ValuEngine Upgrades HyreCar (NASDAQ:HYRE) to Buy

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

HYRE has been the topic of several other reports. Maxim Group reaffirmed a buy rating and set a $10.00 target price on shares of HyreCar in a research note on Friday, August 9th. 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 target price on the stock. Northland Securities reaffirmed a buy rating and set a $8.00 target price on shares of HyreCar in a research note on Tuesday, May 21st. 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 target price on the stock. Finally, Zacks Investment Research downgraded shares of HyreCar from a buy rating to a hold rating in a research note on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. HyreCar has a consensus rating of Buy and an average price target of $7.04.

Shares of HYRE opened at $3.12 on Thursday. HyreCar has a fifty-two week low of $1.54 and a fifty-two week high of $8.03. The firm’s 50 day moving average price is $3.37 and its 200 day moving average price is $4.58. The company has a market cap of $37.49 million, a P/E ratio of -2.38 and a beta of 1.69.

In other news, CFO Robert Scott Brogi acquired 22,365 shares of the company’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 purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 20.51% of the company’s stock.

Several large investors have recently made changes to their positions in HYRE. Northern Trust Corp purchased a new stake in shares of HyreCar in the 2nd quarter valued at approximately $44,000. Alambic Investment Management L.P. acquired a new position in shares of HyreCar in the 1st quarter valued at $82,000. Susquehanna International Group LLP acquired a new position in shares of HyreCar in the 2nd quarter valued at $94,000. Spark Investment Management LLC acquired a new position in shares of HyreCar in the 1st quarter valued at $170,000. Finally, Balter Liquid Alternatives LLC boosted its holdings in shares of HyreCar by 9.7% in the 2nd quarter. Balter Liquid Alternatives LLC now owns 142,921 shares of the company’s stock valued at $600,000 after buying an additional 12,678 shares in the last quarter. 22.22% of the stock is currently owned by institutional investors.

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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