November 10, 2019 at 5:13 pm

HyreCar Inc (NASDAQ:HYRE) Receives $7.19 Average Price Target from Brokerages

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HyreCar Inc (NASDAQ:HYRE) has received a consensus recommendation of “Buy” from the six ratings firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating and four have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $7.19.

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A number of research analysts recently issued reports on HYRE shares. Maxim Group decreased their target price on shares of HyreCar from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Zacks Investment Research downgraded shares of HyreCar from a “hold” rating to a “sell” rating in a research report on Thursday. Northland Securities reiterated a “buy” rating and issued a $6.50 price objective on shares of HyreCar in a research report on Wednesday. ValuEngine upgraded shares of HyreCar from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, LADENBURG THALM/SH SH initiated coverage on shares of HyreCar in a research report on Tuesday, July 30th. They issued a “buy” rating and a $8.25 price objective for the company.

NASDAQ HYRE traded up $0.08 on Thursday, hitting $2.22. The stock had a trading volume of 167,900 shares, compared to its average volume of 416,251. The stock has a market cap of $41.39 million, a price-to-earnings ratio of -1.69 and a beta of 1.68. The business’s fifty day moving average price is $2.46 and its 200 day moving average price is $3.54. HyreCar has a 52-week low of $1.54 and a 52-week high of $8.03.

HyreCar (NASDAQ:HYRE) last posted its earnings results on Wednesday, August 14th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.19. The company had revenue of $3.82 million during the quarter, compared to the consensus estimate of $3.90 million. HyreCar had a negative net margin of 70.49% and a negative return on equity of 139.83%. On average, analysts predict that HyreCar will post -0.51 EPS for the current fiscal year.

Several institutional investors have recently modified their holdings of HYRE. Northern Trust Corp purchased a new stake in shares of HyreCar during the second quarter worth about $44,000. Susquehanna International Group LLP purchased a new stake in shares of HyreCar during the second quarter worth about $94,000. Sage Rhino Capital LLC purchased a new stake in shares of HyreCar during the third quarter worth about $145,000. Balter Liquid Alternatives LLC increased its stake in shares of HyreCar by 9.7% during the second quarter. Balter Liquid Alternatives LLC now owns 142,921 shares of the company’s stock worth $600,000 after purchasing an additional 12,678 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in shares of HyreCar during the third quarter worth about $469,000. Institutional investors and hedge funds own 20.56% 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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