Swiss National Bank continued to hold its stake in TrueCar Inc. (NASDAQ:TRUE) during the second quarter, Holdings Channel reports. The institutional investor owned 75,000 shares of the company’s stock at the end of the second quarter. Swiss National Bank owned 0.09% of TrueCar worth $589,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the company. Quantitative Investment Management LLC bought a new stake in TrueCar during the second quarter valued at about $134,000. Spark Investment Management LLC acquired a new position in TrueCar during the first quarter worth approximately $869,000. California State Teachers Retirement System increased its position in TrueCar by 8.9% in the second quarter. California State Teachers Retirement System now owns 113,963 shares of the company’s stock worth $895,000 after buying an additional 9,288 shares during the last quarter. Bank of New York Mellon Corp increased its position in TrueCar by 7.2% in the second quarter. Bank of New York Mellon Corp now owns 247,283 shares of the company’s stock worth $1,940,000 after buying an additional 16,593 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in TrueCar by 1.6% in the first quarter. Geode Capital Management LLC now owns 397,526 shares of the company’s stock worth $2,222,000 after buying an additional 6,248 shares during the last quarter. Institutional investors own 58.68% of the company’s stock.
TrueCar Inc. (NASDAQ:TRUE) traded down 0.98% during midday trading on Thursday, reaching $9.08. 117,154 shares of the company’s stock traded hands. The stock has a 50-day moving average of $9.22 and a 200 day moving average of $8.01. The company’s market cap is $768.22 million. TrueCar Inc. has a 52-week low of $4.42 and a 52-week high of $11.13.
TrueCar (NASDAQ:TRUE) last released its quarterly earnings data on Thursday, August 4th. The company reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.05. TrueCar had a negative net margin of 24.55% and a negative return on equity of 22.85%. The firm had revenue of $66.42 million for the quarter, compared to the consensus estimate of $65.52 million. During the same period in the previous year, the company earned ($0.05) earnings per share. The company’s quarterly revenue was up 1.7% on a year-over-year basis. On average, analysts anticipate that TrueCar Inc. will post ($0.24) earnings per share for the current fiscal year.
A number of research firms have recently commented on TRUE. B. Riley reaffirmed a “sell” rating and set a $3.50 price objective on shares of TrueCar in a report on Monday, July 18th. Loop Capital began coverage on shares of TrueCar in a report on Wednesday, August 10th. They set a “hold” rating and a $11.00 price objective for the company. Zacks Investment Research downgraded shares of TrueCar from a “buy” rating to a “hold” rating in a report on Thursday, October 6th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $10.00 price objective (up from $6.00) on shares of TrueCar in a report on Monday, August 8th. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $6.00 price objective on shares of TrueCar in a report on Friday, August 5th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $8.28.
In related news, major shareholder Services Automobile Ass United sold 200,000 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $9.54, for a total value of $1,908,000.00. Following the transaction, the insider now directly owns 10,072,346 shares in the company, valued at $96,090,180.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Krafcik sold 16,541 shares of the company’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $10.68, for a total transaction of $176,657.88. Following the completion of the transaction, the director now owns 74,869 shares in the company, valued at $799,600.92. The disclosure for this sale can be found here. 17.30% of the stock is currently owned by corporate insiders.
TrueCar Company Profile
TrueCar, Inc offers a diverse software ecosystem for buying cars. The Company’s software ecosystem is based on a common technology infrastructure, and powered by data and analytics. The Company operates its platform on the TrueCar Website and its branded mobile experience. 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 enterprises.