Renaissance Technologies LLC Decreases Stake in TrueCar, Inc. (NASDAQ:TRUE)

Renaissance Technologies LLC decreased its holdings in TrueCar, Inc. (NASDAQ:TRUE) by 2.7% in the fourth quarter, Holdings Channel reports. The fund owned 2,074,301 shares of the technology company’s stock after selling 56,900 shares during the quarter. Renaissance Technologies LLC’s holdings in TrueCar were worth $7,737,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Geode Capital Management LLC grew its position in TrueCar by 3.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,955,226 shares of the technology company’s stock valued at $6,747,000 after acquiring an additional 71,508 shares during the last quarter. State Street Corp increased its position in shares of TrueCar by 0.9% during the third quarter. State Street Corp now owns 1,790,659 shares of the technology company’s stock worth $6,178,000 after purchasing an additional 16,127 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of TrueCar by 75.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 521,467 shares of the technology company’s stock worth $1,945,000 after acquiring an additional 224,969 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of TrueCar by 113.0% in the fourth quarter. JPMorgan Chase & Co. now owns 321,378 shares of the technology company’s stock worth $1,199,000 after buying an additional 170,475 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of TrueCar in the fourth quarter valued at about $930,000. Institutional investors own 79.44% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on TRUE. StockNews.com lowered shares of TrueCar from a “strong-buy” rating to a “buy” rating in a report on Friday, February 28th. JPMorgan Chase & Co. downgraded shares of TrueCar from a “neutral” rating to an “underweight” rating in a report on Thursday, March 27th. Needham & Company LLC lowered their price target on TrueCar from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Finally, Citigroup lowered TrueCar to an “underweight” rating in a research report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $4.63.

TrueCar Trading Down 2.3 %

NASDAQ:TRUE opened at $1.28 on Friday. The firm has a 50-day moving average price of $1.99 and a two-hundred day moving average price of $3.17. The company has a market capitalization of $112.02 million, a P/E ratio of -3.76 and a beta of 1.97. TrueCar, Inc. has a twelve month low of $1.25 and a twelve month high of $4.62.

TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The company had revenue of $46.21 million for the quarter, compared to analyst estimates of $47.30 million. TrueCar had a negative return on equity of 17.54% and a negative net margin of 17.68%. On average, equities research analysts predict that TrueCar, Inc. will post -0.19 earnings per share for the current year.

TrueCar 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.