HyreCar Inc. (HYRE) Stock: A Strong Pick In The technology Space?

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HyreCar Inc. (HYRE) is trending down in the market in today’s trading session. The company, focused in the technology industry, is currently priced at $2.51 after tumbling -5.28% so far today. When it comes to technology stocks, there are several aspects that have the ability to lead to declines in the market. One of the most common is news. Here are the recent stories associated with HYRE:

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Oct-29-19 09:00AM HyreCar, Inc. to Announce Third Quarter 2019 Results on Tuesday, November 5, 2019
Oct-22-19 08:30AM HyreCar Helps Dealers Accelerate The Path to Digital Success at J.D. Power Auto Revolution 2019
Oct-21-19 08:30AM HyreCar Grows Vehicle Supply with Large Regional Dealers
Oct-15-19 08:00AM MicroCap Rodeo – Investor Conference Lineup for October 15 and 16, 2019
Sep-30-19 10:26PM Penny Stocks to Watch for October 2019

Nonetheless, when making an investing decision, prospective investors should focus on far more than news, this is especially the case in the ever changing tech industry. Here’s what’s going on with HyreCar Inc..

The Performance That HYRE Investors Have Experienced

Although a decline in a single session, like the fall that we’re seeing from HyreCar Inc. might lead to fear in some investors, a single session move alone should not be the reason for a decision to, or not to, buy a company’s stock. It’s generally a good idea to dig into trends experienced by the stock just a single trading day. As it relates to HYRE, here are the movements that investors have experienced:

  • Past Seven Days – In the past seven days, HYRE has seen a price change amounting to 5.46%.
  • Past 30 Days – The monthly ROI from HyreCar Inc. comes to 0.40%.
  • Past Quarter – Throughout the last 3 months, the company has generated a return that works out to -21.32%
  • Bi-Annually – In the past 6 months, investors have seen a change that works out to -56.20% from the stock.
  • Year To Date – Since the the first trading session of this year HYRE has generated a ROI of 5.02%.
  • Full Year – Finally, in the last full year, we have seen performance that works out to 12.56% out of HYRE. Over this period, the stock has sold at a high price of -68.74% and a low of 63.23%.

Crucial Ratios

Looking at a few ratios having to do with a company can provide prospective investors a look of just how dangerous and/or rewarding a stock pick might be. Here are some of the key ratios to consider when digging into HYRE.

Short Ratio – The short ratio is a tool that’s used by traders to measure the level of short interest. As the short ratio climbs, it shows that more investors are expecting that the stock is headed for declines. In general, strong technology stocks tend to carry a lower short ratio. However, we tend to see a lot of short squeezes in the industry. Nonetheless, in relation to HyreCar Inc., it’s short ratio amounts to 6.99.

Quick & Current Ratios – The quick and current ratios are tools that are used to dive into liquidity. Essentially, they measure the company’s abilities to pay its debts when they mature with only quick assets or current assets. In the tech sector, companies are heavily reliant on the continuation of support from investors as they work to bring new technologies to market, the quick and current ratios can seem upsetting. However, some good picks in the technology sector come with good quick and current ratios. As it relates to HYRE, the quick and current ratios total up to 2.50 and 2.50 respectively.  

Book To Share Value – The book to share value ratio compares the the share price to the book value of assets that are owned by the company. In the case of HyreCar Inc., the book to share value ratio works out to 0.31.

Cash To Share Value – Finally, the cash to share value ratio compares the total amount of cash the company has on hand to the value of the company’s stock. In terms of HYRE, the cash to share value is 0.31.

Smart Money Follows Big Money

One thing that I have learned in my short period here has been that smart money tends to follow the moves made by big money investors. Usually, investors that are trying to keep the risk down will watch investments made by institutional investors and insiders of the company. With that said, is big money interested as it relates to HYRE? Here’s what’s going on:

Institutions own 26.50% of the company. Institutional interest has moved by 11.19% over the past three months. When it comes to insiders, those who are close to the company currently own 31.24% percent of HYRE shares. Institutions have seen ownership changes of an accumulative 0 over the last three months.

What Analysts Say About HyreCar Inc.

Although it’s rarely a good idea to blindly follow the opinions of analysts, it is a good idea to use their analysis when validating your own opinions when it comes to making investment decisions in the tech space. Below are the recent moves that we have seen from analysts with regard to HYRE.

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Oct-11-19 Reiterated Maxim Group Buy $10 → $7
Jun-21-19 Initiated Maxim Group Buy $10
Dec-17-18 Initiated Northland Capital Outperform

What We’ve Seen In Financial Results

What have ween seen from HYRE in terms of financial results?Here’s what you need to know:

  • Analyst Expectations – As it stands, Wall Street analysts are expecting that HyreCar Inc. will create EPS coming to a total of -0.06, with -0.11 to be announced in the earnings report for the current quarter. Although this data is not tide to earnings, since we are talking on the topic of Wall Street analysts, HyreCar Inc. is currently graded as a 1.70 considering a scale that ranges from 1 to 5 on which 1 is the worst possible Wall St. analyst rating and 5 is the best possible.
  • 5-Year Sales – In the last 5 years, HyreCar Inc. has generated a change in sales that comes to a total of 0. Earnings over the last 5 years have experienced a change of 0.
  • Q/Q – when it comes to quarter over quarter earnings performance, or Q/Q data as it is often represented in today’s society, the company has seen a change in earnings that amounts to 76.40%. The company has also seen a change with regard to sales that totals -5.00%.

Looking At Share Counts

Traders tend to be interested in the total numbers of shares both available and outstanding. When it comes to HyreCar Inc., there are currently 16.35M and there is a float of 12.61M. These data mean that of the total of 16.35M shares of HYRE currently in existence today, 12.61M are available to be traded in the public realm.

I also find it important to follow the short percentage of the float. After all, when a high portion of the float available for trading is sold short, the overall opinion among investors is that the equity is going to lose value. When it comes to HYRE, the percentage of the float that is sold short is 13.20%. Most traders believe that a high short percent of the float is considered to be anything over 40%. However, I have seen that a short percent of the float over 26% is generally a a play that could prove to be very risky.

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