TrueCar (NASDAQ:TRUE) Shares Cross Below 200 Day Moving Average - Here's Why

Shares of TrueCar, Inc. (NASDAQ:TRUE - Get Free Report) crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $2.48 and traded as low as $1.56. TrueCar shares last traded at $1.61, with a volume of 192,525 shares traded.

Analysts Set New Price Targets

A number of equities analysts have commented on TRUE shares. Citigroup cut shares of TrueCar to an "underweight" rating in a research report on Thursday, March 27th. Lake Street Capital cut shares of TrueCar from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $5.00 to $1.50 in a research report on Tuesday, May 6th. B. Riley reaffirmed a "neutral" rating on shares of TrueCar in a research report on Wednesday, May 7th. JPMorgan Chase & Co. cut shares of TrueCar from a "neutral" rating to an "underweight" rating in a research report on Thursday, March 27th. Finally, Wall Street Zen downgraded TrueCar from a "buy" rating to a "hold" rating in a report on Thursday, May 8th. 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $3.19.

TrueCar Stock Up 3.7%

The company has a market cap of $149.06 million, a price-to-earnings ratio of -4.25 and a beta of 2.08. The stock has a fifty day moving average price of $1.49 and a two-hundred day moving average price of $2.42.

Institutional Investors Weigh In On TrueCar

A number of hedge funds and other institutional investors have recently modified their holdings of TRUE. Strs Ohio acquired a new position in TrueCar in the first quarter valued at about $38,000. Acadian Asset Management LLC raised its stake in TrueCar by 22.2% in the first quarter. Acadian Asset Management LLC now owns 2,753,300 shares of the technology company's stock valued at $4,346,000 after purchasing an additional 500,804 shares in the last quarter. Jane Street Group LLC acquired a new position in TrueCar in the first quarter valued at about $234,000. Goldman Sachs Group Inc. raised its stake in TrueCar by 4.5% in the first quarter. Goldman Sachs Group Inc. now owns 387,829 shares of the technology company's stock valued at $613,000 after purchasing an additional 16,822 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in TrueCar by 332.9% in the first quarter. AQR Capital Management LLC now owns 59,791 shares of the technology company's stock valued at $94,000 after purchasing an additional 45,980 shares in the last quarter. 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.