HyreCar’s (HYRE) Buy Rating Reaffirmed at Northland Securities

Northland Securities reiterated their buy rating on shares of HyreCar (NASDAQ:HYRE) in a report released on Tuesday morning, AnalystRatings.com reports. They currently have a $8.00 target price on the stock.

“We come away from the call with a better understanding of the dealer side of HYRE’s business, market trends and the value-add for a dealer to be on the HyreCar platform. Brian Allan has 39 years of dealer experience and a lot of insight into dealers businesses and his slides were very helpful in understanding the trends affecting dealers. Key Points HYRE is basically bringing technology enablement to dealers so they can participate in this ride sharing marketplace and sell and service more cars and customers. Remember a dealer can sign up for HyreCar for free and start generating revenue right away. As Brian noted the dealer already has the inventory, parts and service, and people.”,” Northland Securities’ analyst commented.

Separately, Zacks Investment Research downgraded HyreCar from a hold rating to a sell rating in a research report on Thursday, May 16th.

Shares of HYRE opened at $4.20 on Tuesday. HyreCar has a 52-week low of $1.54 and a 52-week high of $8.03. The firm has a market capitalization of $52.28 million and a price-to-earnings ratio of -3.21.

HyreCar (NASDAQ:HYRE) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.03. HyreCar had a negative return on equity of 160.82% and a negative net margin of 96.10%. The firm had revenue of $3.51 million during the quarter, compared to the consensus estimate of $3.50 million. On average, equities research analysts expect that HyreCar will post -0.45 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of HyreCar by 37.8% during the first quarter. BlackRock Inc. now owns 7,286 shares of the company’s stock worth $37,000 after acquiring an additional 1,999 shares during the last quarter. Morgan Stanley raised its position in shares of HyreCar by 12,714.6% during the first quarter. Morgan Stanley now owns 12,302 shares of the company’s stock worth $62,000 after acquiring an additional 12,206 shares during the last quarter. Alambic Investment Management L.P. bought a new stake in shares of HyreCar during the first quarter worth $82,000. Spark Investment Management LLC bought a new stake in shares of HyreCar during the first quarter worth $170,000. Finally, Jane Street Group LLC raised its position in shares of HyreCar by 300.1% during the fourth quarter. Jane Street Group LLC now owns 108,079 shares of the company’s stock worth $258,000 after acquiring an additional 81,068 shares during the last quarter. Institutional investors own 11.63% of the company’s stock.

HyreCar Company Profile

HyreCar Inc operates a Web-based car-sharing marketplace in the United States. Its marketplace allows car owners to rent their idle cars to ride-sharing service drivers, such as Uber and Lyft drivers. The company has a strategic partnership with DriveItAway and the PassTime to deliver dealer-focused vehicle tracking and inventory management solution.

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