HyreCar (NASDAQ:HYRE) Stock Price Up 5.6%


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HyreCar Inc. (NASDAQ:HYRE) shares rose 5.6% on Wednesday . The company traded as high as $8.80 and last traded at $8.55. Approximately 589,434 shares were traded during trading, an increase of 76% from the average daily volume of 335,667 shares. The stock had previously closed at $8.10.

HYRE has been the subject of a number of recent research reports. ValuEngine downgraded shares of HyreCar from a “buy” rating to a “hold” rating in a research note on Tuesday, December 1st. Zacks Investment Research downgraded shares of HyreCar from a “buy” rating to a “hold” rating in a research note on Wednesday, October 14th. Finally, LADENBURG THALM/SH SH upped their target price on shares of HyreCar from $5.25 to $6.35 and gave the company a “buy” rating in a research note on Thursday, November 12th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $5.77.

The company has a debt-to-equity ratio of 3.48, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $151.57 million, a P/E ratio of -9.72 and a beta of 3.01. The company’s 50 day simple moving average is $7.24 and its 200 day simple moving average is $4.59.

HyreCar (NASDAQ:HYRE) last issued its earnings results on Monday, November 16th. The company reported ($0.10) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.13) by $0.03. HyreCar had a negative net margin of 63.49% and a negative return on equity of 481.90%. The firm had revenue of $6.81 million during the quarter, compared to the consensus estimate of $6.42 million. On average, equities research analysts predict that HyreCar Inc. will post -0.68 earnings per share for the current year.

Large investors have recently modified their holdings of the business. Jane Street Group LLC acquired a new position in shares of HyreCar in the second quarter valued at approximately $32,000. Malaga Cove Capital LLC acquired a new position in shares of HyreCar in the third quarter valued at approximately $35,000. One68 Global Capital LLC acquired a new position in shares of HyreCar in the third quarter valued at approximately $45,000. Royce & Associates LP acquired a new position in shares of HyreCar in the third quarter valued at approximately $120,000. Finally, Squarepoint Ops LLC boosted its holdings in shares of HyreCar by 400.0% in the third quarter. Squarepoint Ops LLC now owns 68,969 shares of the company’s stock valued at $217,000 after buying an additional 55,176 shares during the period. 31.22% of the stock is owned by hedge funds and other institutional investors.

About HyreCar (NASDAQ:HYRE)

HyreCar Inc, together with subsidiaries, 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. HyreCar Inc was founded in 2014 and is headquartered in Los Angeles, California.

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