Lyft went public at the end of the March 2019, at the starting position set at a price of 73$ still trading around the initial price, trending up and proving the point that investors find ridesharing companies more than interesting.
As Uber is also getting ready for their own IPO debut, another similar company have already hit the markets back in June 2018.
HyreCar is a company with a similar business model to ridesharing companies that are becoming ever more popular in the United States, however with a slight difference as HyreCar allows you to lend your car to other drivers for an arranged commission in return.
Even though HyreCar could be categorized as a ridesharing company, the company is not even nearly profitable as Lyft and Uber, the companies that are holding a massive market share in the sector.
How Profitable is Investing in HyreCar (HYRE) Shares in the Long Run?
HyreCar was evaluated at 58 million dollars, while the company managed to raise 12.6 million dollars with their IPO with a starting position of 5$ per share.
The share price didn’t go far since the IPO first appeared in the market, as the share price even dipped below 2$, set at 1.60$ back in December as the lowest point.
Additionally, HYRE shares recorded a rise on March 26th, going above 7$ per share, only to fall down again.
Two days later since the peak price, the company published their financial report for fourth quarter and full-year 2018, recording a gross profit margin of 54.6% in oppose to 6.8% n 2017, also recording net revenues at 3.1 million for 2018, while the same metric was set at 1.3 million dollars a year before in 2017 for the fourth quarter.
The full-year report stated that HyreCar generated 9.8 million in net revenue for 2018 year to year, compared to 3.2 million dollars in 2017.
