As of Wednesday, HyreCar Inc.’s (NASDAQ:HYRE) stock closed at $0.61, down from $0.62 the previous day. While HyreCar Inc. has underperformed by -0.83%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, HYRE fell by -89.25%, with highs and lows ranging from $5.83 to $0.56, whereas the simple moving average fell by -53.97% in the last 200 days.
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On November 10, 2021, Ladenburg Thalmann Upgraded HyreCar Inc. (NASDAQ: HYRE) to Buy. A report published by Ladenburg Thalmann on August 11, 2021, Downgraded its rating to ‘Neutral’ for HYRE. DA Davidson also rated HYRE shares as ‘Buy’, setting a target price of $25 on the company’s shares in an initiating report dated July 22, 2021. Ladenburg Thalmann January 29, 2021d the rating to Buy on January 29, 2021, and set its price target from $7.50 to $16. Ladenburg Thalmann January 21, 2021d its ‘Buy’ rating to ‘Neutral’ for HYRE, as published in its report on January 21, 2021. Maxim Group’s report from October 11, 2019 suggests a price prediction of $7 for HYRE shares, giving the stock a ‘Buy’ rating. Maxim Group also rated the stock as ‘Buy’.
Analysis of HyreCar Inc. (HYRE)
Further, the quarter-over-quarter increase in sales is 6.20%, showing a positive trend in the upcoming months.
One of the most important indicators of HyreCar Inc.’s future performance is equity, which can be evaluated using several well-rounded types of analysis and research techniques. Taking into account the quick ratio of the company, currently set at 0.90, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can also provide valuable insight into volatility, and HYRE is recording 2.50M average volume. On a monthly basis, the volatility of the stock is set at 8.65%, whereas on a weekly basis, it is put at 8.40%, with a gain of 3.90% over the past seven days. Furthermore, long-term investors anticipate a median target price of $5.40, showing growth from the present price of $0.61, which can serve as yet another indication of whether HYRE is worth investing in or should be passed over.
How Do You Analyze HyreCar Inc. Shares?
Along with the fundamentals, it is also important to consider how many employees own shares of the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 20.40%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 48.30% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in HYRE shares?
The recent increase in stakes in HYRE appears to be a result of several institutional investors and hedge funds increasing their positions. Arctis Management UK Ltd.’s position in HYRE has increased by 41.91% in the first quarter. The company now owns 3,920,849 shares of the stock, with a value of $3.14 million, following the purchase of 1,157,943 additional shares during the last quarter. Goldman Sachs & Co. LLC made another increased to its shares in HYRE during the first quarter, upping its stake by 6.34%. During the last quarter, the company picked up 82,548 additional shares for a total stake of worth $1.11 million, bringing number of shares owned by the company to 1,384,767.
During the first quarter, ExodusPoint Capital Management LP added a 299,914 position in HYRE. Shay Capital LLC purchased an additional 0.2 million shares in the last quarter, increasing its holdings by 33.45%, now holding 0.78 million shares worth $0.62 million. At the end of the first quarter, The Vanguard Group, Inc. decreased its HYRE holdings by -10.39% and now holds 0.72 million HYRE shares valued at $0.58 million with the lessened 83850.0 shares during the period. HYRE shares are owned by institutional investors to the tune of 48.30% at present.