HyreCar’s 4Q Revenues Jump 42%; Street Sees 85% Upside

Shares of HyreCar were up 1.4% in Tuesday’s extended trading session after the carsharing marketplace provider reported improved 4Q revenues.

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HyreCar’s (HYRE) 4Q revenues grew 42% year-over-year to $7 million and fared better than the Street’s estimates of $6.84 million. Top-line growth was driven by higher rental days. Rental days increased 41% to approximately 277,000 in the fourth quarter, while new drivers to the platform grew 29% year-over-year in 4Q.

The company’s CEO Joe Furnari said, “With the additional cars we are onboarding on a daily basis our 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.” (See HyreCar stock analysis on TipRanks)

Meanwhile, HyreCar reported an adjusted loss of $0.23 per share in 4Q, which was narrower than the year-ago period’s loss of $0.27 per share. Analysts were expecting a loss of $0.16 per share.

On Feb. 16, Maxim Group analyst Jack Vander Aarde maintained a Buy rating and a price target of $18 (101.8% upside potential). In a note to investors, the analyst said, “We remain highly bullish on the company’s profitable growth outlook and our 2021 and 2022 estimates remain well-above consensus estimates across the board.”

Turning now to the rest of the Wall Street community, HyreCar has a Strong Buy consensus rating based on 4 unanimous Buys. The average analyst price target of $16.50 implies upside potential of about 85% to current levels. Shares have skyrocketed about 499% in one year.