HyreCar (NASDAQ:HYRE) Shares Gap Down to $3.62

HyreCar Inc (NASDAQ:HYRE) gapped down before the market opened on Monday . The stock had previously closed at $3.62, but opened at $3.48. HyreCar shares last traded at $3.52, with a volume of 4,055 shares changing hands.

HYRE has been the subject of a number of research reports. Lake Street Capital reiterated a “market perform” rating and issued a $5.00 price objective on shares of HyreCar in a report on Friday, May 29th. Northland Securities reissued a “buy” rating and issued a $6.50 price objective on shares of HyreCar in a research note on Wednesday, June 17th. LADENBURG THALM/SH SH reaffirmed a “buy” rating and set a $5.25 target price on shares of HyreCar in a report on Friday, May 29th. Maxim Group restated a “buy” rating and set a $7.00 price objective on shares of HyreCar in a research report on Friday, August 14th. Finally, Zacks Investment Research cut HyreCar from a “buy” rating to a “hold” rating in a report on Tuesday, August 25th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $5.65.

The stock has a market cap of $60.33 million, a price-to-earnings ratio of -3.34 and a beta of 2.20. The firm’s fifty day moving average price is $3.59 and its two-hundred day moving average price is $2.59. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.51 and a quick ratio of 1.51.

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 analysts’ consensus estimates of ($0.23) by $0.01. HyreCar had a negative return on equity of 268.89% and a negative net margin of 82.29%. The business had revenue of $5.58 million for the quarter, compared to the consensus estimate of $4.91 million. On average, equities research analysts anticipate that HyreCar Inc will post -0.56 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC acquired a new position in HyreCar during the second quarter worth $32,000. Granite Investment Partners LLC bought a new stake in shares of HyreCar during the second quarter worth about $34,000. Cordasco Financial Network raised its holdings in shares of HyreCar by 33.3% in the 2nd quarter. Cordasco Financial Network now owns 20,000 shares of the company’s stock worth $59,000 after acquiring an additional 5,000 shares during the last quarter. Millrace Asset Group Inc. bought a new position in HyreCar in the 1st quarter valued at about $237,000. Finally, Sage Rhino Capital LLC boosted its stake in HyreCar by 5.7% during the 2nd quarter. Sage Rhino Capital LLC now owns 188,000 shares of the company’s stock valued at $551,000 after purchasing an additional 10,090 shares during the last quarter. 31.54% of the stock is owned by institutional investors and hedge funds.

HyreCar Company Profile (NASDAQ:HYRE)

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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