State Board of Administration of Florida Retirement System increased its position in shares of TrueCar Inc (NASDAQ:TRUE) by 300.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 82,236 shares of the technology company’s stock after buying an additional 61,698 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.10% of TrueCar worth $1,028,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Engineers Gate Manager LP acquired a new position in TrueCar during the third quarter valued at approximately $467,000. Quantitative Investment Management LLC increased its position in shares of TrueCar by 219.9% in the third quarter. Quantitative Investment Management LLC now owns 54,700 shares of the technology company’s stock valued at $516,000 after buying an additional 37,600 shares during the last quarter. Spark Investment Management LLC purchased a new position in shares of TrueCar during the third quarter valued at approximately $607,000. Blue Clay Capital Management LLC boosted its stake in TrueCar by 4.0% in the third quarter. Blue Clay Capital Management LLC now owns 68,290 shares of the technology company’s stock valued at $645,000 after buying an additional 2,600 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in TrueCar by 7.4% in the third quarter. Wells Fargo & Company MN now owns 196,804 shares of the technology company’s stock valued at $1,858,000 after buying an additional 13,537 shares during the period. 63.62% of the stock is owned by hedge funds and other institutional investors.
TrueCar Inc (NASDAQ:TRUE) traded up 0.228% during trading on Friday, hitting $15.355. 509,187 shares of the company’s stock were exchanged. The company’s market cap is $1.33 billion. TrueCar Inc has a 52-week low of $5.71 and a 52-week high of $15.96. The firm has a 50 day moving average price of $14.86 and a 200 day moving average price of $12.76.
TrueCar (NASDAQ:TRUE) last released its earnings results on Thursday, February 16th. The technology company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.04. TrueCar had a negative net margin of 22.92% and a negative return on equity of 22.29%. The firm had revenue of $74.08 million for the quarter, compared to analyst estimates of $71.31 million. During the same period in the prior year, the firm earned ($0.06) earnings per share. The business’s quarterly revenue was up 16.5% compared to the same quarter last year. On average, equities research analysts predict that TrueCar Inc will post ($0.02) earnings per share for the current year.
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Several analysts have recently weighed in on TRUE shares. Zacks Investment Research cut shares of TrueCar from a “buy” rating to a “hold” rating in a research report on Thursday, January 5th. Royal Bank of Canada restated a “buy” rating and set a $19.00 price objective (up previously from $17.00) on shares of TrueCar in a research report on Wednesday, February 15th. Citigroup Inc initiated coverage on shares of TrueCar in a research report on Monday, March 27th. They set a “buy” rating and a $18.00 price objective on the stock. Loop Capital reiterated a “buy” rating and issued a $18.00 target price on shares of TrueCar in a research report on Tuesday, March 28th. Finally, JMP Securities upgraded shares of TrueCar from a “market perform” rating to an “outperform” rating and set a $17.00 target price on the stock in a research report on Monday, January 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $13.59.
In related news, EVP Neeraj Gunsagar sold 25,571 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $14.70, for a total transaction of $375,893.70. Following the sale, the executive vice president now directly owns 315,181 shares in the company, valued at $4,633,160.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 17.30% of the stock is currently owned by corporate insiders.
TrueCar, Inc is an Internet-based information, technology, and communication services company. The Company has a data-driven online platform, which features market data and analytics. The Company-branded platform is available on its TrueCar Website and mobile applications. 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 a range of enterprises.
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