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Lyft, Inc. (LYFT)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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27.03-1.27 (-4.50%)
As of 2:57PM EDT. Market open.
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Bearishpattern detected
Double Moving Average Crossover

Double Moving Average Crossover

Previous Close28.31
Open28.27
Bid27.15 x 1300
Ask27.16 x 800
Day's Range27.02 - 28.56
52 Week Range14.56 - 54.50
Volume4,447,471
Avg. Volume8,980,776
Market Cap8.437B
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-5.47
Earnings DateOct 28, 2020 - Nov 02, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est40.80
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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    Uber Technologies Inc (NYSE: UBER), LYFT Inc (NASDAQ: LYFT) and other gig economy employers in California have a lot riding on the November election, when voters will have a chance to weigh in on Proposition 22.The ballot question would exclude these companies from new state laws requiring gig economy companies to classify their workers as employees rather than independent contractors.Yet a new federal rule could soon change worker classification on a national level.What Happened: On Tuesday, the Labor Department proposed a rule that would clarify the differences between contractors and employees.The new rule would consider two primary factors: the nature and degree of the worker's control over the labor and the worker's opportunity for profit or loss based on initiative and/or investment. The new rule would also consider factors such as the amount of skill required for the job, the permanence of the position and whether the work contributes to an integrated production unit.Why It's Important: The new federal rule is likely good news for Uber and all other gig economy companies, BofA Securities analyst Justin Post said in a note. "The language of the 'economic reality test' (determining if a worker is economically dependent on the company) may seem negative for Uber at first glance, but the underlying factors to determine the economic reality are in Uber's favor," the analyst said. Unfortunately for Uber and Lyft, Post said state law will likely supersede the federal rule, so California's AB5 and Prop 22 remain critical for the companies in the near-term.The BofA analyst said he is optimistic Prop 22 will pass in California, adding that any polling on the issue leading up to the election could create additional volatility in the stock.BofA Securities has a Buy rating on Uber with a $44 price target.Benzinga's Take: Prop 22 may be the major catalyst for Uber in the fourth quarter, but rising COVID-19 cases in Europe are also a major catalyst.Fortunately for Uber investors, Uber's risk associated with potential lockdowns is mitigated in part by its Uber Eats food delivery business.Related Links:Why It's Unlikely Warren Buffett Is Actually Investing In Snowflake Uber Analyst Expects California's Prop 22 To Pass Based On Latest PollingPhoto courtesy of Uber. Latest Ratings for UBER DateFirmActionFromTo Aug 2020CitigroupMaintainsBuy Aug 2020Daiwa CapitalUpgradesNeutralOutperform Aug 2020RBC CapitalMaintainsOutperform View More Analyst Ratings for UBER View the Latest Analyst Ratings See more from Benzinga(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Is Lyft Stock A Buy Now, Amid AB5 Drama? Here's What Fundamentals, Chart Show
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    Labor Department proposes definition for independent contractors for the first time ever

    The U.S. Department of Labor on Tuesday announced a proposed rule that would change the federal government’s test used to determine whether workers are employees or independent contractors under the Fair Labor Standards Act.