HyreCar Inc. (NASDAQ: HYRE) stock jumped 9.60% on Wednesday to $0.99 against a previous-day closing price of $0.90. With 2.08 million shares changed hands, the volume of the stock remained lighter than its average volume of 2.54 million shares. During the session, the Rental & Leasing Services company that operates in wider Industrials sector, reached to the highest price of $1.0500 whereas the lowest price it dropped to was $0.9000. The 52-week range on HYRE shows that it touched its highest point at $9.74 and its lowest point at $0.56 during that stretch. It currently has a 1-year price target of $5.60. Beta for the stock currently stands at 2.50.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of HYRE was down-trending over the past week, with a drop of -3.33%, but this was up by 8.44% over a month. Three-month performance surged to 52.58% while six-month performance fell -62.65%. The stock lost -87.98% in the past year, while it has lost -79.07% so far this year. A look at the trailing 12-month EPS for HYRE yields -0.89 with Next year EPS estimates of -0.39. For the next quarter, that number is -0.19. This implies an EPS growth rate of -45.10% for this year and 50.60% for next year.
Float and Shares Shorts:
At present, 21.79 million HYRE shares are outstanding with a float of 18.71 million shares on hand for trading. On Jul 14, 2022, short shares totaled 2.12 million, which was 9.71% higher than short shares on Jun 14, 2022. In addition to Mr. Joseph Furnari as the firm’s CEO & Director, Mr. Brian Allan serves as its Pres.
Through their ownership of 67.36% of HYRE’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 7.75% of HYRE, in contrast to 47.33% held by mutual funds. Shares owned by individuals account for 16.90%. As the largest shareholder in HYRE with 12.57% of the stake, Arctis Management UK Ltd. holds 2,762,906 shares worth 2,762,906. A second-largest stockholder of HYRE, Goldman Sachs & Co. LLC, holds 1,302,219 shares, controlling over 5.93% of the firm’s shares. Invenomic Capital Management LP is the third largest shareholder in HYRE, holding 963,536 shares or 4.39% stake. With a 3.43% stake in HYRE, the Northern Lights Fund Trust II – B is the largest stakeholder. A total of 752,747 shares are owned by the mutual fund manager. The Vanguard Total Stock Market Index, which owns about 2.01% of HYRE stock, is the second-largest Mutual Fund holder. It holds 442,201 shares valued at 0.35 million. Vanguard Extended Market Index Fu holds 1.14% of the stake in HYRE, owning 251,372 shares worth 0.2 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for HYRE since 4 analysts follow the stock currently. There are 4 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With HYRE analysts setting a high price target of $7.00 and a low target of $4.00, the average target price over the next 12 months is $5.00. Based on these targets, HYRE could surge 607.07% to reach the target high and rise by 304.04% to reach the target low. Reaching the average price target will result in a growth of 405.05% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. HYRE will report FY 2022 earnings on 03/29/2023. Analysts have provided yearly estimates in a range of -$0.55 being high and -$0.83 being low. For HYRE, this leads to a yearly average estimate of -$0.66. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. HyreCar Inc. surprised analysts by $0.03 when it reported -$0.15 EPS against a consensus estimate of -$0.18. The surprise factor in the prior quarter was -$0.03. Based on analyst estimates, the high estimate for the next quarter is -$0.12 and the low estimate is -$0.22. The average estimate for the next quarter is thus -$0.16.
Summary of Insider Activity:
Insiders traded HYRE stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 3 while that of sell transactions has remained unmoved to 0 over the past year. The total number of shares bought during that period was 168,000 while 0 shares were sold.