With quarterly revenue growth of 105.3% y/y and 55.6% gross profit margin, HyreCar (HYRE) trades at 2.1x forward sales. It seems cheap. Besides, more and more drivers are interested in the company’s platform. Increasing scale is pushing the costs of goods sold down, which leads to a large gross profit margin. That’s not all. Institutional investors identified the opportunity in January 2019. Note that the institutional investor ownership percentage increased from 0% to more than 20% in less than six months.
Business Overview
Founded in 2014, HyreCar Inc. offers a car-sharing platform for