HyreCar Inc. [NASDAQ: HYRE] gained 13.92% or 0.7 points to close at $5.73 with a heavy trading volume of 1195517 shares. The company report on November 12, 2020 that HyreCar Announces Third Quarter 2020 Results.
Revenue increased 83% to $6.8 million and Adjusted EBITDA improved by $2.0 Million to ($1.6 Million) from last year; Rental days grew to over 273,000 in Q3 2020 from 231,000 in Q2 2020.
HyreCar Inc. (NASDAQ: HYRE), the carsharing marketplace for ridesharing and delivery, reported financial results and provided a corporate update for the Third Quarter ended September 30, 2020.
It opened the trading session at $4.94, the shares rose to $5.99 and dropped to $4.8201, the range by which the price of stock traded the whole day. The daily chart for HYRE points out that the company has recorded 176.81% gains over the past six months. However, it is still -551.14% lower than its most recent low trading price.
If we look at the average trading volume of 179.04K shares, HYRE reached to a volume of 1195517 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about HyreCar Inc. [HYRE]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for HYRE shares is $6.42 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on HYRE stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Maxim Group have made an estimate for HyreCar Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 11, 2019. While these analysts kept the previous recommendation, Maxim Group raised their target price to Buy. The new note on the price target was released on June 21, 2019, representing the official price target for HyreCar Inc. stock.
The Average True Range (ATR) for HyreCar Inc. is set at 0.41, with the Price to Sales ratio for HYRE stock in the period of the last 12 months amounting to 4.74. The Price to Book ratio for the last quarter was 52.09, with the Price to Cash per share for the same quarter was set at 0.44.
Trading performance analysis for HYRE stock
HyreCar Inc. [HYRE] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 38.41. With this latest performance, HYRE shares gained by 48.83% in over the last four-week period, additionally plugging by 176.81% over the last 6 months – not to mention a rise of 150.22% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for HYRE stock in for the last two-week period is set at 79.99, with the RSI for the last a single of trading hit 85.85, and the three-weeks RSI is set at 75.26 for HyreCar Inc. [HYRE]. The present Moving Average for the last 50 days of trading for this stock 3.76, while it was recorded at 5.03 for the last single week of trading, and 2.92 for the last 200 days.
HyreCar Inc. [HYRE]: A deeper dive into fundamental analysis
HyreCar Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.50 and a Current Ratio set at 1.50.
HyreCar Inc. [HYRE]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, HyreCar Inc. posted -0.31/share EPS, while the average EPS was predicted by analysts to be reported at -0.18/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -72.20%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for HYRE.
An analysis of insider ownership at HyreCar Inc. [HYRE]
There are presently around $33 million, or 34.40% of HYRE stock, in the hands of institutional investors. The top three institutional holders of HYRE stocks are: LYNROCK LAKE LP with ownership of 1,600,092, which is approximately 4.996% of the company’s market cap and around 20.74% of the total institutional ownership; G2 INVESTMENT PARTNERS MANAGEMENT LLC, holding 1,188,382 shares of the stock with an approximate value of $6.81 million in HYRE stocks shares; and FRIESS ASSOCIATES LLC, currently with $3.58 million in HYRE stock with ownership of nearly -19.274% of the company’s market capitalization.
17 institutional holders increased their position in HyreCar Inc. [NASDAQ:HYRE] by around 519,608 shares. Additionally, 12 investors decreased positions by around 1,156,750 shares, while 8 investors held positions by with 4,009,316 shares. The mentioned changes placed institutional holdings at 5,685,674 shares, according to the latest SEC report filing. HYRE stock had 10 new institutional investments in for a total of 248,799 shares, while 3 institutional investors sold positions of 216,987 shares during the same period.