HyreCar (NASDAQ:HYRE) Upgraded to Buy by Zacks Investment Research

HyreCar (NASDAQ:HYRE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The firm presently has a $2.25 price objective on the stock. Zacks Investment Research‘s target price suggests a potential upside of 33.14% from the company’s previous close.

According to Zacks, “HyreCar Inc. operates as a platform as a service company. It offers a car-sharing platform which allows car owners to rent their idle cars to ride-sharing service drivers. HyreCar Inc. is based in Los Angeles, United States. “

Separately, ValuEngine upgraded shares of HyreCar from a “hold” rating to a “buy” rating in a research note on Monday, December 16th. Six analysts have rated the stock with a buy rating, The stock presently has an average rating of “Buy” and a consensus target price of $6.20.

Shares of HyreCar stock opened at $1.69 on Thursday. HyreCar has a 1 year low of $1.50 and a 1 year high of $7.30. The company has a market capitalization of $33.10 million, a P/E ratio of -1.97 and a beta of 1.10. The company’s fifty day moving average is $2.81 and its two-hundred day moving average is $2.66.

HyreCar (NASDAQ:HYRE) last issued its quarterly earnings data on Wednesday, March 25th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.19) by ($0.12). HyreCar had a negative return on equity of 101.83% and a negative net margin of 70.49%. The business had revenue of $4.90 million for the quarter, compared to analysts’ expectations of $4.70 million. As a group, sell-side analysts anticipate that HyreCar will post -0.76 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. Lynrock Lake LP lifted its stake in shares of HyreCar by 84.0% in the 4th quarter. Lynrock Lake LP now owns 1,428,958 shares of the company’s stock worth $3,758,000 after acquiring an additional 652,292 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of HyreCar by 300.4% in the 4th quarter. Bank of New York Mellon Corp now owns 61,532 shares of the company’s stock worth $162,000 after acquiring an additional 46,166 shares during the period. Finally, Sage Rhino Capital LLC lifted its stake in shares of HyreCar by 112.1% in the 4th quarter. Sage Rhino Capital LLC now owns 123,000 shares of the company’s stock worth $381,000 after acquiring an additional 65,000 shares during the period. Institutional investors own 30.31% of the company’s stock.

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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