HyreCar Inc. [HYRE] stock Upgrade by Ladenburg Thalmann analyst, price target now $10.50

HyreCar Inc. [NASDAQ: HYRE] jumped around 0.47 points on Tuesday, while shares priced at $1.27 at the close of the session, up 58.12%. The company report on September 6, 2022 that HyreCar Announces $100 Million Revolving Line of Credit From a Premier Global Investment Bank and Medalist Partners; Anticipates Significant Fleet Growth.


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HyreCar Inc. (NASDAQ: HYRE), the leader in carsharing for rideshare and food/beverage delivery, announced today an agreement with a premier global investment bank and Medalist Partners for a $100 million warehousing line of credit. The global investment bank will provide primary financing with Medalist Partners providing $20 million of additional financing. Under the agreement, HyreCar’s fleet operator partner, AmeriDrive Holdings, LLC, will use this facility to purchase vehicles for exclusive listing on the HyreCar platform through a bankruptcy-remote joint venture.

Through this initial warehousing line, HyreCar expects AmeriDrive to add an additional 6,000 to 7,000 vehicles over the next 12 to 18 months to the HyreCar platform. These vehicle assets will serve as collateral under the facility. As previously indicated, the company expects this line to begin a broader facility expansion into white-labeling vehicle financing for HyreCar’s fleet operators.

HyreCar Inc. stock is now -73.04% down from its year-to-date (YTD) trading value. HYRE Stock saw the intraday high of $1.47 and lowest of $1.17 per share. The company’s 52-week high price is 12.63, which means current price is +126.83% above from all time high which was touched on 01/04/22.

Compared to the average trading volume of 366.91K shares, HYRE reached a trading volume of 111668001 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say 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 $5.30 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 1.80. 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 November 10, 2021. While these analysts kept the previous recommendation, Ladenburg Thalmann raised their target price from $14 to $15. The new note on the price target was released on August 11, 2021, representing the official price target for HyreCar Inc. stock. Previously, the target price had yet another raise to $25, while DA Davidson analysts kept a Buy rating on HYRE stock. On January 29, 2021, analysts increased their price target for HYRE shares from 7.50 to 16.

The Average True Range (ATR) for HyreCar Inc. is set at 0.16, with the Price to Sales ratio for HYRE stock in the period of the last 12 months amounting to 0.68.

How has HYRE stock performed recently?

HyreCar Inc. [HYRE] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 39.67. With this latest performance, HYRE shares gained by 51.19% in over the last four-week period, additionally sinking by -46.86% over the last 6 months – not to mention a drop of -89.12% 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 64.44, with the RSI for the last a single of trading hit 69.05, and the three-weeks RSI is set at 61.16 for HyreCar Inc. [HYRE]. The present Moving Average for the last 50 days of trading for this stock 0.8415, while it was recorded at 0.9070 for the last single week of trading, and 2.3011 for the last 200 days.

HyreCar Inc. [HYRE]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and HyreCar Inc. [HYRE] shares currently have an operating margin of -78.33 and a Gross Margin at +27.36. HyreCar Inc.’s Net Margin is presently recorded at -72.67.

Return on Equity for this stock declined to -4,689.43, with Return on Assets sitting at -228.09.

HyreCar Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.70 and a Current Ratio set at 0.70.

Insider trade positions for HyreCar Inc. [HYRE]

There are presently around $15 million, or 57.30% of HYRE stock, in the hands of institutional investors. The top three institutional holders of HYRE stocks are: ARCTIS GLOBAL LLC with ownership of 2,762,906, which is approximately 0% of the company’s market cap and around 0.70% of the total institutional ownership; GOLDMAN SACHS GROUP INC, holding 1,302,219 shares of the stock with an approximate value of $1.65 million in HYRE stocks shares; and INVENOMIC CAPITAL MANAGEMENT LP, currently with $1.22 million in HYRE stock with ownership of nearly 0.549% of the company’s market capitalization.

Positions in HyreCar Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 26 institutional holders increased their position in HyreCar Inc. [NASDAQ:HYRE] by around 1,961,387 shares. Additionally, 43 investors decreased positions by around 4,310,109 shares, while 9 investors held positions by with 5,824,024 shares. The mentioned changes placed institutional holdings at 12,095,520 shares, according to the latest SEC report filing. HYRE stock had 12 new institutional investments in for a total of 1,096,083 shares, while 21 institutional investors sold positions of 1,131,328 shares during the same period.

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