Cowen Prime Services LLC Decreases Position in TrueCar Inc (NASDAQ:TRUE)

Cowen Prime Services LLC decreased its position in shares of TrueCar Inc (NASDAQ:TRUE) by 98.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 5,612 shares of the technology company’s stock after selling 477,838 shares during the period. TrueCar comprises about 4.0% of Cowen Prime Services LLC’s holdings, making the stock its 9th largest holding. Cowen Prime Services LLC’s holdings in TrueCar were worth $845,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of TRUE. Amundi Pioneer Asset Management Inc. bought a new position in shares of TrueCar during the 4th quarter valued at $92,000. Amalgamated Bank purchased a new stake in shares of TrueCar in the 4th quarter worth $126,000. Quantamental Technologies LLC increased its stake in shares of TrueCar by 654.8% in the 1st quarter. Quantamental Technologies LLC now owns 14,069 shares of the technology company’s stock worth $93,000 after purchasing an additional 12,205 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of TrueCar by 1,117.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 21,441 shares of the technology company’s stock worth $142,000 after purchasing an additional 19,680 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of TrueCar by 29.0% in the 3rd quarter. Legal & General Group Plc now owns 33,327 shares of the technology company’s stock worth $470,000 after purchasing an additional 7,502 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Shares of TrueCar stock traded down $0.07 during trading on Wednesday, reaching $6.40. 4,012,500 shares of the stock traded hands, compared to its average volume of 1,343,718. The firm has a market cap of $678.06 million, a price-to-earnings ratio of -24.62 and a beta of 2.03. The company has a quick ratio of 6.15, a current ratio of 5.09 and a debt-to-equity ratio of 0.12. TrueCar Inc has a 52-week low of $5.61 and a 52-week high of $14.55.

TrueCar (NASDAQ:TRUE) last announced its quarterly earnings results on Thursday, May 9th. The technology company reported ($0.09) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.01. TrueCar had a negative net margin of 9.39% and a negative return on equity of 7.97%. The firm had revenue of $85.60 million during the quarter, compared to the consensus estimate of $84.99 million. During the same quarter last year, the firm earned $0.01 EPS. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, equities analysts expect that TrueCar Inc will post -0.27 EPS for the current fiscal year.

In related news, EVP Robert Mcclung sold 7,736 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $6.90, for a total value of $53,378.40. Following the completion of the transaction, the executive vice president now owns 105,070 shares of the company’s stock, valued at approximately $724,983. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 9,043 shares of company stock valued at $61,681. 7.00% of the stock is owned by insiders.

Several equities research analysts have recently commented on TRUE shares. Goldman Sachs Group restated a “sell” rating and issued a $6.00 price objective (down from $7.00) on shares of TrueCar in a research note on Monday, March 18th. Zacks Investment Research upgraded TrueCar from a “sell” rating to a “hold” rating in a research note on Thursday, February 21st. B. Riley reiterated a “neutral” rating and issued a $9.50 price target (down previously from $16.50) on shares of TrueCar in a research note on Friday, February 15th. Craig Hallum lowered TrueCar from a “buy” rating to a “hold” rating and set a $10.00 price target for the company. in a research note on Friday, February 15th. Finally, Benchmark lowered TrueCar from a “buy” rating to a “hold” rating and set a $11.00 price target for the company. in a research note on Monday, March 25th. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $9.91.

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TrueCar 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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