TrueCar (NASDAQ:TRUE) Share Price Passes Above 50-Day Moving Average of $2.40

TrueCar, Inc. (NASDAQ:TRUE – Get Rating) passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $2.40 and traded as high as $2.41. TrueCar shares last traded at $2.30, with a volume of 114,786 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on TRUE shares. StockNews.com started coverage on TrueCar in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Needham & Company LLC raised TrueCar from a “hold” rating to a “buy” rating and set a $3.50 price target for the company in a research report on Tuesday, March 14th.

TrueCar Trading Down 4.2 %

The stock has a market capitalization of $205.16 million, a PE ratio of -1.64 and a beta of 1.41. The firm has a 50-day moving average price of $2.40 and a 200-day moving average price of $2.54.

TrueCar (NASDAQ:TRUE – Get Rating) last announced its earnings results on Wednesday, February 22nd. The technology company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.01). TrueCar had a negative net margin of 81.20% and a negative return on equity of 29.25%. The business had revenue of $36.66 million for the quarter, compared to analysts’ expectations of $40.17 million. Sell-side analysts expect that TrueCar, Inc. will post -0.76 earnings per share for the current fiscal year.

Insider Activity

In other TrueCar news, Director Brendan L. Harrington bought 10,400 shares of the firm’s stock in a transaction dated Monday, February 27th. The stock was purchased at an average cost of $2.45 per share, with a total value of $25,480.00. Following the transaction, the director now directly owns 211,741 shares in the company, valued at approximately $518,765.45. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On TrueCar

Several large investors have recently added to or reduced their stakes in the company. SkyView Investment Advisors LLC purchased a new stake in TrueCar in the 1st quarter worth about $211,000. JPMorgan Chase & Co. increased its holdings in TrueCar by 37.7% in the 1st quarter. JPMorgan Chase & Co. now owns 69,078 shares of the technology company’s stock worth $159,000 after acquiring an additional 18,907 shares during the last quarter. KB Financial Partners LLC purchased a new stake in TrueCar in the 1st quarter worth about $194,000. State Street Corp increased its holdings in TrueCar by 0.7% in the 1st quarter. State Street Corp now owns 1,719,332 shares of the technology company’s stock worth $3,954,000 after acquiring an additional 12,364 shares during the last quarter. Finally, First Sabrepoint Capital Management LP purchased a new stake in TrueCar in the 1st quarter worth about $363,000. Hedge funds and other institutional investors own 97.53% of the company’s stock.

About TrueCar

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TrueCar, Inc engages in the operation of data-driven online platform which provides dealers and automakers with automobile information. It provides pricing transparency about what other people paid for their cars. The firm’s products include Used Cars for Sale, Sell My Car, Local Pricing, and Lease a Car.