Maxim Group Thinks TuanChe Limited’s Stock is Going to Recover

By Ryan Adsit

In a report released yesterday, Allen Klee from Maxim Group reiterated a Buy rating on TuanChe Limited (TCResearch Report), with a price target of $13. The company’s shares closed yesterday at $3.20, close to its 52-week low of $2.71.

Klee wrote:

“TuanChe announced its proposed acquisition of Longye International Limited, a social customer relationship management (CRM) SaaS company serving Chinese auto dealers.”

According to TipRanks.com, Klee is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -20.0% and a 22.9% success rate. Klee covers the Technology sector, focusing on stocks such as Sify Technologies Limited, Dolphin Entertainment Inc, and ATN International Inc.

TuanChe Limited has an analyst consensus of Moderate Buy, with a price target consensus of $13.

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Based on TuanChe Limited’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $2.65 million. In comparison, last year the company had a GAAP net loss of $2.32 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.