HyreCar Inc (NASDAQ:HYRE) Receives Average Recommendation of “Buy” from Analysts

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Shares of HyreCar Inc (NASDAQ:HYRE) have been assigned an average rating of “Buy” from the six analysts that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $7.19.

HYRE has been the subject of several analyst reports. Northland Securities reissued a “buy” rating and issued a $6.50 price target on shares of HyreCar in a report on Wednesday, November 6th. ValuEngine raised shares of HyreCar from a “hold” rating to a “buy” rating in a report on Monday, December 16th. Lake Street Capital cut their price target on shares of HyreCar from $9.00 to $7.00 in a report on Wednesday, October 23rd. Finally, Zacks Investment Research raised shares of HyreCar from a “sell” rating to a “hold” rating in a report on Wednesday, January 8th.

A number of large investors have recently made changes to their positions in HYRE. Northern Trust Corp bought a new stake in shares of HyreCar during the 2nd quarter worth $44,000. Sage Rhino Capital LLC bought a new stake in shares of HyreCar during the 3rd quarter worth $145,000. Bank of New York Mellon Corp lifted its holdings in shares of HyreCar by 300.4% during 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 last quarter. Emerald Mutual Fund Advisers Trust bought a new stake in shares of HyreCar during the 3rd quarter worth $469,000. Finally, BlackRock Inc. lifted its holdings in shares of HyreCar by 2,674.7% during the 2nd quarter. BlackRock Inc. now owns 202,165 shares of the company’s stock worth $850,000 after acquiring an additional 194,879 shares during the last quarter. 25.45% of the stock is owned by hedge funds and other institutional investors.

Shares of HyreCar stock opened at $3.63 on Friday. The business has a 50-day moving average price of $2.99 and a two-hundred day moving average price of $2.74. HyreCar has a 1-year low of $1.92 and a 1-year high of $8.03. The company has a market cap of $54.57 million, a P/E ratio of -4.22 and a beta of 1.60.

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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