Goldman Sachs Group Downgrades TrueCar (TRUE) to Sell

TrueCar (NASDAQ:TRUE) was downgraded by equities research analysts at Goldman Sachs Group from a “neutral” rating to a “sell” rating in a research note issued on Thursday, The Fly reports.

Other analysts also recently issued reports about the company. Benchmark reissued a “buy” rating and issued a $18.00 target price on shares of TrueCar in a research report on Thursday, May 3rd. Stephens set a $18.00 target price on TrueCar and gave the stock a “buy” rating in a research report on Friday, February 16th. Zacks Investment Research raised TrueCar from a “sell” rating to a “hold” rating in a research report on Thursday, February 22nd. DA Davidson started coverage on TrueCar in a research report on Wednesday, April 4th. They issued a “neutral” rating and a $9.75 target price for the company. Finally, ValuEngine downgraded TrueCar from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 1st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $15.84.

NASDAQ:TRUE opened at $9.87 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.14 and a quick ratio of 7.14. TrueCar has a 1 year low of $8.75 and a 1 year high of $21.75. The firm has a market capitalization of $978.04 million, a price-to-earnings ratio of -36.56 and a beta of 2.56.

TrueCar (NASDAQ:TRUE) last released its earnings results on Tuesday, May 8th. The technology company reported $0.01 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.01. TrueCar had a negative return on equity of 8.62% and a negative net margin of 10.69%. The business had revenue of $81.06 million during the quarter, compared to the consensus estimate of $81.36 million. During the same period last year, the business posted ($0.01) earnings per share. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. equities research analysts predict that TrueCar will post -0.27 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. Millennium Management LLC boosted its holdings in shares of TrueCar by 51.0% in the first quarter. Millennium Management LLC now owns 1,495,661 shares of the technology company’s stock worth $14,149,000 after acquiring an additional 505,158 shares during the period. Verition Fund Management LLC bought a new position in shares of TrueCar in the first quarter worth $100,000. Sciencast Management LP bought a new position in shares of TrueCar in the first quarter worth $273,000. Cubist Systematic Strategies LLC boosted its holdings in shares of TrueCar by 119.2% in the first quarter. Cubist Systematic Strategies LLC now owns 53,745 shares of the technology company’s stock worth $508,000 after acquiring an additional 29,226 shares during the period. Finally, Jane Street Group LLC bought a new position in shares of TrueCar in the first quarter worth $170,000. 89.92% of the stock is owned by hedge funds and other institutional investors.

TrueCar Company Profile

TrueCar, Inc, together with its subsidiaries, 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. The company also customizes and operates its platform for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for large enterprises.

The Fly

Analyst Recommendations for TrueCar (NASDAQ:TRUE)

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