Weiss Ratings Reiterates "Sell (D-)" Rating for TrueCar (NASDAQ:TRUE)

Key Points

• Weiss Ratings has reaffirmed a "Sell (D-)" rating for TrueCar's stock, indicating ongoing concerns about its performance.
• The current consensus for TrueCar's stock rate includes one "Buy," three "Hold," and three "Sell" ratings, with an average price target of $3.19.
• TrueCar's stock price rose slightly to $1.60 during trading, with approximately 79.44% of its shares owned by institutional investors.

TrueCar (NASDAQ:TRUE - Get Free Report)'s stock had its "sell (d-)" rating restated by investment analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Separately, Needham & Company LLC reaffirmed a "hold" rating on shares of TrueCar in a research note on Tuesday. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $3.19.

TrueCar Trading Up 1.9%

Shares of NASDAQ:TRUE traded up $0.03 during trading on Wednesday, reaching $1.60. 296,646 shares of the company traded hands, compared to its average volume of 401,593. The firm has a market capitalization of $141.50 million, a price-to-earnings ratio of -4.71 and a beta of 2.00. TrueCar has a 52-week low of $1.05 and a 52-week high of $4.62. The business's fifty day moving average is $2.01 and its 200-day moving average is $1.76.

Hedge Funds Weigh In On TrueCar

Several institutional investors and hedge funds have recently modified their holdings of TRUE. Acadian Asset Management LLC increased its holdings in shares of TrueCar by 22.2% during 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 acquiring an additional 500,804 shares in the last quarter. Nuveen LLC bought a new stake in TrueCar in the 1st quarter worth about $399,000. Connective Capital Management LLC bought a new stake in TrueCar in the 2nd quarter worth about $396,000. Jane Street Group LLC bought a new stake in TrueCar in the 1st quarter worth about $234,000. Finally, Noesis Capital Mangement Corp bought a new stake in TrueCar in the 2nd quarter worth about $238,000. 79.44% of the stock is currently 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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