TrueCar (NASDAQ:TRUE) Stock Rating Upgraded by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. upgraded TrueCar's stock rating from "underweight" to "neutral," signaling a shift in analyst sentiment towards the company.
• TrueCar's stock has seen a significant increase of 62.2%, trading at $2.40, with a consensus target price of $3.19.
• Institutional investors own 79.44% of TrueCar's stock, with several hedge funds significantly increasing their stakes in the company recently.

TrueCar (NASDAQ:TRUE - Get Free Report) was upgraded by JPMorgan Chase & Co. from an "underweight" rating to a "neutral" rating in a research note issued on Thursday,Benzinga reports.

Other analysts also recently issued research reports about the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of TrueCar in a report on Wednesday, October 8th. Needham & Company LLC restated a "hold" rating on shares of TrueCar in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $3.19.

TrueCar Stock Up 62.2%

Shares of NASDAQ:TRUE opened at $2.40 on Thursday. The company has a market cap of $212.26 million, a price-to-earnings ratio of -7.06 and a beta of 2.00. The firm's 50-day simple moving average is $2.00 and its 200-day simple moving average is $1.76. TrueCar has a fifty-two week low of $1.05 and a fifty-two week high of $4.62.

Hedge Funds Weigh In On TrueCar

Several institutional investors and hedge funds have recently bought and sold shares of TRUE. OneDigital Investment Advisors LLC grew its stake in TrueCar by 10.2% during the first 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 during the period. XTX Topco Ltd grew its stake in TrueCar by 92.5% during the first quarter. XTX Topco Ltd now owns 70,044 shares of the technology company's stock worth $111,000 after buying an additional 33,652 shares during the period. Nuveen LLC purchased a new stake in TrueCar during the first quarter worth approximately $399,000. Russell Investments Group Ltd. grew its stake in TrueCar by 8.0% during the first quarter. Russell Investments Group Ltd. now owns 747,593 shares of the technology company's stock worth $1,181,000 after buying an additional 55,088 shares during the period. Finally, American Century Companies Inc. grew its stake in TrueCar by 8.4% during the first quarter. American Century Companies Inc. now owns 160,127 shares of the technology company's stock worth $253,000 after buying an additional 12,344 shares during the period. 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.

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