HyreCar Inc (NASDAQ:HYRE) was the target of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 254,400 shares, a decrease of 29.5% from the August 15th total of 361,000 shares. Approximately 1.7% of the company’s shares are sold short. Based on an average daily volume of 284,600 shares, the short-interest ratio is presently 0.9 days.
Shares of NASDAQ:HYRE opened at $3.42 on Thursday. The firm has a market cap of $60.51 million, a price-to-earnings ratio of -3.35 and a beta of 2.20. HyreCar has a 1 year low of $0.88 and a 1 year high of $4.18. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.59. The business has a fifty day simple moving average of $3.60 and a 200 day simple moving average of $2.59.
HyreCar (NASDAQ:HYRE) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.22) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.01. The company had revenue of $5.58 million during the quarter, compared to the consensus estimate of $4.91 million. HyreCar had a negative return on equity of 268.89% and a negative net margin of 82.29%. On average, sell-side analysts forecast that HyreCar will post -0.56 EPS for the current year.
A number of analysts have commented on the stock. Maxim Group reaffirmed a “buy” rating and set a $7.00 price objective on shares of HyreCar in a research note on Friday, August 14th. LADENBURG THALM/SH SH reaffirmed a “buy” rating and issued a $5.25 price objective on shares of HyreCar in a research note on Friday, May 29th. Lake Street Capital reaffirmed a “market perform” rating and issued a $5.00 price objective on shares of HyreCar in a research note on Friday, May 29th. Zacks Investment Research lowered shares of HyreCar from a “buy” rating to a “hold” rating in a research note on Tuesday, August 25th. Finally, Northland Securities reaffirmed a “buy” rating and issued a $6.50 price objective on shares of HyreCar in a research note on Wednesday, June 17th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. HyreCar has a consensus rating of “Buy” and a consensus price target of $5.65.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Cordasco Financial Network grew its position in HyreCar by 33.3% in the second quarter. Cordasco Financial Network now owns 20,000 shares of the company’s stock worth $59,000 after acquiring an additional 5,000 shares in the last quarter. Sage Rhino Capital LLC increased its position in HyreCar by 5.7% during the second quarter. Sage Rhino Capital LLC now owns 188,000 shares of the company’s stock worth $551,000 after buying an additional 10,090 shares during the last quarter. Jane Street Group LLC acquired a new position in HyreCar during the second quarter worth $32,000. Granite Investment Partners LLC acquired a new stake in shares of HyreCar in the second quarter worth about $34,000. Finally, Millrace Asset Group Inc. bought a new stake in shares of HyreCar during the 1st quarter worth about $237,000. 31.54% of the stock is currently owned by hedge funds and other institutional investors.
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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