Lake Street Capital Initiates Coverage on HyreCar (NASDAQ:HYRE)

Lake Street Capital began coverage on shares of HyreCar (NASDAQ:HYRE) in a research note published on Wednesday morning, The Fly reports. The brokerage issued a buy rating and a $9.00 price objective on the stock.

Other equities analysts also recently issued reports about the company. Northland Securities restated a buy rating and set a $8.00 price target on shares of HyreCar in a report on Tuesday, May 21st. Maxim Group restated a buy rating and set a $10.00 price target on shares of HyreCar in a report on Thursday, August 1st. LADENBURG THALM/SH SH initiated coverage on HyreCar in a report on Tuesday, July 30th. They set a buy rating and a $8.25 price target for the company. Finally, Zacks Investment Research downgraded HyreCar from a buy rating to a hold rating in a report on Tuesday, July 23rd. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of Buy and an average price target of $7.04.

HyreCar stock traded down $0.11 on Wednesday, hitting $3.01. 172,156 shares of the stock traded hands, compared to its average volume of 298,726. The firm has a fifty day moving average of $3.57. HyreCar has a 1 year low of $1.54 and a 1 year high of $8.03.

HyreCar (NASDAQ:HYRE) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.03. The business had revenue of $3.51 million during the quarter, compared to analyst estimates of $3.50 million. HyreCar had a negative return on equity of 146.35% and a negative net margin of 96.10%. As a group, equities analysts expect that HyreCar will post -0.36 EPS for the current year.

In related news, CFO Robert Scott Brogi purchased 22,365 shares of HyreCar stock in a transaction dated Wednesday, May 29th. The stock was purchased at an average cost of $4.00 per share, for a total transaction of $89,460.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 20.51% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HYRE. Alambic Investment Management L.P. bought a new stake in HyreCar in the 1st quarter worth about $82,000. Spark Investment Management LLC bought a new stake in shares of HyreCar during the 1st quarter valued at about $170,000. Jane Street Group LLC grew its stake in shares of HyreCar by 300.1% during the 4th quarter. Jane Street Group LLC now owns 108,079 shares of the company’s stock valued at $258,000 after purchasing an additional 81,068 shares during the period. Balter Liquid Alternatives LLC grew its stake in shares of HyreCar by 9.7% during the 2nd quarter. Balter Liquid Alternatives LLC now owns 142,921 shares of the company’s stock valued at $600,000 after purchasing an additional 12,678 shares during the period. Finally, EAM Global Investors LLC bought a new stake in shares of HyreCar during the 1st quarter valued at about $910,000. Institutional investors own 22.11% 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 PassTime to deliver dealer-focused vehicle tracking and inventory management solution.

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Analyst Recommendations for HyreCar (NASDAQ:HYRE)

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