Analyst: This Penny Stock Could Double

HYRE stock could go way higher, says Northland Capital

Dec 17, 2018 at 3:22 PM
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The shares of HyreCar Inc (NASDAQ:HYRE) are bucking the broad-market trend lower today, thanks to some optimistic analyst attention. Specifically, Northland Capital initiated coverage of HYRE shares with an "outperform" endorsement and a price target of $5 -- more than double the penny stock's current price -- citing improving gross margins. At last check, HYRE stock was up 11% to trade at $2.35.

The car-sharing concern actually priced its initial public offering (IPO) at $5 a share back in late June. The equity peaked at $6.50 the day it went public, on June 27, and has since endured a steady downtrend, bottoming at $1.53 on Dec. 4. While the shares are now on pace to end atop their 60-day moving average for the first time ever, upside momentum has stalled recently in the formerly supportive $2.50 region -- half the aforementioned IPO price.

HYRE stock chart dec 17

Even before Northland Capital came on the scene, the two analysts following HYRE were bullish, issuing "buy" endorsements. Plus, the consensus 12-month price target on the security stands at $4.50, representing expected upside of nearly 88% to current levels.

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