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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.
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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