HyreCar Inc. [NASDAQ: HYRE] loss -11.69% or -1.5 points to close at $11.33 with a heavy trading volume of 2804621 shares. The company report on February 4, 2021 that HyreCar Announces Pricing of $25.85 Million Public Offering of Common Stock.
HyreCar Inc. (NASDAQ: HYRE), the carsharing marketplace for ridesharing, food, and package delivery services, announced the pricing of its previously announced underwritten public offering of 2,200,000 shares of common stock of the company at a price to the public of $11.75 per share. HyreCar expects to receive aggregate gross proceeds of approximately $25.85 million from the offering. In addition, HyreCar has granted the underwriters a 30-day option to purchase up to 330,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about February 8, 2021, subject to customary closing conditions.
Lake Street Capital Markets, LLC and Northland Securities Inc. are acting as joint book-running managers, D.A. Davidson & Co., Maxim Group, and Ladenberg Thalman & Co., are acting as financial advisors for the offering.
It opened the trading session at $12.63, the shares rose to $12.75 and dropped to $10.7501, the range by which the price of stock traded the whole day. The daily chart for HYRE points out that the company has recorded 204.57% gains over the past six months. However, it is still -1187.5% lower than its most recent low trading price.
If we look at the average trading volume of 596.88K shares, HYRE reached to a volume of 2804621 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 $13.50 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.
Ladenburg Thalmann have made an estimate for HyreCar Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 29, 2021. The new note on the price target was released on January 21, 2021, representing the official price target for HyreCar Inc. stock. Previously, the target price had yet another drop from $10 to $7, while Maxim Group kept a Buy rating on HYRE stock.
The Average True Range (ATR) for HyreCar Inc. is set at 1.46, with the Price to Sales ratio for HYRE stock in the period of the last 12 months amounting to 9.65. The Price to Book ratio for the last quarter was 1133.00, with the Price to Cash per share for the same quarter was set at 0.35.
Trading performance analysis for HYRE stock
HyreCar Inc. [HYRE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.15. With this latest performance, HYRE shares gained by 44.15% in over the last four-week period, additionally plugging by 204.57% over the last 6 months – not to mention a rise of 289.35% 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 56.73, with the RSI for the last a single of trading hit 53.47, and the three-weeks RSI is set at 58.34 for HyreCar Inc. [HYRE]. The present Moving Average for the last 50 days of trading for this stock 8.33, while it was recorded at 13.41 for the last single week of trading, and 4.59 for the last 200 days.
HyreCar Inc. [HYRE]: A deeper dive into fundamental analysis
Operating Margin for any stock indicates how profitable investing would be, and HyreCar Inc. [HYRE] shares currently have an operating margin of -80.04 and a Gross Margin at +37.92. HyreCar Inc.’s Net Margin is presently recorded at -78.96.
Return on Total Capital for HYRE is now -207.97, given the latest momentum, and Return on Invested Capital for the company is -205.16. Return on Equity for this stock declined to -205.16, with Return on Assets sitting at -133.23.
Reflecting on the efficiency of the workforce at the company, HyreCar Inc. [HYRE] managed to generate an average of -$145,563 per employee. Receivables Turnover for the company is 128.98 with a Total Asset Turnover recorded at a value of 1.69.HyreCar Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.10.
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 $67 million, or 36.30% of HYRE stock, in the hands of institutional investors. The top three institutional holders of HYRE stocks are: LYNROCK LAKE LP with ownership of 1,692,649, which is approximately 5.784% of the company’s market cap and around 17.14% of the total institutional ownership; G2 INVESTMENT PARTNERS MANAGEMENT LLC, holding 1,089,730 shares of the stock with an approximate value of $12.35 million in HYRE stocks shares; and FRIESS ASSOCIATES LLC, currently with $7.08 million in HYRE stock with ownership of nearly 0% of the company’s market capitalization.
Positions in HyreCar Inc. stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 24 institutional holders increased their position in HyreCar Inc. [NASDAQ:HYRE] by around 602,283 shares. Additionally, 13 investors decreased positions by around 315,270 shares, while 7 investors held positions by with 4,967,404 shares. The mentioned changes placed institutional holdings at 5,884,957 shares, according to the latest SEC report filing. HYRE stock had 12 new institutional investments in for a total of 267,911 shares, while 6 institutional investors sold positions of 136,052 shares during the same period.