Maxim Group Initiates a Buy Rating on Hyrecar Inc (HYRE)

By Ryan Adsit

In a report released yesterday, Allen Klee from Maxim Group initiated coverage with a Buy rating on Hyrecar Inc (HYREResearch Report) and a price target of $10. The company’s shares closed yesterday at $4.63.

Klee said:

“Offering a platform for connecting car owners to ride-sharing drivers fills a large, unmet need in a fast-growing market. We expect hyper-growth — 58% average annual revenue growth rate over the next three years — as driver demand for cars is running at 10x the existing supply of vehicles approved by ride-sharing companies. Signing up new auto dealerships to add cars to the platform, and new insurance coverage plans should accelerate revenue and gross margins as we believe HYRE is on path to become a much larger, profitable company. We initiate coverage with a Buy rating and $10 price target based on 4x EV to our 2020E revenue and supported by our DCF analysis.”

According to TipRanks.com, Klee is ranked 0 out of 5 stars with an average return of -19.2% and a 26.0% success rate. Klee covers the Technology sector, focusing on stocks such as Dolphin Entertainment Inc, Sify Technologies Limited, and ATN International Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Hyrecar Inc with a $9 average price target.

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The company has a one-year high of $8.03 and a one-year low of $1.54. Currently, Hyrecar Inc has an average volume of 404.1K.

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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.