of -4.67 and a beta of 2.08. TrueCar has a 1-year low of $1.05 and a 1-year high of $4.62. The stock has a 50-day moving average of $1.53 and a two-hundred day moving average of $2.36.

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.