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HyreCar (HYRE) Soars 44.6%: Is Further Upside Left in the Stock?

HyreCar (HYRE) shares ended the last trading session 44.6% higher at $12.91. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 24% loss over the past four weeks.

The upsurge was owing to the narrower-than-expected loss reported by the company for the first quarter of 2021. Recognition of better-than-expected revenues also contributed to the price uptick.

Price and Consensus

This company is expected to post quarterly loss of $0.12 per share in its upcoming report, which represents a year-over-year change of +45.5%. Revenues are expected to be $9.11 million, up 63.3% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For HyreCar, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HYRE going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

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