HyreCar Inc. (NASDAQ:HYRE) is -0.28 points lower today and the only thing that matters is where they go from here. You simply have to look deeper than the share price and explore the fundamentals and future growth potential. The stock value has plummeted by nearly -5.79% to $4.56 from its previous close of $4.84. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 106800 contracts so far this session. HYRE shares had a relatively better volume day versus average trading capacity of 728.53 thousand shares, but with a 8.38 million float and a -4.35% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for HYRE stock indicates that the average analyst price target is $8.5 per share. This means the stock has a potential increase of 86.4% from where the HYRE share price has been trading recently which is between $4.5 and $4.94. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $8.
The shorts are running away from HyreCar Inc. (HYRE) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in HYRE shares. While short interest still represents only 17.28% of HYRE’s float, the number of shares shorted have fallen by -80506. The number of shares shorted fell to 1366963 shares, down from 1447469 shares during the preceding fortnight. With average daily trading volumes at 287874 shares, days to cover increased to about 2.969277 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Could The HyreCar Inc. (NASDAQ:HYRE) Ownership Structure Tell Us Something Useful?” and dated May 10, 2019.
Looking at the current readings for HyreCar Inc., the two-week RSI stands at 36.94. This figure suggests that HYRE stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current HYRE readings is similarly very revealing as it has a stochastic reading of 17.08% at this stage. This figure means that HYRE share price today is being overbought.
Technical chart claims that HyreCar Inc. (HYRE) would settle between $5.02/share to $5.2/share level. However, if the stock price goes below the $4.58 mark, then the market for HyreCar Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $4.32 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.27. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Northland Capital, assumed coverage of HYRE assigning Outperform rating, according to their opinion released on December 17.
HYRE equity has an average rating of 1.5, with the figure leaning towards a bullish end. 2 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 2 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 2 analysts rated HyreCar Inc. (NASDAQ:HYRE) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, HYRE stock price is currently trading at 60.5X forward 12-month Consensus EPS estimates, and its P/S ratio is 6.05 while for the average stock in the same group, the multiple is 8.16.
HyreCar Inc. (HYRE)’s current-quarter revenues are projected to climb by nearly 82.38% to hit $4.14 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 94.49% from $9.78 million to a noteworthy $19.02 million. At the other end of the current quarter income statement, HyreCar Inc. is expected to see its adjusted earnings surge by roughly 84.78% to hit $-0.14 per share. For the fiscal year, HYRE’s earnings are projected to climb by roughly 65.65% to hit $-0.45 per share.