LYFT - Lyft, Inc.
32.75 +1.07 (3.38%)
After hours: 5:24PM EDT
Chart Events
Slow Stochastic
Performance Outlook
- Short Term2W - 6W
- Mid Term6W - 9M
- Long Term9M+
| Previous Close | 32.59 |
| Open | 32.80 |
| Bid | 31.62 x 1400 |
| Ask | 32.70 x 1300 |
| Day's Range | 31.50 - 33.01 |
| 52 Week Range | 14.56 - 68.33 |
| Volume | 5,733,473 |
| Avg. Volume | 10,645,109 |
| Market Cap | 9.72B |
| Beta (5Y Monthly) | N/A |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -6.25 |
| Earnings Date | Aug 05, 2020 - Aug 10, 2020 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | 40.95 |
Fair Value
Related Research
- MarketWatch
Lyft says ride-hailing activity picked up in May and improves forecast, stock up 3%
Lyft Inc. disclosed Tuesday afternoon that ride-hailing activity has picked up as COVID-19 restrictions have eased, and the company improved its forecast for expected second-quarter losses. Shares gained more than 3% in after-hours trading. Lyft admitted that it gave 70% fewer rides in May than it did in the same month last year, but said that rides increased 26% from April and were performing better in cities that have begun relaxing restrictions. "For example, rideshare rides increased 73% in Austin, 41% in Denver, 54% in Las Vegas, 59% in Miami, 64% in Nashville, 42% in New York City, 40% in Phoenix, 49% in Salt Lake City and 40% in Seattle in the month of May 2020 versus the month of April 2020," Lyft disclosed in a filing with the Securities and Exchange Commission. In response, Lyft said that adjusted Ebitda losses would not exceed $325 million, about 10% better than the maximum $360 million in highly adjusted losses the company predicted when it released quarterly earnings in early May.
- MarketWatch
Stimulus checks are a mere Band-Aid for Americans — amid fears of an even bigger economic crisis than the Great Recession
Economic impact payments would cover less than half of the average family’s monthly expenses, a new study found.
- Yahoo Finance Video
Uber, Lyft suspend services amid protests
Yahoo Finance’s Brian Sozzi, Alexis Christoforous, and Ines Ferre discuss Uber, Lyft, and DoorDash after the companies said they’re suspending operations.
- Benzinga
Uber, Lyft Temporarily Suspend Service In Some US Cities Due To Protests
As protests continue over the killing of George Floyd, an African-American who died while being restrained by a white policeman, some local governments have imposed curfews, leading to ridesharers Uber Inc. (NASDAQ: UBER) and Lyft Inc. (NASDAQ: LYFT) suspending services.What Happened Uber has suspended its services in Los Angeles, Oakland, San Francisco and parts of Minneapolis during curfew hours.Lyft is following local guidance on curfew compliance, while the food delivery service DoorDash will also suspend operations in areas where curfew is in place, reported CNBC.Uber said in a statement, "Some cities have requested that we suspend operations completely while others want to ensure Uber is available for essential services." The company added, "We're also using the Uber app to educate riders and drivers about city curfews and remind them Uber should be used for emergency purposes only during this time."Why It Matters George Floyd, a 46-year old black Minneapolis resident, died on May 25. Video footage of his killing sparked protests, which have sometimes turned violent. Last week the protests led to the evacuation of the president to an underground shelter.Uber CEO Dara Khosrowshahi has pledged one million dollars to two justice reform groups in an expression of solidarity with the black community.On Monday, Lyft co-founders Logan Green and John Zimmer composed a call to action saying that recent acts of injustice against black Americans have "created an inflection point in America."Price Action Uber shares traded 0.21% lower at $35.61 in the after-hours session on Monday. The shares had closed the regular session 1.38% lower at $35.82.Lyft shares traded 1.35% lower at $32.15 in the after-hours session on Monday. The shares had closed the regular session 4.25% higher at $32.59.See more from Benzinga * Uber To Cut Thousands Of Jobs Again * SoftBank Facing Record Losses As Startup Investments Fail To Deliver(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- GuruFocus.com
Investing Lessons From the Failure of Hertz
Carl Icahn's $2 billion loss serves as a warning sign for investors Continue reading...
- Reuters
Lyft violates Washington DC sick day law during pandemic, lawsuit claims
Lyft Inc was sued on Friday by a former driver who accused the ride-sharing company of failing to provide required paid sick leave to drivers in Washington, D.C., a policy she said could fuel the spread of the coronavirus. Cassandra Osvatics, of Bowie, Maryland, accused Lyft of subjecting current and former drivers to a "Hobbesian choice" between having to risk their livelihoods by staying home when sick, or "risk their lives (and the lives of their passengers)" by working through their illnesses. Underlying the proposed class action is a belief that Lyft drivers qualify as employees, entitling them in the nation's capital to about seven paid sick days annually based on 2,000 hours worked.
- MarketWatch
Uber CEO sees ‘signs of life’ after ridership plummeted 80% in April
Dara Khosrowshahi tells The Today Show he ‘certainly’ thinks the worst of the coronavirus crisis is over for Uber
- Investor's Business Daily
Is Uber Stock A Buy Right Now? Here's What Earnings, Charts Show
Uber Technologies is a global company that is transforming the ride-sharing and meal delivery markets. After a much-hyped debut on May 10, 2019, Uber stock is one of the most watched IPO stocks today, but is Uber a buy right now in the current coronavirus stock market rally? In 2018, Uber had earnings of 59 cents per share, but the profit was temporary.
- Motley Fool
Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake
There are hundreds of stocks that would have to more than double to revisit their 52-week highs. Let's check out three out-of-favor stocks that are ready to prove the naysayers wrong.
- Barrons.com
Amazon Could Take On Uber and Lyft With a Zoox Acquisition
What if Amazon.com decided to enter the ride-sharing market? Morgan Stanley analyst Brian Nowak floated that idea in response to a report that Amazon is in “advanced talks:” to acquire Zoox, a company working on autonomous vehicles.
- Bloomberg
As Uber Drivers Hope for Unemployment Benefits or U.S. Loans, a Lucky Few Get Both
(Bloomberg) -- Ron Parise has spent about 50 hours a week for the last two years on the roads of Cape Coral, Florida, shuttling tourists and snowbirds between their rentals and the airport for Uber Technologies Inc. and Lyft Inc. All that came to a sudden stop in late March, when the arrivals gates went quiet and Parise’s wife insisted he stay home to avoid exposing himself to the coronavirus.Parise, 73, used his newfound free time to apply for any public assistance program for which he thought he might qualify. Nothing came through until early this month, when he received $11,500. It’s a small-business loan forgivable under certain conditions, part of the $659 billion Paycheck Protection Program, which is designed to encourage companies to keep paying employees during the pandemic. Parise believes he qualifies because he owns a one-man business to support his job driving.The state of Florida initially told Parise he wasn’t eligible for unemployment insurance, but he recently began receiving checks under the federal Pandemic Unemployment Assistance program, which gives relief to independent contractors who have been impacted by the pandemic. This created an ethical dilemma for Parise, and perhaps a legal one, too. The small-business money is supposed to keep bosses like Parise from laying off workers— in this case, just Parise. Unemployment benefits are intended for people who have lost their jobs. “I don’t want to seem like I’m double dipping,” he said. “I’m happy to stay home and collect the government money if I can.” Parise said he hasn’t decided what to do but is leaning toward taking taking both and paying back the loan before it comes due in two years.While Uber considers its drivers to be independent contractors, some like Parise set up small businesses to manage their income from driving. The designation helps minimize personal and tax liabilities and for Parise, validates his status as an entrepreneur in his own right. “I’m more of an independent business person,” he said. “I hire Uber to send me customers.”Deciphering the rules around the government’s financial-assistance programs is a widespread challenge, and ride-hailing drivers face a particularly complicated route. The pandemic has left most of them unable to find enough work to get by. Meanwhile, Uber and Lyft haven’t altered their stance that drivers are independent contractors, not employees, disqualifying them from unemployment insurance in most states. The companies have directed drivers toward at least three alternatives, including the two Parise applied for.Congress created Pandemic Unemployment Assistance to help provide financial relief to workers normally ineligible for unemployment benefits, and Uber successfully lobbied for its drivers to be included. States manage the federally funded program, and implementation has been patchy at best. Many drivers have yet to receive money or even confirmation they’ll get it eventually, said Harry Campbell, who runs a popular website for drivers called the Rideshare Guy. “Some people are getting unemployment,” he said. “Some aren’t.”The financial-aid programs for small businesses have been similarly inconsistent. Tied up in the practical questions of where drivers can turn for help is an unresolved fight over whether Uber and Lyft’s workers should be considered employees of the companies. Many drivers, along with labor groups and Democratic public officials, have said the companies are cheating drivers out of benefits and offloading the costs onto taxpayers. “They are using the moment to crystallize the fact that, in their view, these workers should not have the benefit of employee status,” said Brian Chen, a staff attorney at the National Employment Law Project, a worker advocacy group. Ride-hailing companies oppose efforts by drivers to access traditional unemployment benefits from states, which are financed through payroll taxes. Uber and Lyft are contesting a California law intended to classify workers like their drivers as employees, and the state recently sued them in response. Most drivers, said Chen, would receive more generous benefits from state programs, an assertion Uber contests. “Congress fully funded pandemic unemployment assistance for gig workers so that every state, many of which face historic deficits, could give these workers immediate financial support at no cost to their own state funds,” said Harry Hartfield, a spokesman for Uber.Lyft and Uber would have been on the hook for $413 million in unemployment insurance costs over the last five years in California alone, according to a study published this month by the University of California, Berkeley’s Institute for Research and Labor. A similar analysis by officials in New Jersey said Uber would have faced a bill of $530 million for unemployment and disability from 2014 to 2018. Tally up the 48 other states, and you’re looking at a significant additional cost for two companies that have never been profitable.“I don’t want to seem like I’m double dipping”New York courts have ruled multiple times in favor of Uber drivers seeking unemployment benefits in the last year, but only after a lengthy process that’s onerous for both applicants and the state, said Nicole Salk, a senior staff attorney with Legal Services NYC who has represented several drivers in such cases. “It causes problems for the whole system.” she said.On Monday, four drivers for Uber and Lyft and a worker advocacy group sued Governor Andrew Cuomo and the New York Labor Department in federal court, claiming the state failed to pay unemployment benefits promptly. Jack Sterne, a spokesman for the governor, said New York is ahead of other states in its response to the jobs crisis and is processing more than 100,000 applications a week for the federal unemployment program. “During this pandemic emergency, we have been moving heaven and earth to get every single unemployed New Yorker their benefits as quickly as possible—including Uber and Lyft drivers who are treated no different than any other worker,” Sterne wrote in an emailed statement.Amara Sanogo, a driver in the Bronx, is living off his credit cards and helping his three children with their Zoom video curriculum as he waits for a response from the state about whether he qualifies for benefits. When he applied nearly two months ago, Sanogo set up an online account on a state website and was told he’d get updates there. “Every day I check that account,” he said. “There are no more messages.” New York’s Labor Department is now advising gig economy workers to apply to the federal program instead of the state’s.For drivers who set up a business to manage their Uber income, there are signs of significant interest in the small-business programs. Ron Walter, a driver in the Denver area who primarily works for Uber and Grubhub Inc., wrote a blog post about his experience applying for a PPP loan, which companies don’t need to pay back as long as they keep paying employees and adhere to other guidelines. Walter’s blog post contained a link encouraging other drivers to apply through a website called Womply.com, which charges lenders a commission for sending them leads. Dozens of drivers clicked through the link and filled out applications, according to data Walter received from Womply that was reviewed by Bloomberg.Walter got a loan of $4,800 and anticipates he’ll have to pay it back. He didn’t apply for other government programs, he said, because it didn’t feel right. Since Walter mostly delivers food, he said he’s actually doing pretty well. He can squeeze more deliveries into every hour and gets paid more. “Traffic is a lot better, and parking is a lot better because everybody is staying home,” he said. But as the economy worsens, Walter worries demand is not going to last. At some point, he said, “people run out of money.”(Updates with lawsuit in the 12th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Barrons.com
Uber, Lyft Back California Ballot Measure to Keep Drivers Off Their Payroll
The proposition would rollback the law known as AB5, which was targeted at forcing ride-sharing and food-delivery companies to classify their drivers as employees rather than contractors.
- Oilprice.com
The $8 Trillion Megatrend Taking Wall Street By Storm
As COVID-19 continues to transform our economic reality, two megatrends are converging to create a once in a lifetime investment opportunity
- Barrons.com
Demand Soars for Food Delivery Companies, but They’re Still Not Profitable
The core question facing the food delivery business is simple: Can it ever be profitable? The search for a path to profitability is the obvious driver of the current discussions about a potential acquisition of (GRUB) (GRUB) by (UBER)’ (UBER) food-delivery arm, Uber Eats. Food delivery faces the same competitive dynamic as ride sharing.
- Yahoo Finance
Social distancing could be a boon to used car sales
Social distancing and tight consumer budgets amid COVID-19 may be a boon for the used car industry.
- InvestorPlace
Go Long on Uber Stock Despite Short-Term Headwinds
Uber (NYSE:UBER) stock rose approximately 11% ahead of its earnings report on May 7. The rally had less to do with the ridesharing company and more to do with competitor LYFT (NASDAQ:LYFT) The company reported first-quarter revenue growth and unveiled its plans to survive the pandemic.Source: vaalaa / Shutterstock.com In reporting its own set of earnings, Uber revealed it lost $2.9 billion in the first quarter, translating to a GAAP loss of $1.70 per share for the period. Analysts were expecting a loss of $1.53 billion in the first quarter or 90 cents per share.On the bright side, CEO Dara Khosrowshahi noted the core ride-hailing business was showing signs of recovery with week-over-week gains in each of the last four weeks. Revenues climbed to $3.54 billion, a 14% increase over the year-ago period, but rides were down 3%.InvestorPlace - Stock Market News, Stock Advice & Trading TipsDespite the disappointing results, Khosrowshahi said he was confident that the company has ample liquidity to survive the effects of the novel coronavirus pandemic. Uber Eats is the company's strong suit in these times; it grew 54% YoY, thanks to the surge in demand for food deliveries. Also, the company is looking to curtail its fixed costs and investments to narrow out its losses as much as possible. * 7 Excellent Penny Stocks Ready to Roar I was quite satisfied that these are all positive developments. Uber has done what it can to make the best of a bad situation. It has been nimble-footed in carrying out some essential spring cleaning, and as the effects of the virus start to dissipate, the markets will reward these efforts. Uber Eats is Growing at a Fantastic PaceAt its 2009 start, Uber's primary purpose was to help people to get from point A to B, essentially creating a new platform for ridesharing. Since then; it has become a multi-billion dollar company, diversifying into several different service areas apart from its core business. One such segment is the food delivery service Uber Eats. It started as a pilot project in 2014 called UberFresh, delivering lunch and dinner from specific restaurants in California. Since then, it has expanded its restaurant selection and operates in several markets around the world. The Uber Eats division has had double-digit revenue growth for the past five years, with a 54% growth in Uber's latest quarter results.However, the segment has had trouble gaining traction in certain regions, particularly India and China. Rather than waste time, energy and money, the company has discontinued its operations in China and sold the Indian Uber Eats operations to Zomato earlier this year.Interestingly, though, Uber announced it is making a play to acquire Grubhub (NYSE:GRUB), which currently has a 30% market share in the food delivery business. With the acquisition, Uber Eats would have 50% of the market share in the food delivery business, 15% bigger than its main competitor, Doordash. Liquidity and Cost CuttingUber and other ride-hailing services have been hit hard by the health crisis, which is why they are looking to preserve the strength of their balance sheets. Currently, Uber's cash equivalents and short-term investments are $9.0 billion, which the company feels is enough to cover its cash burn until there is a significant rebound in demand for its ride-hailing service.Belt-tightening initiatives are already underway, as the company laid off 14% of its workforce in the past couple of months. Uber is also closing around 40% of its Greenlight locations. CEO Khosrowshahi has also agreed to waive his base salary for the rest of 2020. In addition to this, the company has exited eight global markets and has pulled back $150 million in advertising and incentives.It's worth noting that Uber recently landed a contract worth $810 million to provide ride-hailing services to the U.S. federal government, which will run through 2025. All of these initiatives should help shore up the company's balance sheet, leading me to believe the company has sufficient liquidity to weather the storm. About That ValuationMost analysts believe that Uber is currently underpriced and that investors could grab the stock at a bargain. According to Refinitiv, the price target for Uber stock lies somewhere between $55 and $15, with the average at $39.40. Surprisingly, Refinitiv has boosted its Earnings Rating for Uber over the past week from 5 to 7. The average Earnings Rating for its Online Services industry is 6.4, while the S&P 500 index average is 6.5. Additionally, Uber stock trading at a 37% bargain to its 52-week high price at $47.08. Therefore, there is a 21% upside to the stock to its current price of $32.54 per share.Uber's Q1 results are underwhelming. Analysts expect a more challenging second quarter due to negative headwinds and the structure of the company's offerings. However, the company's swift actions in preserving its liquidity and focusing additional resources on its Uber Eats division are likely to pay dividends in the future. Bottomline on Uber StockUber's core ride-hailing business is showing signs of recovery, and with the easing of restrictions across the world, things will only get better. The balance sheet looks strong enough to survive the crisis until the end of the year, but it needs to cut costs wherever it can to give it more breathing space. Furthermore, the acquisition of Grubhub will give it a decisive edge over its competitors in the food delivery business.Considering all this, it should come as no surprise that I am long on Uber stock.As of this writing, Muslim Farooque did not hold a position in any of the securities mentioned above. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * America's Richest ZIP Code Holds Shocking Secret * 1 Under-the-Radar 5G Stock to Buy Now * The 1 Stock All Retirees Must Own The post Go Long on Uber Stock Despite Short-Term Headwinds appeared first on InvestorPlace.
- Quartz
Has the pandemic ended discounted Uber and Lyft rides for good?
Now, Covid-19 could mean the days of discounted Uber and Lyft rides are over for good. With ride-hailing down sharply in the pandemic, promotions have virtually disappeared across the industry since mid-March, Lyft’s chief financial officer, Brian Roberts, said on a May 6 call with investors. “So we’ve said consistently that our strategy is to focus on profitable growth, not growth at all costs,” said Roberts.
- MarketWatch
Uber’s cost cutting path to profitability welcomed by Wall Street
The end game, in the opinion of two analyst research notes, is more centralized operations and structure, with less pricey long-term investments.
- GuruFocus.com
7 Stocks Elfun Trusts Continues to Buy
Boston Scientific and Fidelity National make the list Continue reading...
- Investopedia
Shareholders Could Benefit From Uber Cutbacks
Uber is cutting costs at a rapid pace, allowing the ride-share company to focus greater attention on core businesses.
- Yahoo Finance Video
Uber Technologies to cut 3,000 jobs, mulls selling non-core units: WSJ
On Monday, Uber Technologies announced that it would be cutting an additional 3,000 jobs. The company also revealed that it was considering reducing investments in several of its non-core projects, to help focus resources in its ride-hailing and food delivery sectors. The Final Round panel discuss the latest from Uber.
- Zacks
The Zacks Analyst Blog Highlights: Tesla, Uber, Lyft and General Motors
The Zacks Analyst Blog Highlights: Tesla, Uber, Lyft and General Motors
- Yahoo Finance
Uber, Lyft ‘essentially ignore US labor laws’: employment expert
Companies like Uber and Lyft choose to misclassify their workers and rob them of benefits, said Aquent CEO John Chuang.
- Barrons.com
New Convertible-Bond Issues at 12-Year Highs. What’s in It for Investors.
Companies like Lyft and Zillow Group are using convertibles to shore up their balance sheets or simply take advantage of strong investor demand for the hybrid securities.
- Yahoo Finance
Uber to require all drivers, passengers to wear masks in fight against coronavirus spread
"The next time you open the app things are going to look a little different for both riders and drivers,” Uber CEO Dara Khosrowshahi said on Wednesday.
