Northland Securities Maintains a Buy Rating on Hyrecar Inc (HYRE)

By Jason Carr

Northland Securities analyst Michael Grondahl maintained a Buy rating on Hyrecar Inc (HYREResearch Report) today and set a price target of $8. The company’s shares closed yesterday at $4.23.

Grondahl commented:

“We come away from the call with a better understanding of the dealer side of HYRE’s business, market trends and the value-add for a dealer to be on the HyreCar platform. Brian Allan has 39 years of dealer experience and a lot of insight into dealers businesses and his slides were very helpful in understanding the trends affecting dealers. Key Points HYRE is basically bringing technology enablement to dealers so they can participate in this ride sharing marketplace and sell and service more cars and customers. Remember a dealer can sign up for HyreCar for free and start generating revenue right away. As Brian noted the dealer already has the inventory, parts and service, and people.”

According to TipRanks.com, Grondahl is a 5-star analyst with an average return of 20.5% and a 63.3% success rate. Grondahl covers the Financial sector, focusing on stocks such as Front Yard Residential Corporation, Altisource Portfolio Solutions SA, and Health Insurance Innovations.

Currently, the analyst consensus on Hyrecar Inc is a Moderate Buy with an average price target of $8.

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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 730.7K.

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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.