HyreCar (NASDAQ:HYRE) Raised to Buy at ValuEngine

HyreCar (NASDAQ:HYRE) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Wednesday, November 6th, ValuEngine reports.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.

Several other equities analysts also recently weighed in on the company. Lake Street Capital reduced their target price on HyreCar from $9.00 to $7.00 in a research report on Wednesday, October 23rd. Northland Securities reaffirmed a “buy” rating and set a $6.50 price target on shares of HyreCar in a report on Wednesday, November 6th. LADENBURG THALM/SH SH began coverage on shares of HyreCar in a report on Tuesday, July 30th. They issued a “buy” rating and a $8.25 price objective on the stock. Maxim Group decreased their price target 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. Finally, Zacks Investment Research lowered shares of HyreCar from a “buy” rating to a “hold” rating in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $6.50.

HYRE stock opened at $2.50 on Wednesday. The company’s 50 day moving average price is $2.40 and its 200 day moving average price is $3.20. HyreCar has a fifty-two week low of $1.54 and a fifty-two week high of $8.03.

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

Several hedge funds have recently bought and sold shares of HYRE. Northern Trust Corp bought a new stake in HyreCar during the second quarter valued at $44,000. Balter Liquid Alternatives LLC boosted its position 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 purchasing an additional 12,678 shares during the period. Susquehanna International Group LLP acquired a new position in HyreCar during the 2nd quarter valued at approximately $94,000. Sage Rhino Capital LLC acquired a new position in HyreCar during the 3rd quarter valued at approximately $145,000. Finally, Allianz Asset Management GmbH grew its stake in HyreCar by 19.0% during the 2nd quarter. Allianz Asset Management GmbH now owns 392,254 shares of the company’s stock worth $1,647,000 after buying an additional 62,600 shares during the last quarter. 26.32% of the stock is currently owned by institutional investors and hedge funds.

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.

Recommended Story: Google Finance Portfolio Workaround

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

Leave a Reply

Your email address will not be published. Required fields are marked *