TrueCar (NASDAQ:TRUE) Share Price Passes Above 50 Day Moving Average - Here's Why

Key Points

• TrueCar's stock price has recently crossed above its 50-day moving average of $1.87, reaching a high of $2.03 with a trading volume of 324,560 shares.
• Analysts have cut their price targets for TrueCar, with Needham lowering its target from $4.00 to $2.75, while Lake Street Capital set a price objective of $1.50.
• Institutional investors hold 79.44% of TrueCar's stock, with JPMorgan Chase increasing its stake by 113.0% during the fourth quarter.

Shares of TrueCar, Inc. (NASDAQ:TRUE - Get Free Report) crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $1.87 and traded as high as $2.03. TrueCar shares last traded at $2.03, with a volume of 324,560 shares traded.

Analysts Set New Price Targets

A number of equities analysts have commented on TRUE shares. Needham & Company LLC reduced their price objective on shares of TrueCar from $4.00 to $2.75 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Lake Street Capital cut shares of TrueCar from a "buy" rating to a "hold" rating and reduced their target price for the company from $5.00 to $1.50 in a research report on Tuesday, May 6th. Wall Street Zen cut shares of TrueCar from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. Finally, B. Riley reissued a "neutral" rating on shares of TrueCar in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $3.19.

TrueCar Stock Up 4.5%

The company has a 50 day moving average price of $1.90 and a 200-day moving average price of $1.83. The company has a market cap of $195.98 million, a price-to-earnings ratio of -6.53 and a beta of 2.03.

Institutional Trading of TrueCar

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its holdings in shares of TrueCar by 14.4% during the 4th quarter. Bank of America Corp DE now owns 212,804 shares of the technology company's stock worth $794,000 after buying an additional 26,780 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in shares of TrueCar by 43.5% during 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 in the last quarter. Northern Trust Corp boosted its holdings in shares of TrueCar by 2.6% during the 4th quarter. Northern Trust Corp now owns 714,729 shares of the technology company's stock worth $2,666,000 after buying an additional 17,790 shares in the last quarter. OneDigital Investment Advisors LLC boosted its holdings in shares of TrueCar by 10.2% during the 1st quarter. OneDigital Investment Advisors LLC now owns 153,569 shares of the technology company's stock worth $243,000 after buying an additional 14,155 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of TrueCar during the 4th quarter worth approximately $136,000. Institutional investors and hedge funds own 79.44% of the company's stock.

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.