Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Silver

    25.10
    +0.18 (+0.74%)
     
  • EUR/USD

    1.0779
    -0.0014 (-0.13%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2624
    +0.0002 (+0.01%)
     
  • USD/JPY

    151.2780
    -0.0940 (-0.06%)
     
  • Bitcoin USD

    70,449.69
    +854.09 (+1.23%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,332.82
    +164.75 (+0.41%)
     

Today's Research Reports on Stocks to Watch: Advance Auto Parts and HyreCar

NEW YORK, NY / ACCESSWIRE / August 15, 2018 / Advance Auto Parts delivered stellar second quarter results, pushing the stock to a brand new high. The results also helped other auto related stocks see gains. HyreCar Inc. also saw gains on its second quarter financial report as well as on the announcement that the company is expanding its unique car dealer focused ''path to ownership'' program.

RDI Initiates Coverage on:

Advance Auto Parts, Inc.
https://rdinvesting.com/news/?ticker=AAP

HyreCar Inc.
https://rdinvesting.com/news/?ticker=HYRE

Advance Auto Parts, Inc. shares closed up 7.79% on almost 4.5 million shares yesterday. The stock soared to a new 52-week high of $159.50 after reporting upbeat financial results. The company revealed net income that rose to $117.8 million, or $1.59 a share for the quarter. This is compared from $87.0 million, or $1.17 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.97. Analysts were only expecting $1.86. Sales rose 2.8% to $2.33 billion, ahead of the $2.27 billion analysts had called for. Same-store sales also saw an increase of 2.8%, beating expectations of just 0.1% growth. Credit Suisse analyst Seth Sigman wrote, "AAP delivered stronger Q2 sales that point to progress on execution as well as improving industry demand. The [same-store sales] improvement seemed better than what various indicators and competitor/supplier results would suggest.” He also said, "Net/net, the results should help instill confidence that this turnaround is progressing, and that the company is well positioned to deliver stronger growth as industry trends seem to stabilize/improve."

Access RDI’s Advance Auto Parts, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=AAP

HyreCar Inc. shares closed up 8.66% on nearly 8.2 million shares traded on Tuesday. It was a day of gains after the carsharing marketplace for ridesharing, announced it is expanding its unique car dealer focused “path to ownership” program with car dealerships in six cities throughout the U.S. This could add up to 500 vehicles to the company's platform. CEO Joe Furnari stated, "The reception to our dealer enabling program has been overwhelming. As a result, we are mobilizing very quickly to meet dealer demand all over the United States. These dealer additions will help us meet the increasing demand for ridesharing-approved vehicles, while also adding additional vehicles to our growing platform.” The company also announced second quarter financial results for the period ended June 30, 2018. Furnari said, "Our record revenue of approximately $2.3 million in the second quarter of 2018 was a direct result of increased demand for car sharing services. As we reach critical mass, we are also starting to see some operating leverage in the business, as evidenced by our 14x increase in gross profit during the quarter. Given this operational momentum, we expect to be cash flow positive by the second quarter of 2019." He also added, "Our strong adoption to-date is a result of our unique marketplace platform, which matches drivers with car owners, while leveraging HyreCar’s proprietary insurance offering that ensures a driver is covered while ‘off the clock’ with a ride-sharing company."

Access RDI’s HyreCar Inc. Research Report at:
https://rdinvesting.com/news/?ticker=HYRE

Our Actionable Research on Advance Auto Parts, Inc. (NYSE: AAP) and HyreCar Inc. (NASDAQ: HYRE) can be downloaded free of charge at Research Driven Investing.

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.

CONTACT

For any questions, inquiries, or comments reach out to us directly at:

Address:

Email:

contact@rdinvesting.com

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: RDInvesting.com

Advertisement