HyreCar (NASDAQ:HYRE) Upgraded to Buy by ValuEngine

ValuEngine upgraded shares of HyreCar (NASDAQ:HYRE) from a hold rating to a buy rating in a research note released on Wednesday morning, ValuEngine reports.

A number of other brokerages also recently weighed in on HYRE. LADENBURG THALM/SH SH began coverage on HyreCar in a research report on Tuesday, July 30th. They set a buy rating and a $8.25 price target on the stock. Northland Securities reaffirmed a buy rating and issued a $6.50 target price on shares of HyreCar in a research report on Wednesday. Maxim Group decreased their target price on HyreCar from $10.00 to $7.00 and set a buy rating on the stock in a research report on Friday, October 11th. Zacks Investment Research downgraded HyreCar from a buy rating to a hold rating in a research report on Wednesday, October 23rd. Finally, Lake Street Capital decreased their target price on HyreCar from $9.00 to $7.00 in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The company has an average rating of Buy and a consensus price target of $6.50.

Shares of HyreCar stock traded up $0.08 during trading on Wednesday, reaching $2.22. The stock had a trading volume of 167,900 shares, compared to its average volume of 416,251. The stock has a fifty day moving average price of $2.46 and a two-hundred day moving average price of $3.54. The company has a market capitalization of $41.39 million, a price-to-earnings ratio of -1.69 and a beta of 1.68. HyreCar has a 52 week low of $1.54 and a 52 week high of $8.03.

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

Several institutional investors have recently bought and sold shares of HYRE. Northern Trust Corp acquired a new position in shares of HyreCar in the second quarter valued at approximately $44,000. Susquehanna International Group LLP acquired a new position in shares of HyreCar in the second quarter valued at approximately $94,000. Sage Rhino Capital LLC acquired a new position in shares of HyreCar in the third quarter valued at approximately $145,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of HyreCar in the third quarter valued at approximately $469,000. Finally, Balter Liquid Alternatives LLC grew its position 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 purchasing an additional 12,678 shares during the last quarter. 20.56% of the stock is currently owned by institutional investors.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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