NEW YORK, NY / ACCESSWIRE / June 28, 2018 / Both HyreCar and Lovesac Company made their grand debuts on the stock market on Wednesday with both stocks sailing higher in their first day of trading and trading higher than their IPO prices.
RDI Initiates Coverage on:
The Lovesac Company
HyreCar Inc. shares closed up 2% on Wednesday with a little over 2 million shares traded. The peer-to-peer ridesharing platform made its debut in the stock market yesterday. The company priced its initial public offering of 2,520,000 shares of its common stock to the public at $5.00 a share. Shares opened 11% higher than the IPO price on Wednesday. The company operates in 34 states as well as Washington, D.C. According to the company's website, the company's mission is to build roads to financial freedom - one driver, one vehicle, one road at a time. The peer-to-peer platform was created to leverage technology and establish a presence in automotive asset sharing. Drivers and vehicle owners alike can utilize the platform to create an opportunity for themselves where one did not previously exist.
Access RDI’s HyreCar Inc. Research Report at:
The Lovesac Company shares closed up nearly 50% on Wednesday with a little over 2 million shares traded. The stock made its debut in the market and traded up over 34% than its initial public offering price. Lovesac CEO Shawn Nelson stated, "There aren't a lot of direct-to-consumer companies out to dominate a category on the public markets yet. There are plenty of them still private and lots of unicorns. But Lovesac is one of the first." He also said, "It's a great time in the economy but more importantly as financial markets go ... the valuations and the way that companies are being valued and looked at through that lens is not always as favorable to businesses like ours as the public market were. What the public investors value is very much in line with what we do." Lovesac is an American furniture retailer, specializing in a patented modular furniture system called Sactionals. Nelson explained, "We are neither an e-commerce true play or a retail company at all."
Access RDI’s The Lovesac Company Research Report at:
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered broker-dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.
For any questions, inquiries, or comments reach out to us directly at:
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.