Shares of HyreCar Inc. (NASDAQ: HYRE), a car-sharing marketplace that allows car owners to rent their idle vehicles to ridesharing drivers, jumped nearly 15% higher Monday morning after the company announced it would join the broad-market Russell 3000 Index. The plan is for HyreCar to join the index at the conclusion of the 2021 Russell Indexes annual reconstitution, which takes place after market open on June 28. While HyreCar's addition to the Russell 3000 Index is a positive move for the company and will attract broader interest from institutional investors as well as investment funds, the long-term success of the stock will be based on its growth.
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