HyreCar Inc (NASDAQ:HYRE) has been assigned a consensus broker rating score of 1.50 (Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a buy rating and one has assigned a strong buy rating to the company.
Brokerages have set a 1-year consensus target price of $8.50 for the company and are predicting that the company will post ($0.14) earnings per share for the current quarter, according to Zacks. Zacks has also assigned HyreCar an industry rank of 234 out of 256 based on the ratings given to related companies.
HYRE has been the topic of several recent research reports. Zacks Investment Research lowered HyreCar from a “hold” rating to a “sell” rating in a research report on Wednesday, May 22nd. Northland Securities restated a “buy” rating and issued a $8.00 price objective on shares of HyreCar in a research report on Tuesday, May 21st.
In related news, CFO Robert Scott Brogi acquired 22,365 shares of the stock in a transaction on Wednesday, May 29th. The shares were acquired at an average price of $4.00 per share, for a total transaction of $89,460.00. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 20.51% of the company’s stock.
Several large investors have recently made changes to their positions in HYRE. EAM Global Investors LLC purchased a new position in shares of HyreCar during the 1st quarter valued at approximately $910,000. Jane Street Group LLC lifted its position in shares of HyreCar by 300.1% during the 4th quarter. Jane Street Group LLC now owns 108,079 shares of the company’s stock valued at $258,000 after buying an additional 81,068 shares in the last quarter. Spark Investment Management LLC purchased a new position in shares of HyreCar during the 1st quarter valued at approximately $170,000. Alambic Investment Management L.P. purchased a new position in shares of HyreCar during the 1st quarter valued at approximately $82,000. Finally, Morgan Stanley lifted its position in shares of HyreCar by 12,714.6% during the 1st quarter. Morgan Stanley now owns 12,302 shares of the company’s stock valued at $62,000 after buying an additional 12,206 shares in the last quarter. Hedge funds and other institutional investors own 22.26% of the company’s stock.
HyreCar stock traded down $0.07 during mid-day trading on Friday, hitting $3.93. The company had a trading volume of 97,407 shares, compared to its average volume of 245,039. HyreCar has a 12-month low of $1.54 and a 12-month high of $8.03. The firm has a market cap of $48.34 million and a PE ratio of -3.00.
HyreCar (NASDAQ:HYRE) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.03. HyreCar had a negative return on equity of 160.82% and a negative net margin of 96.10%. The business had revenue of $3.51 million for the quarter, compared to analyst estimates of $3.50 million. As a group, sell-side analysts forecast that HyreCar will post -0.4 earnings per share for the current fiscal year.
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 DriveItAway and the PassTime to deliver dealer-focused vehicle tracking and inventory management solution.
Further Reading: Net Margin
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