HyreCar Inc (NASDAQ:HYRE) Receives $7.56 Consensus Target Price from Brokerages

HyreCar Inc (NASDAQ:HYRE) has earned a consensus recommendation of “Buy” from the six analysts that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $7.56.

A number of research firms have commented on HYRE. LADENBURG THALM/SH SH began coverage on HyreCar in a research note on Tuesday, July 30th. They issued a “buy” rating and a $8.25 price target for the company. Maxim Group reiterated a “buy” rating and issued a $10.00 price target on shares of HyreCar in a research note on Thursday, August 1st. Zacks Investment Research cut HyreCar from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Finally, Northland Securities reiterated a “buy” rating and issued a $8.00 price target on shares of HyreCar in a research note on Tuesday, May 21st.

In other HyreCar news, CFO Robert Scott Brogi purchased 22,365 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was bought at an average cost of $4.00 per share, for a total transaction of $89,460.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 20.51% of the company’s stock.

Several large investors have recently made changes to their positions in HYRE. Jane Street Group LLC raised its stake in shares of HyreCar by 300.1% in the fourth quarter. Jane Street Group LLC now owns 108,079 shares of the company’s stock worth $258,000 after purchasing an additional 81,068 shares during the last quarter. Spark Investment Management LLC purchased a new position in shares of HyreCar in the first quarter worth about $170,000. Alambic Investment Management L.P. purchased a new position in shares of HyreCar in the first quarter worth about $82,000. EAM Global Investors LLC purchased a new position in shares of HyreCar in the first quarter worth about $910,000. Finally, Balter Liquid Alternatives LLC raised its stake 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 worth $600,000 after purchasing an additional 12,678 shares during the last quarter. Hedge funds and other institutional investors own 22.11% of the company’s stock.

Shares of NASDAQ HYRE traded down $0.14 during mid-day trading on Tuesday, reaching $3.09. 195,576 shares of the company were exchanged, compared to its average volume of 494,752. The firm has a market capitalization of $37.98 million, a PE ratio of -2.36 and a beta of 1.69. HyreCar has a 1 year low of $1.54 and a 1 year high of $8.03. The business has a 50-day simple moving average of $3.66.

HyreCar (NASDAQ:HYRE) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. HyreCar had a negative return on equity of 146.35% and a negative net margin of 96.10%. The firm had revenue of $3.51 million during the quarter, compared to analysts’ expectations of $3.50 million. On average, analysts predict that HyreCar will post -0.36 EPS for the current year.

About HyreCar

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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