TrueCar, Inc. (NASDAQ:TRUE – Get Rating) saw a significant decrease in short interest in June. As of June 30th, there was short interest totalling 2,590,000 shares, a decrease of 22.2% from the June 15th total of 3,330,000 shares. Based on an average daily volume of 567,500 shares, the days-to-cover ratio is currently 4.6 days. Approximately 3.3% of the shares of the stock are sold short.
TrueCar Trading Up 1.9 %
Shares of TRUE opened at $2.64 on Tuesday. TrueCar has a twelve month low of $2.51 and a twelve month high of $5.66. The company has a market cap of $247.07 million, a P/E ratio of -6.14 and a beta of 1.09. The company’s fifty day simple moving average is $2.92 and its 200-day simple moving average is $3.36.
TrueCar (NASDAQ:TRUE – Get Rating) last announced its earnings results on Monday, May 9th. The technology company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.03. The business had revenue of $43.53 million for the quarter, compared to the consensus estimate of $42.46 million. TrueCar had a negative net margin of 20.14% and a negative return on equity of 12.45%. Analysts predict that TrueCar will post -0.57 earnings per share for the current fiscal year.
Analyst Ratings Changes
Separately, StockNews.com assumed coverage on shares of TrueCar in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, TrueCar currently has an average rating of “Hold” and an average target price of $4.31.
Insider Activity at TrueCar
In related news, Director John W. Mendel sold 12,578 shares of the company’s stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $2.77, for a total transaction of $34,841.06. Following the sale, the director now owns 148,528 shares of the company’s stock, valued at $411,422.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.70% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in TRUE. Cannell Capital LLC bought a new position in shares of TrueCar in the first quarter worth about $16,067,000. Assenagon Asset Management S.A. grew its holdings in shares of TrueCar by 508.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 929,381 shares of the technology company’s stock worth $3,160,000 after purchasing an additional 776,578 shares during the last quarter. Acuitas Investments LLC bought a new position in shares of TrueCar in the fourth quarter worth about $2,492,000. Prelude Capital Management LLC grew its holdings in shares of TrueCar by 4,619.8% in the first quarter. Prelude Capital Management LLC now owns 519,178 shares of the technology company’s stock worth $2,051,000 after purchasing an additional 508,178 shares during the last quarter. Finally, Invenomic Capital Management LP bought a new position in shares of TrueCar in the fourth quarter worth about $1,374,000.
TrueCar Company Profile
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.