HyreCar (NASDAQ:HYRE) Lifted to “Buy” at ValuEngine

ValuEngine upgraded shares of HyreCar (NASDAQ:HYRE) from a hold rating to a buy rating in a report issued on Thursday, ValuEngine reports.

Several other equities research analysts have also recently issued reports on HYRE. Lake Street Capital initiated coverage on shares of HyreCar in a research note on Wednesday, August 7th. They set a buy rating and a $9.00 price target on the stock. LADENBURG THALM/SH SH initiated coverage on shares of HyreCar in a research note on Tuesday, July 30th. They set a buy rating and a $8.25 price target on the stock. Zacks Investment Research cut shares of HyreCar from a buy rating to a hold rating in a research note on Tuesday, July 23rd. Northland Securities reaffirmed a buy rating and set a $8.00 price target on shares of HyreCar in a research note on Tuesday, May 21st. Finally, Maxim Group reaffirmed a buy rating and set a $10.00 price target on shares of HyreCar in a research note on Friday, August 9th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $7.04.

HyreCar stock opened at $3.12 on Thursday. HyreCar has a 12-month low of $1.54 and a 12-month high of $8.03. The stock has a market capitalization of $37.49 million, a P/E ratio of -2.38 and a beta of 1.69. The firm’s 50-day moving average is $3.37 and its two-hundred day moving average is $4.58.



In other news, CFO Robert Scott Brogi purchased 22,365 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were bought at an average cost of $4.00 per share, with a total value of $89,460.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 20.51% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EAM Global Investors LLC acquired a new stake in shares of HyreCar in the first quarter worth approximately $910,000. Alambic Investment Management L.P. acquired a new stake in shares of HyreCar in the first quarter worth approximately $82,000. Balter Liquid Alternatives LLC boosted its position in shares of HyreCar by 9.7% in the second quarter. Balter Liquid Alternatives LLC now owns 142,921 shares of the company’s stock worth $600,000 after acquiring an additional 12,678 shares during the last quarter. Spark Investment Management LLC acquired a new stake in shares of HyreCar in the first quarter worth approximately $170,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of HyreCar in the second quarter worth approximately $94,000. 22.22% of the stock is currently owned by institutional investors and hedge funds.

About HyreCar

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for HyreCar (NASDAQ:HYRE)

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