Lyft (LYFT) Outpaces Stock Market Gains: What You Should Know
Lyft (LYFT) closed the most recent trading day at $47.96, moving +1.01% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.73%. Meanwhile, the Dow gained 0.51%, and the Nasdaq, a tech-heavy index, added 1.34%.
Coming into today, shares of the ride-hailing company had gained 8.95% in the past month. In that same time, the Computer and Technology sector gained 2.97%, while the S&P 500 0%.
Wall Street will be looking for positivity from LYFT as it approaches its next earnings report date. This is expected to be February 11, 2020.
It is also important to note the recent changes to analyst estimates for LYFT. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.09% higher. LYFT is currently sporting a Zacks Rank of #2 (Buy).
The Internet - Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 171, putting it in the bottom 33% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Lyft, Inc. (LYFT) : Free Stock Analysis Report
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