The Wheels are Rolling: HyreCar gains after Q1 revenue beat

HC Liquidating

14/05/2021 16:06

** HyreCar Inc  HYRE.O  shares jump 40.4% to $12.52; snap
4-day losing streak after earnings report
    ** Ridesharing, food, and package delivery services firm
posts Q1 revenue ahead of estimates, beating Street expectations
for revenue for the sixth straight quarter - Refinitiv data
    ** Attributes Q1 revenue performances to driver additions,
higher number of rental days and strong commercial bookings
 urn:newsml:reuters.com:*:nBwpm1Mfa
    ** "With the additional cars we are onboarding on a daily
basis, our daily rental rates continue to grow and we are
well-positioned to take advantage of opportunities in rideshare
and delivery as states continue to re-open" - CEO 
    ** Lake Street Capital Markets analyst Mark Argento says
with a ramping vehicle supply and dynamic pricing model, HYRE is
in the early innings of an enormous growth opportunity
    ** "With rideshare coming back and the delivery business
being established across a much broader reach of the economy vs.
a year ago, we believe HYRE is well positioned to benefit" -
Northland Capital Markets 
    ** HyreCar shares on pace for biggest one-day gain since
debut in June 2018, taking YTD gains to ~76%
    ** HYRE is the 2nd-biggest gainer on the NASDAQ Composite
Index  .IXIC , whose YTD gains are 3.7%
    ** HYRE hit all-time high of $16.27 in Feb. 2021 and record
low of $0.88 in April 2020, when COVID cases surged in the U.S.

 (Reporting by Karina Dsouza in Bengaluru)
 ((Karina.Dsouza@thomsonreuters.com))