Menta Capital LLC Invests $1.27 Million in TrueCar, Inc. (TRUE)

Menta Capital LLC bought a new stake in TrueCar, Inc. (NASDAQ:TRUE) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 81,800 shares of the technology company’s stock, valued at approximately $1,265,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Strategic Investment Management LLC bought a new position in shares of TrueCar during the fourth quarter valued at $168,000. Boothbay Fund Management LLC bought a new position in shares of TrueCar during the fourth quarter valued at $275,000. AQR Capital Management LLC boosted its position in shares of TrueCar by 22.5% in the fourth quarter. AQR Capital Management LLC now owns 38,782 shares of the technology company’s stock valued at $485,000 after buying an additional 7,119 shares in the last quarter. Davidson Kempner Capital Management LP boosted its position in shares of TrueCar by 7.8% in the fourth quarter. Davidson Kempner Capital Management LP now owns 900,000 shares of the technology company’s stock valued at $11,241,000 after buying an additional 65,000 shares in the last quarter. Finally, Two Sigma Investments LP bought a new position in shares of TrueCar during the fourth quarter valued at $963,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Institutional Ownership by Quarter for TrueCar (NASDAQ:TRUE)

TrueCar, Inc. (NASDAQ:TRUE) traded up 0.187% during mid-day trading on Friday, hitting $18.785. 517,466 shares of the stock traded hands. TrueCar, Inc. has a 12 month low of $6.91 and a 12 month high of $19.64. The stock’s 50 day moving average is $17.86 and its 200-day moving average is $14.80. The company’s market cap is $1.74 billion.

TrueCar (NASDAQ:TRUE) last announced its earnings results on Tuesday, May 9th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. TrueCar had a negative net margin of 12.64% and a negative return on equity of 13.82%. The firm had revenue of $75.80 million for the quarter, compared to analyst estimates of $73.34 million. During the same quarter last year, the business earned ($0.07) earnings per share. TrueCar’s revenue was up 22.5% compared to the same quarter last year. On average, equities research analysts anticipate that TrueCar, Inc. will post ($0.02) EPS for the current year.

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Several research analysts have recently weighed in on the company. TheStreet upgraded TrueCar from a “d” rating to a “c” rating in a report on Monday, May 15th. B. Riley restated a “buy” rating and set a $21.50 target price on shares of TrueCar in a report on Tuesday, May 2nd. Royal Bank of Canada boosted their target price on TrueCar from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Wednesday, May 10th. Craig Hallum boosted their target price on TrueCar from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, May 10th. Finally, Zacks Investment Research upgraded TrueCar from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a report on Friday, May 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. TrueCar presently has an average rating of “Buy” and a consensus target price of $16.59.

In other TrueCar news, major shareholder Services Automobile Ass United sold 3,132,343 shares of the stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $16.50, for a total transaction of $51,683,659.50. Following the transaction, the insider now owns 8,533,348 shares of the company’s stock, valued at $140,800,242. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Ii L.P. Upfront sold 1,725,000 shares of the stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $15.72, for a total transaction of $27,117,000.00. Following the transaction, the insider now directly owns 3,865,651 shares in the company, valued at approximately $60,768,033.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,178,035 shares of company stock worth $100,592,078. 17.30% of the stock is owned by company insiders.

About TrueCar

TrueCar, Inc is an Internet-based information, technology, and communication services company. The Company has a data-driven online platform, which features market data and analytics. The Company-branded platform is available on its TrueCar Website and mobile applications. It customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for a range of enterprises.

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