With the constant barrage of attacks that the consumer economy absorbed since the start of the COVID-19 crisis, it’s an accomplishment that TrueCar (TRUE) – an automotive pricing and information website for new and used car buyers – managed to print a positive return so far this year. Unfortunately, TRUE stock suffered a hefty blow on Tuesday, which might undermine the aforementioned achievement.
To be sure, momentum technically remains optimistic for TRUE stock. In the trailing one-month period, shares gained almost 20% of equity value. For the year, they’re up 1.58%. However, the sharp fall of nearly 5% on the May 9 session following a not-so-encouraging earnings report for the first quarter has many investors rushing for the exits. Unless economic circumstances improve, more people may decide to call it a day.
