|Bid||31.86 x 900|
|Ask||31.97 x 1100|
|Day's Range||31.68 - 33.39|
|52 Week Range||14.56 - 68.33|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 05, 2020 - Aug 10, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||41.58|
Aquent CEO John Chuang joins Yahoo Finance’s On The Move panel to address the importance of fighting off racism in the gig economy.
By John Jannarone goPuff’s delivery volume rose 400% in the first half of 2020, according to sources goPuff now reaches 500 cities through over 200 distribution facilities Raised $1 billion from investors including Accel and SoftBank Vertical integration provides better customer experience and margins goPuff’s rapid expansion gives it head start and wide moat versus […]
Lyft Inc. (NYSE: LYFT) has resumed testing of its self-driving technology on public roads in California, TechCrunch reported Tuesday.What Happened An employee-exclusive pilot program in Palo Alto remains paused, according to TechCrunch.The test rides conducted by its self-driving subsidiary Level 5 were temporarily halted in March due to the shelter-in-place orders enacted to curb the spread of the COVID-19 pandemic.The company was relying on simulation during the lockdown period as it faces intense competition in the area with Uber Technologies Ltd. (NYSE: UBER), Tesla Inc. (NASDAQ: TSLA), and Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) subsidiary Waymo, among others.Lyft Level 5 said it would adhere to the United States Center for Disease Control and Prevention guidelines during the test rides as a precaution against COVID-19.The company in June announced it was also aiming to completely switch to all-electric vehicles for its ride-hailing business by 2030.Price Action Lyft shares closed 0.15% lower at $33.01 on Tuesday and were unchanged in the after-hours session.Image: LyftSee more from Benzinga * Lyft To Switch To 100% All-Electric Vehicles By 2030 * Uber, Lyft Shares Drop As California Regulator Rules Drivers Are Now Employees Under State Laws * Uber's Ride-Hailing Business Shows Recovery In May, Food Delivery Continues On Pandemic Growth, CEO Says(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Lyft's self-driving vehicle division has restarted testing on public roads in California, several months after pausing operations amid the COVID-19 pandemic. Lyft’s Level 5 program said Tuesday some of its autonomous vehicles are back on the road in Palo Alto and at its closed test track. The company has not resumed a pilot program that provided rides to Lyft employees in Palo Alto.
Urban transportation's transformation has shifted up a gear as the coronavirus crisis turns travel habits on their head, with Uber making allies of public transit systems by now offering to sell them its software expertise. This means Marin County's Transportation Authority will next month allow passengers in the San Francisco Bay area to book a trip through the Uber app, but rather than someone's private car they will ride wheelchair-accessible public vans. From the streets of Utah's Salt Lake City to Missouri's St. Louis and New Jersey's Jersey City, more than 120 U.S. transit agencies have launched collaborations with ride-hail firms in the past two years, data analyzed by Reuters shows.
While virtually every aspect of the economy has been hit hard during the pandemic, the tech Industry and its hub in Santa Clara County continue to fare better than other large regions across the state and the nation, based on three studies released in the last few days.
Amazon.com Inc. has confirmed reports that it is buying self-driving ride-hailing vehicles designer Zoox, although terms of the deal were not disclosed. Media reports had said the deal valued at over $1 billion. Amazon said Zoox Chief Executive Aicha Evans and co-Founder and Chief Technology Officer Jesse Levinson will continue to lead the company as a standalone business. "Zoox is working to imagine, invent, and design a world-class autonomous ride-hailing experience," said Jeff Wilke, CEO of Amazon's Worldwide Consumer business. Amazon's stock gained 0.3% in morning trading, while shares of ride-hailing company Uber Technologies Inc. fell 1.8% and Lyft Inc. slipped 0.4%. The S&P 500 was down 0.8%.
Lyft (NASDAQ:LYFT) stock is one of two names, along with Uber (NYSE:UBER), which dominate the ride-share sector. Pundits consider Lyft to be the 'pure-play' between the two as it is solely focused on transporting people. Some analysts point to this as being a factor for choosing to invest in shares of Lyft over Uber. However, both stocks exist in an industry which has an unproven business model from the standpoint of profitability.Source: Roman Tiraspolsky / Shutterstock.com Nevertheless, investors are still attracted to the young businesses. Lyft, which had its IPO just last year, saw initial interest drop off immediately following the IPO and has yet to regain those initial losses. Lyft was clearly highly touted and likely overvalued at its IPO. Investors are now hoping that the young company can increase its operational efficiency as time passes. Because while Lyft's services are well-regarded, its operational losses have been significant. That said, shares of Lyft will likely rise given the current environment. However, I think it is still a stock to avoid. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Lyft's Stock Follows Sector TrendsRide-sharing, Transportation as a Service (TaaS), or whatever term Wall Street has coined for this newest iteration of taxi service, may just be a stock class to avoid for some time. Consumers rave about Lyft and Uber justifiably. Customers of Lyft and Uber save money in most instances vis-a-vis taxis. But the operations of these companies are much less laudable. * 5 Housing Stocks to Buy Before the Housing Market Bounces Back Lyft has not proven profitable which should concern investors. In many respects, its operations are upside down. The firm's most recent 10-Q, which ended March 31, was pretty dismal. Total revenue increased 23% , compared to the same period last year, to $955.7 million. Sounds great. Yet, Lyft ended the quarter with an operational loss of $414.1 million. Shares of Lyft Have Never Been StrongPotential investors who grant Lyft the benefit of the doubt given the pandemic, beware. Lyft recorded a net loss of $1.138 billion in 2019. So, this most recent earnings report was not a fluke attributable to externalities. It is part of Lyft's fundamental underpinnings. This is also why Lyft's been trading lower than its IPO for the entirety of its existence. While it is a growth stock and thus shouldn't operate with ultra-high efficiency, Lyft appears operationally weak by most standards. But even with that said, investors can probably expect Lyft shares to rise in the near-term. Simply put, more people will be hailing ride-shares in the remainder of this year even with virus spikes because the economy is opening up. If this pandemic has taught investors anything, it's that people will pile into the markets on the slightest positive news. Both macro-trends and underlying business fundamentals seem to correlate much less with stock price movements than might be expected. Investors Into Lyft Will Still Take The PlungeLyft shares currently sit around $35. As the economy opens up I wouldn't be the least bit surprised to see shares rise by $10 to $12 and approach pre-pandemic levels. Investors are going to buy shares of Lyft based on transportation numbers. The price will rise and then it's going to decrease as most investors will analyze their shares' fundamentals post-purchase and not prior. But I think shares will fluctuate around $45 for a few months. Why Lyft Should Be Avoided For Now…This is a bit contradictory because I think Lyft is a sell. So, even though the stock is likely to rise the company fundamentally hasn't figured out how to be profitable. And fundamentally stocks are an investment in a company and signal that you believe they can take your investment and return you more money. Lyft hasn't. I think that at some point, markets will take a collective look at ride-share firms and punish them based on their losses. I won't be interested in Lyft until its partnership with Alphabet's (NASDAQ:GOOGL) autonomous vehicle arm Waymo, bears some fruit. Then, the company will have a much clearer path to profitability as driver expenses will be gone. Until then, I think it's going to be flat and nowhere near IPO levels. Lyft provides a great service, and a great way to make some money driving as a side-hustle, but as a stock I'm not buying it. As of writing Alex Sirois did not own any of the above mentioned stocks More From InvestorPlace * Why Everyone Is Investing in 5G All WRONG * America's 1 Stock Picker Reveals His Next 1,000% Winner * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * Radical New Battery Could Dismantle Oil Markets The post Lyft Stock Is Primed To Rise But That's No Reason To Jump In appeared first on InvestorPlace.
The New York City Council on Thursday approved several bills that will legalize the private use of electric scooters and bicycles in the city's five boroughs, a change long-sought by food delivery workers and transportation advocates. The city will also create a shared electric scooter pilot program that will allow e-scooter companies to apply for permits to operate in the city, with the exception of Manhattan. The pilot program is scheduled to start by May 2021 and is expected to last no more than two years, according to the bill.
Uber (UBER) might be forced to pay for worker benefits and other protections, in case a preliminary injunction is ordered by a California state judge.
California Attorney General Xavier Becerra will request a preliminary injunction on Thursday to change the status of Uber Inc (NYSE: UBER) and Lyft Inc (NASDAQ: LYFT) drivers to employees.What Happened California passed a law in January, which makes it harder for companies offering "gig economy" jobs to classify their workers as contractors instead of employees.Becerra said in a statement Wednesday, "Misclassifying your workers as 'consultants' or 'independent contractors' simply means you want your workers or taxpayers to foot the bill for obligations you have as an employer -- whether it's paying a legal wage or overtime, providing sick leave, or providing unemployment insurance."The attorney general added, "That's not the way to do business in California. We're seeking a court order to force Uber and Lyft to play by the rules."Both Uber and Lyft shares closed nearly 8% lower on Wednesday.Why It Matters Alison Stein, an Uber economist, estimates that 158,000 additional work opportunities at Uber are under threat due to the reclassification. Uber, Lyft, along with DoorDash, Instacart and Postmates are spending $110 million on a ballot measure due November to ask voters to keep drivers independent albeit with some benefits and wage floors.A Lyft spokesperson decried the state's move to the courts, saying, "Trying to force drivers to give up their independence 100 days before the election threatens to put a million more people out of work at the worst possible time," reported the San Francisco Chronicle.Price Action Uber shares traded 0.49% lower at $30.31 in the after-hours session on Wednesday. The shares had closed the regular session 7.84% lower at 30.46.On Wednesday, Lyft shares closed 7.88% lower at $32.80.See more from Benzinga * Tesla Ranked The Lowest In J.D. Power Survey Of New Vehicle Owners * Trump's Employment Visa Suspension Under Fire From Business And Tech Leaders * Face Mask Sales Push Etsy Stock To Record Highs(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- California is escalating its fight with Uber Technologies Inc. and Lyft Inc. over a new state law designed to give gig-economy workers employee benefits, including health care and overtime pay.Saying it’s time for the ride-hailing platforms to “play by the rules,” California Attorney General Xavier Becerra said Wednesday that state and local officials will seek a court order to immediately enforce Assembly Bill 5, which tightens standards on how employers classify workers. The move comes after California sued the two San Francisco-based companies in May for unlawfully misclassifying drivers as independent contractors.If California persuades a state judge to order a preliminary injunction, Lyft and Uber would be forced to pay for worker benefits and workplace protections while the legal dispute proceeds. Those added costs would be a significant setback to the companies while they are already reeling from revenue losses and layoffs amid the coronavirus pandemic.“It’s time for Uber and Lyft to own up to their responsibilities and the people who make them successful: their workers,” Becerra said in a statement. “Misclassifying your workers as ‘consultants’ or ‘independent contractors’ simply means you want your workers or taxpayers to foot the bill for obligations you have as an employer -- whether it’s paying a legal wage or overtime, providing sick leave, or providing unemployment insurance.”Read More: Uber, Lyft Sued by California in Major Gig-Economy CrackdownUber, Lyft and other companies such as DoorDash Inc. which use a labor model that similarly relies on independent contractors are to set to announce Thursday they will place a counter-measure on the state’s November election ballot to exempt drivers from the new California law.Most Uber drivers want to work independently and the company has changed its app to abide by California law, a company spokesman said. “When over 3 million Californians are without a job, our elected leaders should be focused on creating work, not trying to shut down an entire industry,” the spokesman said.Lyft said it will fight the state’s injunction request.“We believe the courts should let the voters decide,” company spokeswoman Julie Wood said. “Trying to force drivers to give up their independence 100 days before the election threatens to put a million more people out of work at the worst possible time. It would be incredibly harmful to millions of people and the California economy to grant this motion 100 days before the voters decide.”The state argued that misclassification of workers by Uber and Lyft burdens taxpayers because the lack of benefits makes drivers turn to government-funded income support programs. Becerra is backed in the legal fight by the city attorneys of Los Angeles, San Diego and San Francisco.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.
The fight is one of the biggest clashes over the future of the so-called "gig economy" of workers, typically for delivery and other app-based services. California is Uber's and Lyft's biggest U.S. market. In January, California implemented a law making it tougher for companies to classify workers as contractors rather than employees.
(Bloomberg) -- The latest rideshare data shows the first sign of softness since April as coronavirus cases continue to grow in states where Lyft Inc. and Uber Technologies Inc. do business.Weekly average users contracted in the U.S. for the week ended June 21, according to Evercore analyst Benjamin Black, who characterized the early signs of softness as a “clear setback” to recovery hopes. Shares of Lyft and Uber fell about 2% in early trading, while car rental company Avis Budget Group declined 5%.“Fears of a second wave are clearly weighing on most travel stocks, and rideshare names are not immune,” Black said. “Though officials have so far ruled out a second lockdown, the rising caseload could still slow volume recovery.”Evercore’s app tracker shows that combined weekly average user data are now down 68% year-over-year, the analyst said, with Uber down 63% and Lyft down 74%. The discrepancy in their respective performance may have to do with exposure to hot-spot states. Arizona, California, Florida and Texas account for roughly 35% of total U.S. gross bookings, with those states making up 15% of Uber’s total rides compared to Lyft’s 45%.There’s hope yet. App downloads are still ticking up, which are now back to 60% of normalized levels in the U.S., Black said.Another positive specific to Uber: subscription software. Uber secured a new source of high-margin subscription revenue in a recent partnership with Marin County in the San Francisco Bay area. Uber app users there will see more ride options, including on-demand ride service specific to Marin and receive discounts for Uber rides to local transit hubs.The two-year, $80,000 contract is modest, Black said. However, if it leads to similar city partnerships, that may be a feather in the cap concerning new revenue streams for the company.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.
Lyft is using data collected from drivers on its ride-hailing app to accelerate the development of self-driving cars. Lyft's Level 5 self-driving car program is using the data to build 3D maps, understand human driving patterns and improve simulation tests — all tools needed to push their autonomous vehicle technology forward, according to a blog post on Tuesday. The program is taking data from select vehicles in its Express Drive program, which provides rental cars and SUVs to drivers on its platform as an alternative to options like long-term leasing.
Ride-hailing company Lyft Inc. (LYFT) has reached a settlement agreement over allegations that some of its drivers denied rides to people using a collapsible wheelchair or folding walkers.As part of the settlement agreement, Lyft agreed to revise its wheelchair policies and pay damages ranging from $4,000 to $30,000 to four complainants with disabilities as well as a $40,000 civil penalty to the U.S. government.The government alleged that Lyft violated the so-called Americans with Disabilities Act. The investigation was initiated after a complainant with disabilities filed at least 12 complaints with Lyft alleging that drivers in the Los Angeles area on multiple occasions repeatedly denied him a ride because he had a collapsible wheelchair. Another claimant alleged a Lyft driver denied her a ride because she had a walker.The settlement agreement requires Lyft to modify its wheelchair policy to include that drivers are required to assist with the stowing of foldable or collapsible mobility devices used by individuals with disabilities, and provide $10 credits to riders who make “plausible complaints of discrimination” under the revised policies.According to the settlement agreement, the San Francisco-based company denied that it is subject to the disabilities act, which specifies certain public transportation services. Lyft also denied discriminating against any individuals and asserted that the drivers on its platform are independent contractors.“We’re proud that many people with disabilities who were previously underserved by existing transportation options now use Lyft as a reliable, safe, and affordable way to get around,” the company said in a statement.Shares in Lyft have declined some 20% so far this year as stay-at-home orders tied to the coronavirus pandemic curtailed demand for its ride-sharing services. The stock fell 1.6% to $34.25 at the close on Monday.Earlier this month, BTIG analyst Jake Fuller initiated coverage of Lyft with a Buy rating and $52 price target (52% upside potential), saying that the ridesharing industry should emerge from the lockdown on stronger footing.Fuller believes that Lyft is "making hard choices" while accelerating the rationalization process, adding that its potential for underappreciated leverage in the model drives his positive view.Overall, Wall Street analysts have a cautiously optimistic outlook on Lyft with 17 recommending to buy the stock, while 7 say hold the stock, which adds up to a Moderate Buy consensus. The $42.95 average price target implies 25% upside potential in the shares in the coming 12 months. (See Lyft stock analysis on TipRanks).Related News: Lyft Plans To Switch To 100% Electric Cars By 2030 Uber CEO Reveals Pickup In May Rides As Covid-19 Restrictions Ease Lyft Rises 5% After-Hours On Strong May Performance More recent articles from Smarter Analyst: * The Rise of E-Commerce and Cloud Services Positions Amazon (AMZN) for the Win * Facebook Faces More Ad Boycotts, But This Analyst Expects Minimal Impact * 3 "Strong Buy" Penny Stocks With Explosive Upside Ahead * Heron Therapeutics: HTX-011 Will Eventually Be Approved, Says Analyst
Lyft Inc. has agreed to settle allegations that it violated federal law when some of its drivers refused to give rides to people using folding walkers or collapsible wheelchairs in the Los Angeles area, the U.S. attorney’s office announced Monday.
Lyft has agreed to settle a lawsuit from the U.S. Department of Justice that alleges the ridesharing company discriminated against disabled people -- specifically those who use foldable wheelchairs or walkers. One complainant, known as J.H. in the suit, alleged Lyft drivers denied giving him a ride on several occasions because of his collapsible wheelchair. As part of the settlement, Lyft has agreed to pay $42,000 to the four complainants and $40,000 to the U.S. Treasury.
Dr. Ashley Nunes is an academic at the Massachusetts Institute of Technology and Harvard University, previously he lead research projects sponsored by the Department of Defense and the Department of Transportation. In this article, he argues that electric cars are not the answer to ride-sharing’s emissions problem. The $10bn ride-sharing giant recently unveiled plans to only allow electric vehicles on its platform by 2030.
Some promising ventures may succumb to unfortunate circumstances, but the economic crisis also reveals which early-stage companies can draw on the effective leadership and sustainable business model necessary to weather a downturn, says Stephanie Mehta, the editor-in-chief of business publication Fast Company.