HyreCar Inc (NASDAQ:HYRE) rose 14% during mid-day trading on Wednesday . The company traded as high as $3.86 and last traded at $3.82, approximately 587,898 shares traded hands during mid-day trading. An increase of 22% from the average daily volume of 482,965 shares. The stock had previously closed at $3.35.

HYRE has been the topic of a number of recent analyst reports. Northland Securities restated a “buy” rating and issued a $8.00 price target on shares of HyreCar in a research report on Tuesday, May 21st. LADENBURG THALM/SH SH initiated coverage on shares of HyreCar in a research report on Tuesday, July 30th. They issued a “buy” rating and a $8.25 price target on the stock. Lake Street Capital initiated coverage on shares of HyreCar in a research report on Wednesday, August 7th. They issued a “buy” rating and a $9.00 price target on the stock. ValuEngine upgraded shares of HyreCar from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Finally, Maxim Group restated a “buy” rating and issued a $10.00 price target on shares of HyreCar in a research report on Friday, August 9th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $7.04.

The stock’s 50-day moving average is $3.28 and its 200-day moving average is $4.55. The company has a market cap of $38.47 million, a price-to-earnings ratio of -2.92 and a beta of 1.69.

In related news, CFO Robert Scott Brogi bought 22,365 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average price of $4.00 per share, for a total transaction of $89,460.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 20.51% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HYRE. Northern Trust Corp acquired a new position in HyreCar during the second quarter worth $44,000. Alambic Investment Management L.P. acquired a new position in HyreCar during the first quarter worth $82,000. Susquehanna International Group LLP acquired a new position in HyreCar during the second quarter worth $94,000. Spark Investment Management LLC acquired a new position in HyreCar during the first quarter worth $170,000. Finally, Balter Liquid Alternatives LLC raised its holdings in 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 buying an additional 12,678 shares during the last quarter. Hedge funds and other institutional investors own 24.05% of the company’s stock.

About HyreCar (NASDAQ:HYRE)

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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