Zacks: Brokerages Set $9.00 Price Target for HyreCar Inc (NASDAQ:HYRE)

HyreCar Inc (NASDAQ:HYRE) has received a consensus broker rating score of 1.33 (Strong Buy) from the three analysts that provide coverage for the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a buy rating and two have issued a strong buy rating on the company. HyreCar’s rating score has improved by 11.3% in the last 90 days as a result of various analysts’ ratings changes.

Brokerages have set a 1-year consensus target price of $9.00 for the company and are predicting that the company will post ($0.13) earnings per share for the current quarter, according to Zacks. Zacks has also assigned HyreCar an industry rank of 106 out of 256 based on the ratings given to its competitors.

HYRE has been the topic of several analyst reports. Maxim Group set a $6.00 target price on Achieve Life Sciences and gave the stock a “buy” rating in a report on Friday, June 21st. Zacks Investment Research lowered Phoenix New Media from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Northland Securities initiated coverage on Daseke in a report on Tuesday, May 21st. They set a “buy” rating and a $8.50 target price on the stock.

In other HyreCar news, CFO Robert Scott Brogi purchased 22,365 shares of the stock in a transaction on Wednesday, May 29th. The shares were purchased at an average price of $4.00 per share, with a total value of $89,460.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 20.51% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in HYRE. Alambic Investment Management L.P. bought a new position in HyreCar in the 1st quarter valued at about $82,000. Spark Investment Management LLC bought a new position in HyreCar in the 1st quarter valued at about $170,000. Jane Street Group LLC lifted its position in 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 acquiring an additional 81,068 shares in the last quarter. Finally, EAM Global Investors LLC bought a new position in HyreCar in the 1st quarter valued at about $910,000. 22.09% of the stock is currently owned by hedge funds and other institutional investors.

HYRE traded up $0.06 on Friday, hitting $3.16. 15,638 shares of the company were exchanged, compared to its average volume of 264,037. HyreCar has a 12 month low of $1.54 and a 12 month high of $8.03. The company has a market cap of $38.63 million and a P/E ratio of -2.40. The company has a fifty day moving average price of $4.04.

HyreCar (NASDAQ:HYRE) last released its earnings results on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.03. HyreCar had a negative return on equity of 146.35% 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 predict that HyreCar will post -0.4 EPS for the current year.

HyreCar Company Profile

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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