Needham & Company LLC Lowers TrueCar (NASDAQ:TRUE) Price Target to $4.00

TrueCar (NASDAQ:TRUE) had its target price dropped by Needham & Company LLC from $5.00 to $4.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price target suggests a potential upside of 30.76% from the company’s current price.

A number of other equities research analysts also recently commented on TRUE. B. Riley raised their target price on TrueCar from $3.30 to $4.00 and gave the company a “neutral” rating in a report on Monday, November 11th. StockNews.com raised TrueCar from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. Finally, BTIG Research raised their target price on TrueCar from $3.75 to $4.50 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $4.63.

TrueCar Stock Down 6.2 %

Shares of NASDAQ TRUE traded down $0.20 during mid-day trading on Wednesday, hitting $3.06. 355,610 shares of the company were exchanged, compared to its average volume of 242,510. The stock has a 50 day simple moving average of $3.61 and a 200-day simple moving average of $3.56. TrueCar has a 1-year low of $2.56 and a 1-year high of $4.62. The firm has a market cap of $266.00 million, a price-to-earnings ratio of -10.53 and a beta of 1.75.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). TrueCar had a negative return on equity of 14.33% and a negative net margin of 15.88%. The company had revenue of $46.21 million for the quarter, compared to analyst estimates of $47.30 million. Analysts anticipate that TrueCar will post -0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Two Sigma Advisers LP increased its position in TrueCar by 43.5% during the 4th quarter. Two Sigma Advisers LP now owns 33,000 shares of the technology company’s stock worth $123,000 after purchasing an additional 10,000 shares in the last quarter. ProShare Advisors LLC grew its holdings in TrueCar by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 24,123 shares of the technology company’s stock valued at $90,000 after buying an additional 7,938 shares during the period. Occudo Quantitative Strategies LP purchased a new stake in TrueCar in the 4th quarter valued at about $111,000. Millennium Management LLC purchased a new stake in TrueCar in the 4th quarter valued at about $420,000. Finally, Lazard Asset Management LLC purchased a new stake in TrueCar in the 4th quarter valued at about $477,000. Hedge funds and other institutional investors 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.