BlackRock Inc. grew its holdings in TrueCar Inc (NASDAQ:TRUE) by 33.2% in the second quarter, HoldingsChannel reports. The institutional investor owned 6,139,516 shares of the technology company’s stock after acquiring an additional 1,530,730 shares during the period. BlackRock Inc. owned approximately 0.06% of TrueCar worth $61,948,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the company. Verition Fund Management LLC bought a new stake in shares of TrueCar in the 1st quarter worth about $100,000. Amalgamated Bank bought a new stake in shares of TrueCar in the 2nd quarter worth about $141,000. Jane Street Group LLC bought a new stake in shares of TrueCar in the 1st quarter worth about $170,000. Sciencast Management LP bought a new stake in shares of TrueCar in the 1st quarter worth about $273,000. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of TrueCar by 119.2% in the 1st quarter. Cubist Systematic Strategies LLC now owns 53,745 shares of the technology company’s stock worth $508,000 after purchasing an additional 29,226 shares during the last quarter. Institutional investors own 90.38% of the company’s stock.
In other TrueCar news, EVP Robert Mcclung sold 7,669 shares of the stock in a transaction dated Tuesday, September 18th. The shares were sold at an average price of $13.51, for a total transaction of $103,608.19. Following the sale, the executive vice president now owns 128,791 shares of the company’s stock, valued at approximately $1,739,966.41. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jeff Swart sold 9,000 shares of the stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $12.00, for a total transaction of $108,000.00. Following the sale, the executive vice president now directly owns 103,366 shares in the company, valued at approximately $1,240,392. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,974 shares of company stock worth $424,871. Insiders own 5.60% of the company’s stock.
TRUE opened at $11.97 on Friday. TrueCar Inc has a twelve month low of $8.75 and a twelve month high of $16.45. The company has a debt-to-equity ratio of 0.09, a quick ratio of 6.38 and a current ratio of 6.38. The stock has a market capitalization of $1.44 billion, a PE ratio of -44.33 and a beta of 2.60.
TrueCar (NASDAQ:TRUE) last issued its quarterly earnings data on Thursday, August 9th. The technology company reported $0.03 EPS for the quarter, hitting analysts’ consensus estimates of $0.03. TrueCar had a negative net margin of 10.07% and a negative return on equity of 8.42%. The firm had revenue of $87.85 million for the quarter, compared to analyst estimates of $87.81 million. During the same quarter in the prior year, the firm earned $0.01 EPS. The company’s revenue was up 7.4% on a year-over-year basis. Analysts expect that TrueCar Inc will post -0.25 earnings per share for the current year.
Several equities research analysts have recently weighed in on TRUE shares. ValuEngine raised shares of TrueCar from a “strong sell” rating to a “sell” rating in a report on Monday, July 2nd. DA Davidson set a $13.00 target price on shares of TrueCar and gave the stock a “hold” rating in a report on Monday, August 13th. Finally, Zacks Investment Research raised shares of TrueCar from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Tuesday, August 14th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $15.57.
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.
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