In the latest trading session, Lyft (LYFT) closed at $46.60, marking a -1.6% move from the previous day. This change lagged the S&P 500's 0.86% gain on the day. At the same time, the Dow added 0.79%, and the tech-heavy Nasdaq gained 0.73%.
Coming into today, shares of the ride-hailing company had gained 9.38% in the past month. In that same time, the Computer and Technology sector gained 1.97%, while the S&P 500 gained 1.94%.
LYFT will be looking to display strength as it nears its next earnings release.
It is also important to note the recent changes to analyst estimates for LYFT. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
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. Within the past 30 days, our consensus EPS projection has moved 1.68% higher. 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 90, putting it in the top 36% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.