Maxim Group analyst Jack Vander Aarde reiterated a Buy rating on Hyrecar (HYRE – Research Report) yesterday and set a price target of $4.00. The company’s shares closed yesterday at $1.18.
Vander Aarde covers the Technology sector, focusing on stocks such as Sonic Foundry, Avid Technology, and Inuvo. According to TipRanks, Vander Aarde has an average return of 35.9% and a 41.79% success rate on recommended stocks.
Currently, the analyst consensus on Hyrecar is a Moderate Buy with an average price target of $4.25, representing a 260.17% upside. In a report released on August 16, Ladenburg Thalmann & Co. also maintained a Buy rating on the stock with a $4.50 price target.
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Based on Hyrecar’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $9.55 million and a GAAP net loss of $5.33 million. In comparison, last year the company earned a revenue of $7.45 million and had a GAAP net loss of $7.21 million
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HyreCar, Inc. engages in the operation of a peer-to-peer car-sharing marketplace. Its services allow car owners to rent their idle cars to ridesharing service drivers. The company was founded by Anshu Bansal and Abhishek Arora in July 2014 and is headquartered in Los Angeles, CA.
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