Needham & Company LLC Cuts TrueCar (NASDAQ:TRUE) Price Target to $2.75

TrueCar (NASDAQ:TRUE - Get Free Report) had its target price cut by research analysts at Needham & Company LLC from $4.00 to $2.75 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Needham & Company LLC's price target would suggest a potential upside of 97.84% from the stock's current price.

TRUE has been the topic of a number of other reports. JPMorgan Chase & Co. downgraded TrueCar from a "neutral" rating to an "underweight" rating in a research note on Thursday, March 27th. Citigroup lowered shares of TrueCar to an "underweight" rating in a research report on Thursday, March 27th. Finally, StockNews.com downgraded shares of TrueCar from a "strong-buy" rating to a "buy" rating in a report on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $3.19.

TrueCar Stock Down 4.1 %

Shares of NASDAQ:TRUE traded down $0.06 during trading on Tuesday, hitting $1.39. 229,339 shares of the company traded hands, compared to its average volume of 286,063. TrueCar has a one year low of $1.05 and a one year high of $4.62. The business's fifty day moving average is $1.61 and its 200-day moving average is $2.95. The stock has a market capitalization of $121.65 million, a price-to-earnings ratio of -4.09 and a beta of 2.13.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TRUE. Northern Trust Corp boosted its position in TrueCar by 2.6% during the fourth quarter. Northern Trust Corp now owns 714,729 shares of the technology company's stock valued at $2,666,000 after purchasing an additional 17,790 shares during the last quarter. 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 buying an additional 224,969 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of TrueCar by 113.0% in the fourth quarter. JPMorgan Chase & Co. now owns 321,378 shares of the technology company's stock valued at $1,199,000 after buying an additional 170,475 shares in the last quarter. Raymond James Financial Inc. acquired a new position in TrueCar during the fourth quarter worth $930,000. Finally, Bank of America Corp DE raised its position in TrueCar by 14.4% during the fourth quarter. Bank of America Corp DE now owns 212,804 shares of the technology company's stock worth $794,000 after acquiring an additional 26,780 shares in the last quarter. 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.