Investment analysts at Loop Capital assumed coverage on shares of Truecar Inc (NASDAQ:TRUE) in a report issued on Wednesday, The Fly reports. The brokerage set a "hold" rating on the stock.
Shares of TrueCar traded up 0.65% on Wednesday, hitting $10.92. 931,410 shares of the stock traded hands. TrueCar has a 1-year low of $4.01 and a 1-year high of $11.13. The stock's market cap is $916.52 million. The stock has a 50 day moving average of $8.73 and a 200-day moving average of $6.79.
TrueCar (NASDAQ:TRUE) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($0.05) EPS for the quarter, beating the Zacks' consensus estimate of ($0.10) by $0.05. The company earned $66.42 million during the quarter, compared to analyst estimates of $65.52 million. The firm's revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.05) EPS. On average, equities research analysts expect that TrueCar will post ($0.23) EPS for the current year.
In other news, major shareholder Services Automobile Ass United sold 170,000 shares of the business's stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $7.91, for a total transaction of $1,344,700.00. Following the sale, the insider now directly owns 10,325,587 shares in the company, valued at $81,675,393.17. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Group LTD boosted its stake in TrueCar by 47.0% in the first quarter. BlackRock Group LTD now owns 18,406 shares of the company's stock valued at $104,000 after buying an additional 5,884 shares during the period. TCS Capital Management LLC purchased a new stake in TrueCar during the fourth quarter valued at $1,240,000. Spark Investment Management LLC purchased a new stake in TrueCar during the first quarter valued at $869,000. Geode Capital Management LLC boosted its stake in TrueCar by 1.6% in the first quarter. Geode Capital Management LLC now owns 397,526 shares of the company's stock valued at $2,222,000 after buying an additional 6,248 shares during the period. Finally, Lord Abbett & CO. LLC purchased a new stake in TrueCar during the fourth quarter valued at $7,172,000.
A number of other research analysts also recently commented on the company. Cowen and Company reaffirmed a "market perform" rating and issued a $5.00 price target (up previously from $4.00) on shares of TrueCar in a research note on Monday, May 9th. Craig Hallum reaffirmed a "hold" rating on shares of TrueCar in a research note on Friday, August 5th. Zacks Investment Research raised TrueCar from a "hold" rating to a "buy" rating and set a $10.00 price target for the company in a research note on Wednesday, August 3rd. Morgan Stanley reaffirmed a "hold" rating on shares of TrueCar in a research note on Sunday, May 8th. Finally, RBC Capital Markets reaffirmed a "sector perform" rating and issued a $10.00 price target (up previously from $6.00) on shares of TrueCar in a research note on Monday, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. TrueCar currently has a consensus rating of "Hold" and an average price target of $7.69.
TrueCar, Inc offers a diverse software ecosystem for buying cars. The Company's software ecosystem is based on a common technology infrastructure, and powered by data and analytics. The Company operates its platform on the TrueCar Website and its branded mobile experience. It customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for enterprises.