ValuEngine downgraded shares of HyreCar (NASDAQ:HYRE) from a buy rating to a hold rating in a report released on Wednesday, ValuEngine reports.

HYRE has been the topic of a number of other reports. Zacks Investment Research cut HyreCar from a hold rating to a sell rating in a report on Thursday, November 7th. Northland Securities restated a buy rating and set a $6.50 price target on shares of HyreCar in a report on Wednesday, November 6th. Maxim Group cut their price target on HyreCar from $10.00 to $7.00 and set a buy rating on the stock in a report on Friday, October 11th. Lake Street Capital cut their price target on HyreCar from $9.00 to $7.00 in a report on Wednesday, October 23rd. Finally, LADENBURG THALM/SH SH assumed coverage on HyreCar in a report on Tuesday, July 30th. They set a buy rating and a $8.25 price target on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $6.50.

HyreCar stock opened at $2.27 on Wednesday. The company has a market capitalization of $37.53 million, a P/E ratio of -1.73 and a beta of 1.68. HyreCar has a 1 year low of $1.54 and a 1 year high of $8.03. The business has a 50 day moving average of $2.41 and a 200-day moving average of $3.45.

HyreCar (NASDAQ:HYRE) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.09). The business had revenue of $3.71 million for the quarter, compared to the consensus estimate of $3.91 million. HyreCar had a negative return on equity of 101.83% and a negative net margin of 70.49%. As a group, equities research analysts predict that HyreCar will post -0.75 EPS for the current fiscal year.

Large investors have recently modified their holdings of the company. Northern Trust Corp acquired a new position in shares of HyreCar during the second quarter worth approximately $44,000. Susquehanna International Group LLP acquired a new position in shares of HyreCar during the second quarter worth approximately $94,000. Sage Rhino Capital LLC acquired a new position in shares of HyreCar during the third quarter worth approximately $145,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of HyreCar during the third quarter worth approximately $469,000. Finally, Balter Liquid Alternatives LLC raised its position in shares of HyreCar by 9.7% during the second quarter. Balter Liquid Alternatives LLC now owns 142,921 shares of the company’s stock worth $600,000 after purchasing an additional 12,678 shares during the period. 21.70% of the stock is currently owned by institutional investors.

HyreCar Company Profile

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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