Lyft (LYFT) shares saw a significant gain of 9.6% in the last trading session, closing at $13.60. This rise was driven by higher trading volume, indicating increased investor interest. Over the past four weeks, Lyft’s stock has appreciated by 6.8%.
Investor Sentiment Shifts After Tesla’s Event
The recent uplift can be linked to Tesla‘s (TSLA) underwhelming Robotaxi event, which failed to spark enthusiasm among investors. Tesla did not provide detailed updates regarding its advancements in full self-driving technology, nor did it clarify its ride-sharing strategy. As a result, shares of ride-sharing competitors like Lyft benefited from this investor sentiment shift.
Upcoming Earnings Report Shows Mixed Signals
Lyft is expected to report quarterly earnings of $0.19 per share, reflecting a year-over-year decrease of 20.8%. Revenue forecasts stand at $1.42 billion, an increase of 22.6% compared to the same quarter last year.
While growth expectations for earnings and revenue are crucial for assessing a stock’s potential, research indicates a strong link between earnings estimate revisions and short-term stock performance. For Lyft, the consensus EPS estimate has been adjusted upward by 16.7% over the past month, suggesting a positive trend that often correlates with price appreciation. This could indicate continued strength in Lyft’s stock moving forward.
Current Stock Ranking and Comparison
Currently, Lyft holds a Zacks Rank #3 (Hold). In comparison, LivePerson (LPSN), another company in the same sector, experienced a rise of 8.3%, ending the day at $1.17. Over the past month, LPSN has seen a return of 1.9%.
For LivePerson, the EPS estimate for its upcoming report remains unchanged at -$0.05, reflecting a significant decline of 266.7% from a year ago. Like Lyft, LivePerson also carries a Zacks Rank of #3 (Hold).
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Lyft, Inc. (LYFT): Free Stock Analysis Report
Tesla, Inc. (TSLA): Free Stock Analysis Report
LivePerson, Inc. (LPSN): Free Stock Analysis Report
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