HyreCar (NASDAQ:HYRE) Stock Price Down 1.2%

HyreCar Inc. (NASDAQ:HYREGet Rating) shares traded down 1.2% during trading on Thursday . The stock traded as low as $0.65 and last traded at $0.70. 310,465 shares changed hands during trading, an increase of 33% from the average session volume of 234,111 shares. The stock had previously closed at $0.71.

A number of equities analysts have recently issued reports on the company. Maxim Group cut their target price on HyreCar from $8.00 to $4.00 in a research note on Wednesday, May 18th. DA Davidson cut their target price on HyreCar from $16.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, March 16th. Finally, Northland Securities cut their target price on HyreCar from $18.00 to $7.00 in a research note on Wednesday, March 16th.

The firm has a market capitalization of $15.26 million, a PE ratio of -0.63 and a beta of 2.82. The business has a 50 day moving average price of $1.17 and a 200-day moving average price of $2.58.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Meridian Wealth Management LLC purchased a new position in HyreCar in the 4th quarter valued at approximately $47,000. Two Sigma Advisers LP increased its stake in HyreCar by 60.3% in the 3rd quarter. Two Sigma Advisers LP now owns 43,600 shares of the company’s stock valued at $371,000 after purchasing an additional 16,400 shares in the last quarter. Cubist Systematic Strategies LLC increased its stake in HyreCar by 353.7% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 87,708 shares of the company’s stock valued at $746,000 after purchasing an additional 68,378 shares in the last quarter. Two Sigma Investments LP increased its stake in HyreCar by 542.8% in the 3rd quarter. Two Sigma Investments LP now owns 187,365 shares of the company’s stock valued at $1,593,000 after purchasing an additional 158,218 shares in the last quarter. Finally, P.A.W. Capital Corp increased its stake in HyreCar by 33.3% in the 4th quarter. P.A.W. Capital Corp now owns 240,000 shares of the company’s stock valued at $1,130,000 after purchasing an additional 60,000 shares in the last quarter. 66.01% 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 and fleet owners to rent their idle cars to ride-sharing service drivers, such as Uber and Lyft drivers. HyreCar Inc was incorporated in 2014 and is headquartered in Los Angeles, California.

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