Lyft (LYFT) closed at $45.20 in the latest trading session, marking a +0.3% move from the prior day. This change lagged the S&P 500's 0.91% gain on the day. Meanwhile, the Dow gained 1.22%, and the Nasdaq, a tech-heavy index, added 1%.
Heading into today, shares of the ride-hailing company had gained 4.1% over the past month, outpacing the Computer and Technology sector's gain of 1.41% and the S&P 500's gain of 1.65% in that time.
Investors will be hoping for strength from LYFT as it approaches its next earnings release.
Any recent changes to analyst estimates for LYFT should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 1.68% higher within the past month. LYFT is currently a Zacks Rank #2 (Buy).
The Internet - Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 76, putting it in the top 30% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow LYFT in the coming trading sessions, be sure to utilize Zacks.com.
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Lyft, Inc. (LYFT) : Free Stock Analysis Report
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