Maxim Group analyst James Jang initiated coverage with a Buy rating on TuanChe Limited (TC) today and set a price target of $13. The company’s shares opened today at $6.35.
Jang wrote:
“We are initiating coverage of TuanChe (TC), an omnichannel automotive marketplace which is disrupting the Chinese market with an asset-light business model, with a Buy rating.”
According to TipRanks.com, Jang is a 3-star analyst with an average return of 1.6% and a 32.3% success rate. Jang covers the Services sector, focusing on stocks such as Sino-Global Shipping America, Dynagas LNG Partners LP, and Nordic American Tanker.
Currently, the analyst consensus on TuanChe Limited is a Moderate Buy with an average price target of $13.
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Based on TuanChe Limited’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $5.75 million. In comparison, last year the company had a GAAP net loss of $1.36 million.
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TuanChe Ltd. is a holding company, which engages in the the operation of providing auto shows, group-purchase facilitation, and electric vehicle sales facilitation. It focuses on marketing solutions and virtual dealership services. The company was founded by Wei Wen and Jian Chen Sun in 2010 and is headquartered in Beijing, China.
