TrueCar, Inc. (NASDAQ:TRUE) is among the top gainers of the stock market today, skyrocketing 4.66% or (0.25 points) to $5.51 from its previous close of $5.26. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 4494754 contracts so far this session. TRUE shares had a relatively better volume day versus average trading capacity of 1.84 million shares, but with a 93.05 million float and a -0.94% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for TRUE stock indicates that the average analyst price target is $7.58 per share. This means the stock has a potential increase of 37.57% from where the TRUE share price has been trading recently which is between $5.25 and $5.45. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $5.25.
The shorts are running away from TrueCar, Inc. (TRUE) stock. The latest set of short interest data was released on 31 May 2019, and the numbers show a drop in short interest in TRUE shares. While short interest still represents only 9.78% of TRUE’s float, the number of shares shorted have fallen by -2052624. The number of shares shorted fell to 7051017 shares, down from 9103641 shares during the preceding fortnight. With average daily trading volumes at 1978462 shares, days to cover increased to about 2.662744 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “TrueCar News: TRUE Stock Drives Lower on CEO Exit” and dated June 03, 2019.
During the recent trading session for TrueCar, Inc. (NASDAQ:TRUE), the company witnessed their stock rise $0.1 over a week and tumble down $-1.23 from the price 20 days ago. When compared to their established 52-week high of $14.55, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 09/21/18. The recent low of $5.02 stood for a -62.16% since 06/04/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.7 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for TrueCar, Inc., the two-week RSI stands at 38.22. This figure suggests that TRUE stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current TRUE readings is similarly very revealing as it has a stochastic reading of 21.43% at this stage. This figure means that TRUE share price today is being overbought.
Technical chart claims that TrueCar, Inc. (TRUE) would settle between $5.39/share to $5.52/share level. However, if the stock price goes below the $5.19 mark, then the market for TrueCar, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $5.12 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.11. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at The Benchmark Company lowered their recommendation on shares of TRUE from Buy to Hold in their opinion released on March 25. Goldman, analysts launched coverage of TrueCar, Inc. (NASDAQ:TRUE) stock with a Sell recommendation, according to their flash note issued to investors on March 18. Analysts at RBC Capital Mkts lowered the stock to a Sector Perform call from its previous Outperform recommendation, in a research note that dated back to February 15.
TRUE equity has an average rating of 3, with the figure leaning towards a bullish end. 14 analysts who tracked the company were contacted by Reuters. Amongst them, 11 rated the stock as a hold while the remaining 3 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 1 analysts rated TrueCar, Inc. (NASDAQ:TRUE) as a buy or a strong buy while 2 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, TRUE stock price is currently trading at 37.3X forward 12-month Consensus EPS estimates, and its P/S ratio is 5.17 while for the average stock in the same group, the multiple is 7.82.
TrueCar, Inc. (TRUE)’s current-quarter revenues are projected to climb by nearly 2.13% to hit $89.73 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 3.86% from $353570 to a noteworthy $367210. At the other end of the current quarter income statement, TrueCar, Inc. is expected to see its adjusted earnings surge by roughly -66.67% to hit $0.01 per share. For the fiscal year, TRUE’s earnings are projected to climb by roughly -18.18% to hit $0.09 per share.