Lyft went public in late March 2019 with the starting position still trading around the opening price at $ 73, which is trending up, proving that investors are more than interested in ridesharing.
As Uber is also preparing for its own IPO debut, another similar company hit the market back in June 2018.
HyreCar is a company with a similar business model to ridesharing companies that are becoming increasingly popular in the US, but with one small difference as HyreCar allows you to lend your car to other drivers for an agreed commission.
While HyreCar could be classified as a rideshare company, the company is nowhere near profitable like Lyft and Uber, the companies that hold massive market share in the industry.
How profitable is an investment in HyreCar (HYRE) shares over the long term?
HyreCar was valued at $ 58 million, while the company raised $ 12.6 million from its initial public offering starting at $ 5 per share.
The share price hasn’t gone far since the initial public offering, as the share price even fell below $ 2 and bottomed at $ 1.60 in December.
In addition, HYRE shares rose on March 26ththe, over $ 7 a share, only to drop again.
Two days later since the peak price, the company released its fourth quarter and full year 2018 financial statements with gross profit margin of 54.6% versus 6.8% in 2017 and net sales of 3.1 million for 2018, while using the same metric was set at $ 1.3 million a year earlier for the fourth quarter of 2017.
The full-year report said HyreCar had net sales of $ 9.8 million in 2018, compared to $ 3.2 million in 2017.
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