Lake Street Capital Begins Coverage on TrueCar (NASDAQ:TRUE)

by · The Cerbat Gem

Lake Street Capital began coverage on shares of TrueCar (NASDAQ:TRUE – Free Report) in a report released on Monday morning, MarketBeat reports. The firm issued a buy rating and a $6.00 target price on the technology company’s stock.

A number of other analysts also recently weighed in on the company. BTIG Research upgraded TrueCar from a neutral rating to a buy rating and set a $3.75 target price for the company in a research report on Wednesday, August 7th. Needham & Company LLC reduced their price objective on shares of TrueCar from $4.00 to $3.75 and set a buy rating on the stock in a research note on Tuesday, August 6th.

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TrueCar Stock Performance

TRUE stock opened at $3.50 on Monday. TrueCar has a 52 week low of $1.76 and a 52 week high of $4.05. The company has a market capitalization of $318.12 million, a PE ratio of -8.75 and a beta of 1.85. The company’s 50-day simple moving average is $3.09 and its 200 day simple moving average is $3.08.

TrueCar (NASDAQ:TRUE – Get Free Report) last announced its earnings results on Monday, August 5th. The technology company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.02). The business had revenue of $41.80 million for the quarter, compared to the consensus estimate of $43.38 million. TrueCar had a negative return on equity of 14.10% and a negative net margin of 17.63%. On average, analysts forecast that TrueCar will post -0.28 EPS for the current year.

Insider Transactions at TrueCar

In related news, EVP Jeff Swart sold 20,000 shares of TrueCar stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $2.82, for a total transaction of $56,400.00. Following the sale, the executive vice president now directly owns 390,600 shares of the company’s stock, valued at approximately $1,101,492. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On TrueCar

Hedge funds have recently modified their holdings of the company. Lazard Asset Management LLC acquired a new stake in shares of TrueCar during the first quarter valued at about $43,000. Fairman Group LLC bought a new position in TrueCar in the 4th quarter valued at approximately $73,000. SG Americas Securities LLC boosted its position in TrueCar by 126.5% during the 3rd quarter. SG Americas Securities LLC now owns 34,644 shares of the technology company’s stock worth $120,000 after buying an additional 19,349 shares during the period. Hillsdale Investment Management Inc. bought a new stake in TrueCar during the 1st quarter worth approximately $152,000. Finally, Assenagon Asset Management S.A. acquired a new position in TrueCar in the 2nd quarter valued at approximately $210,000. Institutional investors and hedge funds own 79.44% of the company’s stock.

TrueCar Company Profile

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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.

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