Analysts Bullish On This Car-Sharing Marketplace Amid Stock's Pullback

Ladenburg Thalmann analyst Jon Hickman upgraded HyreCar Inc HYRE to Buy from Neutral and lowered the price target to $10.50 (an upside of 51%), from $15.
Hickman mentions that the company reported Q3 financial results with revenues of just $9.7 million, up 42% year-over-year, but relatively flat sequentially.
Hickman says weekly rental days remained flat at 329,000 as HyreCar is experiencing high levels of churn as dealerships continue to remove cars from the rental platform in favor of a sale of the vehicle. The company's vehicle partnership with Uber (UBER) will allow HyreCar to work directly with drivers using the Uber app to find and acquire rental vehicles.
He remains confident in the long-term outlook for HyreCar and its potential for strong revenue growth. As such, he upgraded the shares based on valuation following the stock's pullback.
DA Davidson analyst Tom White lowered the price target to $16 (an upside of 130%) from $22 and maintained a Buy rating on the shares.
Recently, HyreCar reported Q3 results, with an adjusted EPS loss of $(0.29), missing the consensus of $(0.28) and Sales of $9.65 million, missing the consensus of $9.93 million.
Adjusted EBITDA loss totaled $(5.1) million. It held cash and equivalents of $18.3 million as of September 30, 2021.
Price Action: HYRE shares are trading lower by 6.15% at $6.87 on the last check Wednesday.