HyreCar (NASDAQ:HYRE) Shares Up 16.2%

HyreCar Inc (NASDAQ:HYRE)’s stock price shot up 16.2% during trading on Friday . The stock traded as high as $2.64 and last traded at $2.51, 512,900 shares changed hands during trading. An increase of 27% from the average session volume of 403,846 shares. The stock had previously closed at $2.16.

Several brokerages recently commented on HYRE. LADENBURG THALM/SH SH began coverage on HyreCar in a report on Tuesday, July 30th. They set a “buy” rating and a $8.25 target price on the stock. Lake Street Capital dropped their target price on HyreCar from $9.00 to $7.00 in a report on Wednesday, October 23rd. Zacks Investment Research cut HyreCar from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. ValuEngine cut HyreCar from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Finally, Maxim Group dropped their target price on HyreCar from $10.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $6.50.

The company has a market cap of $35.89 million, a P/E ratio of -1.92 and a beta of 1.68. The company has a fifty day simple moving average of $2.38 and a 200-day simple moving average of $3.34.

HyreCar (NASDAQ:HYRE) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.09). The company had revenue of $3.71 million during the quarter, compared to the consensus estimate of $3.91 million. HyreCar had a negative net margin of 70.49% and a negative return on equity of 101.83%. On average, analysts forecast that HyreCar Inc will post -0.75 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Northern Trust Corp bought a new position in shares of HyreCar in the second quarter valued at $44,000. Susquehanna International Group LLP bought a new position in shares of HyreCar in the second quarter valued at $94,000. Sage Rhino Capital LLC bought a new position in shares of HyreCar in the third quarter valued at $145,000. Balter Liquid Alternatives LLC increased its holdings in shares of HyreCar by 9.7% in the second quarter. Balter Liquid Alternatives LLC now owns 142,921 shares of the company’s stock valued at $600,000 after buying an additional 12,678 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust bought a new position in shares of HyreCar in the third quarter valued at $469,000. 22.35% of the stock is currently owned by institutional investors.

HyreCar Company Profile (NASDAQ:HYRE)

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.

Further Reading: Convertible Shares

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