TrueCar (NASDAQ:TRUE) Stock Crosses Above 50 Day Moving Average - Here's Why

Key Points

• TrueCar's stock has crossed above its 50-day moving average, trading at $1.96 after reaching a high of $1.99 during the session.
• Recent analyst reports show mixed sentiment, with price targets being lowered and a consensus rating of "Hold" from tracking analysts.
• Institutional investors own approximately 79.44% of TrueCar's stock, with several hedge funds increasing their positions recently.

TrueCar, Inc. (NASDAQ:TRUE - Get Free Report) shares crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $1.82 and traded as high as $1.99. TrueCar shares last traded at $1.96, with a volume of 250,390 shares changing hands.

Analyst Upgrades and Downgrades

TRUE has been the topic of a number of recent analyst reports. Needham & Company LLC dropped their price objective on TrueCar from $4.00 to $2.75 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Wall Street Zen downgraded TrueCar from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. B. Riley reissued a "neutral" rating on shares of TrueCar in a research note on Wednesday, May 7th. Finally, Lake Street Capital downgraded TrueCar from a "buy" rating to a "hold" rating and dropped their price objective for the company from $5.00 to $1.50 in a research note on Tuesday, May 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $3.19.

TrueCar Stock Up 3.7%

The stock has a market capitalization of $173.34 million, a P/E ratio of -5.76 and a beta of 2.03. The firm's 50 day simple moving average is $1.82 and its two-hundred day simple moving average is $1.94.

Institutional Investors Weigh In On TrueCar

Several hedge funds and other institutional investors have recently bought and sold shares of TRUE. Kapitalo Investimentos Ltda acquired a new position in shares of TrueCar during the second quarter valued at about $35,000. Algert Global LLC acquired a new position in shares of TrueCar during the first quarter valued at about $30,000. Strs Ohio purchased a new position in TrueCar during the first quarter worth about $38,000. ProShare Advisors LLC boosted its holdings in TrueCar by 49.0% during the fourth 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 last quarter. Finally, Occudo Quantitative Strategies LP purchased a new position in TrueCar during the fourth quarter worth about $111,000. 79.44% of the stock is owned by institutional investors.

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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