HyreCar (NASDAQ:HYRE) Raised to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of HyreCar (NASDAQ:HYRE) from a hold rating to a strong-buy rating in a research note released on Thursday morning, Zacks.com reports. The firm currently has $3.75 target price on the stock.

According to Zacks, “HyreCar Inc. operates as a platform as a service company. It offers a car-sharing platform which allows car owners to rent their idle cars to ride-sharing service drivers. HyreCar Inc. is based in Los Angeles, United States. “

Several other research analysts also recently weighed in on the stock. Lake Street Capital assumed coverage on shares of HyreCar in a research report on Wednesday, August 7th. They set a buy rating and a $9.00 price target for the company. Maxim Group restated a buy rating and set a $10.00 price target on shares of HyreCar in a research report on Friday, August 9th. ValuEngine upgraded shares of HyreCar from a hold rating to a buy rating in a research report on Thursday, August 15th. Northland Securities restated a buy rating and set a $8.00 price target on shares of HyreCar in a research report on Tuesday, May 21st. Finally, LADENBURG THALM/SH SH started coverage on shares of HyreCar in a research note on Tuesday, July 30th. They set a buy rating and a $8.25 price objective for the company. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $7.17.

HYRE opened at $3.16 on Thursday. HyreCar has a twelve month low of $1.54 and a twelve month high of $8.03. The company has a 50-day moving average price of $3.26 and a 200 day moving average price of $4.54.

In other HyreCar news, CFO Robert Scott Brogi acquired 22,365 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was bought at an average price of $4.00 per share, with a total value of $89,460.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 20.51% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in HYRE. Northern Trust Corp purchased a new stake in HyreCar during the 2nd quarter valued at about $44,000. Alambic Investment Management L.P. purchased a new stake in HyreCar during the 1st quarter valued at about $82,000. Susquehanna International Group LLP purchased a new stake in HyreCar during the 2nd quarter valued at about $94,000. Spark Investment Management LLC purchased a new stake in HyreCar during the 1st quarter valued at about $170,000. Finally, Balter Liquid Alternatives LLC grew its stake in 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 acquiring an additional 12,678 shares in the last quarter. 24.05% of the stock is owned by institutional investors.

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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Analyst Recommendations for HyreCar (NASDAQ:HYRE)

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