TrueCar (NASDAQ:TRUE) Share Price 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.

Shares of TrueCar, Inc. (NASDAQ:TRUE - Get Free Report) passed 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 trading hands.

Analysts Set New Price Targets

TRUE has been the subject of a number of recent research reports. Lake Street Capital lowered TrueCar from a "buy" rating to a "hold" rating and reduced their price objective for the company from $5.00 to $1.50 in a research note on Tuesday, May 6th. Wall Street Zen cut shares of TrueCar from a "buy" rating to a "hold" rating in a report on Thursday, May 8th. Needham & Company LLC lowered their target price on shares of TrueCar from $4.00 to $2.75 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Finally, B. Riley restated a "neutral" rating on shares of TrueCar in a research report on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $3.19.

TrueCar Stock Up 3.5%

The company has a market capitalization of $171.13 million, a price-to-earnings ratio of -5.66 and a beta of 2.03. The stock's 50-day simple moving average is $1.84 and its two-hundred day simple moving average is $1.89.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its stake in TrueCar by 383.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 26,155 shares of the technology company's stock worth $50,000 after buying an additional 20,746 shares in the last quarter. SkyView Investment Advisors LLC increased its position in shares of TrueCar by 7.8% during the second quarter. SkyView Investment Advisors LLC now owns 260,499 shares of the technology company's stock worth $511,000 after purchasing an additional 18,951 shares in the last quarter. Engineers Gate Manager LP raised its stake in TrueCar by 30.8% in the 2nd quarter. Engineers Gate Manager LP now owns 37,648 shares of the technology company's stock valued at $72,000 after purchasing an additional 8,875 shares during the last quarter. Bridgeway Capital Management LLC purchased a new position in TrueCar in the 2nd quarter valued at $234,000. Finally, Connective Capital Management LLC acquired a new stake in TrueCar during the 2nd quarter worth $396,000. 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.