Cannell Capital LLC recently announced the acquisition of new stake in TrueCar Inc. (NASDAQ:TRUE). The institutional investor has increased its shareholding in the Communication Services company by 22.45% to 6.91 million shares with purchase of 1.27 million shares. This fresh investment now brings its stake to 7.84% valued currently at $17.2 million. In addition, Acadian Asset Management LLC raised its holdings by 0.55 million to 1.61 million shares.
With over 0.4 million TrueCar Inc. (TRUE) shares trading Tuesday and a closing price of $2.98 on the day, the dollar volume was approximately $1.18 million. The shares have shown a positive half year performance of 14.18% and its price on 01/10/23 gained nearly 4.56%. Currently, there are 90.69M common shares owned by the public and among those 73.29M shares have been available to trade.
Insiders at the company have transacted a total of 48 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 14 of these insider trades were purchases, accounting for 1,175,301 shares. Insider sales of the common stock occurred on 34 occasions, with total insider shares sold totaling 204,197 shares.
The top 3 mutual fund holders in TrueCar Inc. are Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and Vanguard Extended Market Index Fu. Vanguard Total Stock Market Index owns 2.55 million shares of the company’s stock, all valued at over $6.34 million. The company bought an additional 0.13 million shares recently to bring their total holdings to about 2.89% of the shares outstanding. iShares Russell 2000 ETF bought 4272.0 shares to see its total holdings expand to 2.1 million shares valued at over $5.23 million and representing 2.39% of the shares outstanding. Vanguard Extended Market Index Fu now owns shares totaling to 1.26% of the shares outstanding.
Shares of TrueCar Inc. (NASDAQ: TRUE) opened at $2.83, down -$0.02 from a prior closing price of $2.85. However, the script later moved the day high at 2.9900, up 4.56%. The company’s stock has a 5-day price change of 17.79% and 112.86% over the past three months. TRUE shares are trading 18.73% year to date (YTD), with the 12-month market performance down to -20.74% lower. It has a 12-month low price of $1.30 and touched a high of $4.09 over the same period. TRUE has an average intraday trading volume of 596.43K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 19.92%, 25.70%, and 14.74% respectively.
Institutional ownership of TrueCar Inc. (NASDAQ: TRUE) shares accounts for 93.20% of the company’s 90.69M shares outstanding. Mutual fund holders own 43.50%, while other institutional holders and individual stakeholders account for 62.96% and 20.07% respectively.
It has a market capitalization of $254.82M and a beta (3y monthly) value of 1.32. The earnings-per-share (ttm) stands at -$1.26. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.81% over the week and 5.65% over the month.
Analysts forecast that TrueCar Inc. (TRUE) will achieve an EPS of -$0.11 for the current quarter, -$0.11 for the next quarter and -$0.36 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.13 while analysts give the company a high EPS estimate of -$0.08. Comparatively, EPS for the current quarter was -$0.02 a year ago. Earnings per share for the fiscal year are expected to decrease by -111.20%, and 11.40% over the next financial year.
Looking at the support for the TRUE, a number of firms have released research notes about the stock. BTIG Research stated their Buy rating for the stock in a research note on November 09, 2022, with the firm’s price target at $3. BTIG Research on their part issued Neutral rating on October 27, 2021.