Cannell Capital LLC Increases Holdings in TrueCar, Inc. (NASDAQ:TRUE)

Cannell Capital LLC boosted its position in TrueCar, Inc. (NASDAQ:TRUE) by 41.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,893,250 shares of the technology company’s stock after buying an additional 2,319,918 shares during the period. TrueCar makes up approximately 3.5% of Cannell Capital LLC’s investment portfolio, making the stock its 11th largest holding. Cannell Capital LLC owned 0.09% of TrueCar worth $18,154,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Atria Wealth Solutions Inc. purchased a new stake in shares of TrueCar in the 2nd quarter valued at $26,000. Virtu Financial LLC acquired a new stake in TrueCar during the 1st quarter worth about $27,000. Verition Fund Management LLC purchased a new position in shares of TrueCar during the 4th quarter valued at about $42,000. Simplicity Solutions LLC acquired a new position in shares of TrueCar in the 1st quarter valued at about $43,000. Finally, Stableford Capital II LLC purchased a new stake in shares of TrueCar in the first quarter worth about $49,000. Institutional investors and hedge funds own 81.58% of the company’s stock.

TrueCar Price Performance

NASDAQ TRUE traded up $0.03 during trading hours on Monday, reaching $2.57. The company’s stock had a trading volume of 30,762 shares, compared to its average volume of 274,401. TrueCar, Inc. has a 1-year low of $1.30 and a 1-year high of $3.49. The company’s 50-day moving average is $2.29 and its two-hundred day moving average is $2.33. The firm has a market capitalization of $231.45 million, a price-to-earnings ratio of -1.68 and a beta of 1.37.

TrueCar (NASDAQ:TRUE) last announced its earnings results on Monday, July 31st. The technology company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.04. The firm had revenue of $39.29 million for the quarter, compared to analyst estimates of $38.60 million. TrueCar had a negative return on equity of 35.59% and a negative net margin of 88.98%. Equities analysts forecast that TrueCar, Inc. will post -0.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on TRUE shares. StockNews.com started coverage on TrueCar in a report on Thursday, August 17th. They issued a “hold” rating for the company. B. Riley started coverage on shares of TrueCar in a report on Wednesday, July 19th. They set a “neutral” rating and a $3.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $2.75.

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.