Market Analysts see HyreCar Inc. [HYRE] falling to $10.50. Time to buy?

HyreCar Inc. [NASDAQ: HYRE] loss -21.48% on the last trading session, reaching $1.06 price per share at the time. The company report on September 20, 2022 that AmeriDrive Partners with HyreCar on $100M Revolving Line of Credit Joint Venture to Grow its Fleet and Geographic Footprint.


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AmeriDrive Holdings, Inc., one of the largest private fleets dedicated to serving gig drivers, announced today a joint venture with HyreCar, Inc. (NASDAQ:HYRE), through which it will significantly grow its fleet and geographic footprint. HyreCar, Inc. and AmeriDrive recently announced closing a $100 million warehousing line of credit with a premier global investment bank and Medalist Partners. Under the agreement, AmeriDrive will use this facility to purchase vehicles for exclusive listing on the HyreCar platform.

The announcement follows the recent addition of industry veteran Daniel Florence as Chief Operating Officer of AmeriDrive, who will work closely with the HyreCar team to lead the joint venture as AmeriDrive scales its fleet by adding 6,000 to 7,000 cars over the next 12 to18 months. Under Florence’s leadership, AmeriDrive will focus on optimizing the company’s fleet operations to add inventory quickly and sustainably while maintaining high utilization. Through the new warehouse line of credit, AmeriDrive anticipates opening 40 more locations with a footprint in markets across the United States over the next 18 months.

HyreCar Inc. represents 21.79 million in outstanding shares, while the company has a total market value of $23.62 million with the latest information. HYRE stock price has been found in the range of $1.0201 to $1.63.

If compared to the average trading volume of 2.52M shares, HYRE reached a trading volume of 5720766 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 $5.60 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 0.21, with the Price to Sales ratio for HYRE stock in the period of the last 12 months amounting to 0.60.

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 -10.17. With this latest performance, HYRE shares dropped by -1.85% in over the last four-week period, additionally sinking by -61.87% over the last 6 months – not to mention a drop of -87.43% 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 48.14, with the RSI for the last a single of trading hit 43.62, and the three-weeks RSI is set at 49.94 for HyreCar Inc. [HYRE]. The present Moving Average for the last 50 days of trading for this stock 0.9578, while it was recorded at 1.2480 for the last single week of trading, and 2.0912 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 -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.

An analysis of insider ownership at HyreCar Inc. [HYRE]

There are presently around $13 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 $1.38 million in HYRE stocks shares; and INVENOMIC CAPITAL MANAGEMENT LP, currently with $1.02 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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