HyreCar (HYRE) Downgraded by Zacks Investment Research to Sell

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HyreCar (NASDAQ:HYRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

According to Zacks, “HyreCar Inc. operates as a platform as a service company. It offers a car-sharing platform which allows car owners to rent their idle cars to ride-sharing service drivers. HyreCar Inc. is based in Los Angeles, United States. “

Other analysts also recently issued research reports about the company. ValuEngine downgraded HyreCar from a “buy” rating to a “hold” rating in a research note on Wednesday, January 2nd. Northland Securities initiated coverage on HyreCar in a research note on Monday, December 17th. They set an “outperform” rating on the stock.

HyreCar stock traded down $0.42 during mid-day trading on Thursday, hitting $6.57. 1,113,941 shares of the company’s stock were exchanged, compared to its average volume of 703,357. HyreCar has a fifty-two week low of $1.54 and a fifty-two week high of $7.65.

In related news, Director Anshu Bansal sold 400,000 shares of the firm’s stock in a transaction on Wednesday, December 26th. The stock was sold at an average price of $1.50, for a total transaction of $600,000.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

An institutional investor recently raised its position in HyreCar stock. Jane Street Group LLC boosted its position in shares of HyreCar Inc (NASDAQ:HYRE) by 300.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,079 shares of the company’s stock after purchasing an additional 81,068 shares during the period. Jane Street Group LLC owned about 0.92% of HyreCar worth $258,000 at the end of the most recent reporting period. 6.25% of the stock is owned by institutional investors.

HyreCar Company Profile

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 DriveItAway and the PassTime to deliver dealer-focused vehicle tracking and inventory management solution.

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