TrueCar, Inc. (NASDAQ:TRUE) Receives $3.19 Consensus Target Price from Brokerages

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

Several equities analysts recently weighed in on the company. Needham & Company LLC lowered their target price on TrueCar from $4.00 to $2.75 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Citigroup lowered TrueCar to an "underweight" rating in a research report on Thursday, March 27th. B. Riley restated a "neutral" rating on shares of TrueCar in a research report on Wednesday, May 7th. JPMorgan Chase & Co. downgraded shares of TrueCar from a "neutral" rating to an "underweight" rating in a research note on Thursday, March 27th. Finally, Lake Street Capital lowered TrueCar from a "buy" rating to a "hold" rating and decreased their price target for the stock from $5.00 to $1.50 in a research note on Tuesday, May 6th.

TrueCar Stock Performance

Shares of NASDAQ TRUE traded down $0.05 during midday trading on Friday, hitting $1.40. 175,600 shares of the company's stock traded hands, compared to its average volume of 299,782. The firm has a fifty day moving average of $1.48 and a 200 day moving average of $2.65. The stock has a market capitalization of $122.75 million, a price-to-earnings ratio of -4.12 and a beta of 2.13. TrueCar has a 1 year low of $1.05 and a 1 year high of $4.62.

Institutional Trading of TrueCar

Several institutional investors and hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC increased its holdings in shares of TrueCar by 22.2% in the 1st quarter. Acadian Asset Management LLC now owns 2,753,300 shares of the technology company's stock valued at $4,346,000 after acquiring an additional 500,804 shares during the period. Nuveen LLC acquired a new stake in TrueCar during the 1st quarter worth about $399,000. Raymond James Financial Inc. acquired a new stake in shares of TrueCar during the fourth quarter worth about $930,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of TrueCar by 75.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 521,467 shares of the technology company's stock valued at $1,945,000 after acquiring an additional 224,969 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in TrueCar by 113.0% during the 4th quarter. JPMorgan Chase & Co. now owns 321,378 shares of the technology company's stock worth $1,199,000 after purchasing an additional 170,475 shares during the period. 79.44% of the stock is currently owned by institutional investors.

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.