TrueCar (NASDAQ:TRUE) Price Target Cut to $2.75 by Analysts at Needham & Company LLC

TrueCar (NASDAQ:TRUE - Get Free Report) had its price target reduced by equities research analysts at Needham & Company LLC from $4.00 to $2.75 in a report released on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Needham & Company LLC's target price would suggest a potential upside of 91.64% from the stock's previous close.

Other research analysts have also recently issued research reports about the stock. StockNews.com downgraded shares of TrueCar from a "strong-buy" rating to a "buy" rating in a research report on Friday, February 28th. JPMorgan Chase & Co. cut shares of TrueCar from a "neutral" rating to an "underweight" rating in a research note on Thursday, March 27th. Finally, Citigroup lowered TrueCar to an "underweight" rating in a research report on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $4.31.

TrueCar Price Performance

Shares of NASDAQ TRUE traded down $0.05 during trading hours on Tuesday, hitting $1.44. 1,130,051 shares of the stock were exchanged, compared to its average volume of 282,171. The company's 50 day moving average is $1.68 and its 200 day moving average is $3.01. The firm has a market capitalization of $125.59 million, a P/E ratio of -4.23 and a beta of 1.97. TrueCar has a one year low of $1.06 and a one year high of $4.62.

TrueCar (NASDAQ:TRUE - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The technology company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.03). TrueCar had a negative return on equity of 17.54% and a negative net margin of 17.68%. The business had revenue of $44.81 million for the quarter, compared to the consensus estimate of $44.26 million. Research analysts anticipate that TrueCar will post -0.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TrueCar

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. R Squared Ltd purchased a new position in shares of TrueCar in the 4th quarter worth $49,000. Straightline Group LLC bought a new position in shares of TrueCar during the 4th quarter valued at approximately $69,000. ProShare Advisors LLC raised its position in TrueCar by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 24,123 shares of the technology company's stock worth $90,000 after purchasing an additional 7,938 shares during the period. Occudo Quantitative Strategies LP purchased a new position in TrueCar during the 4th quarter valued at $111,000. Finally, Two Sigma Advisers LP increased its stake in TrueCar by 43.5% in the 4th quarter. Two Sigma Advisers LP now owns 33,000 shares of the technology company's stock worth $123,000 after buying an additional 10,000 shares during the period. Hedge funds and other 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.

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