Maxim Group started coverage on shares of HyreCar (NASDAQ:HYRE) in a research report released on Friday, AnalystRatings.com reports. The firm issued a buy rating and a $10.00 target price on the stock.
“Offering a platform for connecting car owners to ride-sharing drivers fills a large, unmet need in a fast-growing market. We expect hyper-growth — 58% average annual revenue growth rate over the next three years — as driver demand for cars is running at 10x the existing supply of vehicles approved by ride-sharing companies. Signing up new auto dealerships to add cars to the platform, and new insurance coverage plans should accelerate revenue and gross margins as we believe HYRE is on path to become a much larger, profitable company. We initiate coverage with a Buy rating and $10 price target based on 4x EV to our 2020E revenue and supported by our DCF analysis.”,” the firm’s analyst wrote.
Several other analysts have also recently commented on HYRE. Zacks Investment Research cut shares of HyreCar from a hold rating to a sell rating in a research report on Thursday, February 21st. Northland Securities reiterated a buy rating and set a $8.00 target price on shares of HyreCar in a research report on Tuesday, May 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. HyreCar has an average rating of Hold and a consensus price target of $6.25.
HYRE stock opened at $4.25 on Friday. The stock has a 50 day moving average of $4.54. HyreCar has a fifty-two week low of $1.54 and a fifty-two week high of $8.03. The company has a market cap of $56.97 million and a PE ratio of -3.24.
HyreCar (NASDAQ:HYRE) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.03. HyreCar had a negative net margin of 96.10% and a negative return on equity of 146.35%. The firm had revenue of $3.51 million during the quarter, compared to analysts’ expectations of $3.50 million. As a group, research analysts forecast that HyreCar will post -0.4 EPS for the current year.
In other HyreCar news, CFO Robert Scott Brogi bought 22,365 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was bought at an average price of $4.00 per share, for a total transaction of $89,460.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 20.51% of the company’s stock.
Institutional investors have recently modified their holdings of the business. EAM Global Investors LLC bought a new stake in shares of HyreCar during the 1st quarter valued at $910,000. Alambic Investment Management L.P. acquired a new position in shares of HyreCar in the 1st quarter valued at $82,000. Jane Street Group LLC grew its holdings in shares of HyreCar by 300.1% in 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 during the period. Finally, Spark Investment Management LLC acquired a new position in shares of HyreCar in the 1st quarter valued at $170,000. Institutional investors own 22.09% of the company’s stock.
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.
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