Does HyreCar Inc. (HYRE) offer a good opportunity for investors?

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.

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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.


Institutional Ownership:

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.

Analysts Ratings:

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.

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