Why Is Getaround (GETR) Stock Up 104% Today?


  • Getaround (GETR) stock is jumping on acquisition news.
  • The company is acquiring all assets of HyreCar (HYRE).
  • This should expand its position in the gig carsharing market.
GETR Stock - Why Is Getaround (GETR) Stock Up 104% Today?

Source: Shutterstock

Getaround (NYSE:GETR) stock is getting a boost on Friday after the company announced its intention to acquire HyreCar (OTCMKTS:HYRE).

This deal has Getaround agreeing to acquire substantially all of the assets of HyreCar for $9.45 million. The company expects this deal to boost its place in the gig carsharing economy. The deal is set to close on May 16, 2023.

According to Getaround, this acquisition will be accretive to its business with the addition of thousands of cars and tens of thousands of gig drivers. It should also grant the company $75 million of run-rate annualized Gross Booking Value, as well as add to its positive Adjusted EBITDA.

Sam Zaid, founder and CEO of Getaround, said the following about the news:

“As this is an asset purchase, it is a clean and simple transaction, adding a fantastic community of customers whom we are very pleased to welcome to the Getaround marketplace. At this acquisition price point, we believe this deal will deliver strong long-term value for Getaround stakeholders.”

GETR Stock Movement

GETR stock is experiencing incredibly strong movement on Friday following the acquisition news. As of this writing, more than 9 million shares of the company’s stock have changed hands. That’s a massive surge compared to its daily average trading volume of about 3 million shares.

GETR stock is up 103.9% as of Friday morning.

Investors can find more of the latest stock market news down below!

We have all of the biggest stock market stories worth reading about on Friday! Among them are the latest earnings reports from Biofrontera (NASDAQ:BFRI), China Automotive Systems (NASDAQ:CAAS), and Spectrum Brands (NYSE:SPB). You can catch up on that news at the following links!

More Friday Stock Market News

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risk.

Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/05/why-is-getaround-getr-stock-up-104-today/.

©2023 InvestorPlace Media, LLC