Shares of TrueCar Inc (TRUE) are down considerably in early day trading after having a stellar performance over the last sever trading days.
The company, which announced that former AutoTrader CEO Chip Perry would take over their own CEO role, has had its ups and downs both from a business standpoint as well as share price movement. It will be interesting to see just how Perry is able to maneuver the company towards growth moving forward.The stock is down 2.05% or $0.18 after the news, hitting $8.58 per share. About 116,051 shares traded hands. TRUE has declined 43.92% since April 24, 2015 and is downtrending. It has underperformed by 42.56% the S&P500.
Out of 9 analysts covering TrueCar (NASDAQ:TRUE), 2 rate it “Buy”, 2 “Sell”, while 5 “Hold”. This means 22% are positive. $11 is the highest target while $4 is the lowest. The $7.88 average target is -8.16% below today’s ($8.58) stock price. TrueCar was the topic in 12 analyst reports since July 24, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the stock on November 6 with “Sector Perform” rating. Craig Hallum downgraded the shares of TRUE in a report on July 24 to “Buy” rating. Finally, Stephens downgraded the stock to “Equal Weight” rating in a July 24 report.
The institutional sentiment decreased to 1.43 in Q2 2015. Its down 0.12, from 1.55 in 2015Q1. The ratio dived, as 29 funds sold all TrueCar Inc shares owned while 20 reduced positions. 30 funds bought stakes while 40 increased positions. They now own 42.70 million shares or 11.11% more from 38.43 million shares in 2015Q1.
Archon Capital Management Llc holds 3.54% of its portfolio in TrueCar Inc for 301,500 shares. Destrier Capital Management Llc owns 1.03 million shares or 2.98% of their US portfolio. Moreover, Act Ii Management Lp has 2.41% invested in the company for 393,500 shares. The Massachusetts-based Par Capital Management Inc has invested 2.22% in the stock. Oakmont Corp, a California-based fund reported 769,835 shares.
TrueCar, Inc. is a data-driven online platform operating on a common technology infrastructure, powered by data and analytics. The company has a market cap of $709.45 million. The Firm operates its Company-branded platform on its TrueCar.com Website. It currently has negative earnings. In addition, it customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, such as USAA and American Express; membership organizations, such as Consumer Reports, AARP and AAA, and employee buying programs for enterprises, such as IBM and Walmart.