Hyre Car Inc. HYRE Stock Analysis

HyreCar Inc. engages in the peer-to-peer ridesharing business, and trades under the ticker HYRE.

HYRE stock closed at $18.60/share on 8/6/2021, while signaling that there is more bullish momentum to come.

HyreCar Inc. HYRE Stock Technical Performance For The Last Year

HYRE Stock Price: $18.60

10 Day Moving Average: $17.33

50 Day Moving-Average: $18.78

200 Day Moving-Average: $11.69

RSI: 53.7

MACD: -0.4

On Friday, HyreCar stock completed a bullish MACD crossover, a sign that there is more positive momentum to come.

Additionally, they also have an even RSI at ~54, showing no signs of being overbought nor oversold.

HYRE stock’s price is poised to break through the 50 Day Moving-Average & their 10 Day MA is only 9% below.

Once they make the crossover, it will provide additional momentum pushing the stock price higher.

While HYRE has had weaker than usual trading volume the past few months, it has continued the uptrend that began on a gap up day in May.

Short-term traders can take advantage of this momentum either by purchasing common shares or options.

I am looking at the $17.50 strike calls with the 8/20 expiration, as they have healthy open interest & volume, so they should be an easy position to exit from.

The $20 strike price has more open interest & volume, but are too far out-of-the-money for my liking at the moment.

I may think to purchase some of them with the 9/17 strike price though.

The sentiment the options are showing me is heavily bullish, as there is far less open interest on any of the in or at the money puts vs. calls.

From a long-term perspective, this seems more like a speculative investment.

Their P/B is high at 19, and they have no P/E(ttm), with a high level of Debt/Equity.

However, this doesn’t mean investors should necessarily shun HYRE stock, but be mindful of its speculative status in the long-run.

Overall, there seems to be some great opportunity for short-term oriented & options traders, making HyreCar Inc. stock worth taking a closer look at.


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