State Board of Administration of Florida Retirement System Increases Stake in TrueCar Inc (TRUE)

State Board of Administration of Florida Retirement System grew its holdings in shares of TrueCar Inc (NASDAQ:TRUE) by 19.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,537 shares of the technology company’s stock after buying an additional 6,980 shares during the period. State Board of Administration of Florida Retirement System’s holdings in TrueCar were worth $614,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Voya Investment Management LLC boosted its holdings in shares of TrueCar by 19.1% during the 2nd quarter. Voya Investment Management LLC now owns 33,777 shares of the technology company’s stock valued at $341,000 after buying an additional 5,412 shares in the last quarter. NumerixS Investment Technologies Inc boosted its holdings in shares of TrueCar by 30.8% during the 2nd quarter. NumerixS Investment Technologies Inc now owns 31,818 shares of the technology company’s stock valued at $321,000 after buying an additional 7,500 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in shares of TrueCar during the 3rd quarter valued at $266,000. 683 Capital Management LLC boosted its holdings in shares of TrueCar by 3.7% during the 2nd quarter. 683 Capital Management LLC now owns 3,383,358 shares of the technology company’s stock valued at $34,138,000 after buying an additional 120,000 shares in the last quarter. Finally, Cowen Prime Services LLC boosted its holdings in shares of TrueCar by 66.0% during the 3rd quarter. Cowen Prime Services LLC now owns 228,706 shares of the technology company’s stock valued at $3,225,000 after buying an additional 90,906 shares in the last quarter. Hedge funds and other institutional investors own 95.51% of the company’s stock.

A number of analysts have recently commented on the stock. BTIG Research assumed coverage on shares of TrueCar in a report on Tuesday, November 13th. They set a “buy” rating and a $13.00 target price on the stock. B. Riley dropped their target price on shares of TrueCar from $18.00 to $16.50 and set a “buy” rating on the stock in a report on Wednesday, November 7th. Benchmark dropped their target price on shares of TrueCar from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, November 7th. DA Davidson set a $13.00 price target on shares of TrueCar and gave the stock a “hold” rating in a research note on Monday, August 13th. Finally, Zacks Investment Research upgraded shares of TrueCar from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Thursday, October 11th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. TrueCar currently has a consensus rating of “Hold” and an average target price of $14.36.

In related news, EVP Robert Mcclung sold 7,669 shares of the company’s stock in a transaction dated Tuesday, September 18th. The shares were sold at an average price of $13.51, for a total value of $103,608.19. Following the transaction, the executive vice president now owns 128,791 shares in the company, valued at approximately $1,739,966.41. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last quarter, insiders sold 9,168 shares of company stock worth $121,704. 5.60% of the stock is currently owned by company insiders.

Shares of TrueCar stock opened at $10.20 on Friday. The stock has a market capitalization of $1.06 billion, a P/E ratio of -37.78 and a beta of 2.62. TrueCar Inc has a 1 year low of $8.75 and a 1 year high of $14.55. The company has a current ratio of 5.66, a quick ratio of 5.66 and a debt-to-equity ratio of 0.07.

TrueCar (NASDAQ:TRUE) last announced its quarterly earnings results on Tuesday, November 6th. The technology company reported $0.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.01). The firm had revenue of $93.59 million during the quarter, compared to the consensus estimate of $93.89 million. TrueCar had a negative return on equity of 7.56% and a negative net margin of 8.80%. The business’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.02 EPS. As a group, analysts expect that TrueCar Inc will post -0.27 earnings per share for the current fiscal year.

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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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Institutional Ownership by Quarter for TrueCar (NASDAQ:TRUE)

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