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Lyft (LYFT) stock sinks 30% after sales outlook falls short of $1 billion
By: Morningstar | February 9, 2023
Wall Street analysts were expecting more than $1 billion in revenue from ride-hailing company in the first quarter, but executives guided lower
Lyft Inc. posted record revenue for a second consecutive quarter Thursday, but the company's worse-than-expected forecast tanked its stock in extended trading.
Lyft (LYFT) expects first-quarter revenue of $975 million, falling shy of the $1.09 billion Wall Street analysts surveyed by FactSet expected. The company also said it expects adjusted earnings before interest, taxes, depreciation, and amortization, known as Ebitda, of between $5 million and $15 million. Analysts expected $81 million in revenue and earnings of 41 cents a share.
The company's shares sank more than 20% in after-hours trading immediately after the release of the report, and losses hit about 30% after the executives' earnings call with analysts. The stock had declined nearly 3.2% in the regular session to close at $16.22. Lyft stock has been down four of the past five days, and has lost almost 10% in the past two days.
In an interview with MarketWatch, Lyft co-founder and President John Zimmer said the company's first-quarter outlook is affected by seasonality in rides and bikes.
"When it snows, there are less bike riders," Zimmer said. "The seasonality is across the industry." He also said prices are "dramatically" lower in the first quarter, which he said is good for riders but will impact quarter-over-quarter growth.
On the company's earnings call, executives also said they had to reduce prices because of competition; Uber Technologies Inc. (UBER) lowered prices in January after it removed a fuel surcharge. In addition, increased driver supply -- which Zimmer said was good for the long term -- meant the company couldn't continue to charge higher fares during peak times for rides.
The company also had to recast its previously reported non-GAAP measures, as part of updated guidance for all public companies from the Securities and Exchange Commission. As a result, Zimmer said, "going forward, any adverse insurance development will be part of adjusted Ebidta."
The company's adjusted Ebitda losses were therefore higher in 2019 and 2020 than previously reported, and its full-year adjusted Ebitda of $92.9 million in fiscal 2021 was actually an adjusted Ebitda loss of $157.5 million. Likewise, its adjusted Ebitda of $200.1 million for quarters one to three in 2022 was actually an adjusted Ebitda loss of $168.2 million.
Lyft, like its rival Uber, has been under investor pressure to turn a profit. Uber, which released fourth-quarter earnings Wednesday, reported progress toward profitability.
On Thursday's call, Chief Financial Officer Elaine Paul also pointed to higher insurance costs, with the company increasing its insurance reserves by $375 million, affecting fourth-quarter results. Paul said the company's executives are "taking immediate action" on "near-term financial headwinds" and are considering cost-cutting that includes lowering stock-based compensation expense, such as by shifting to international "talent" who are paid in cash and not equity.
Lyft reported that active riders increased to 20.4 million in the fourth quarter, beating analyst expectations of 20.3 million, which would have been flat from last quarter. Revenue per active rider rose to $57.72, above the $56.70 expected by analysts.
"Rideshare has come back," Zimmer told MarketWatch. "Driver supply and demand are at their highest in nearly three years." He also said that the West Coast, where Lyft is "over-indexed," has "really come back," but that rides in the region still haven't reached pre-pandemic levels.
The ride-hailing company reported a fourth-quarter net loss of $588.1 million, or $1.61 a share, compared with a loss of $283.2 million, or 83 cents a share, in the year-ago period. The company attributed $201.3 million of that loss to stock-based compensation and related payroll-tax expenses.
The adjusted net loss was $270.8 million, or 74 cents a share. Revenue rose to $1.18 billion from $969.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast adjusted earnings of 13 cents a share on revenue of $1.15 billion.
Adjusted Ebitda was $126.7 million, more than the $89 million expected by analysts.
For the full year, Lyft reported a net loss of $1.58 billion, or $4.47 a share, more than analysts' expectation of a $1.17 billion net loss. That compared with a loss of $1.06 billion, or $3.17 a share, the year before. Full-year revenue rose to $4.1 billion from $3.2 billion in 2021. The adjusted net loss was $531.4 million, compared with an adjusted net loss of $332.6 million the year before.
Analysts had expected full-year adjusted earnings of 41 cents a share on revenue of $4.07 billion.
Lyft shares have risen 50% year to date, though they are down nearly 61% in the past 52 weeks. By comparison, the S&P 500 index is up 7% so far this year, and down 8.7% in the past year.
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LYFT $11.30 -4.92 (-30.33%) ... SUCKERS!!!!!!!
Lyft reports weaker guidance after surprise loss in Q4; Shares sink
By: Investing.com | February 9, 2023
Lyft reported Thursday a surprise fourth-quarter loss and guidance that fell short of Wall Street estimates as margins were pressured by rising costs.
LYFT (NASDAQ:LYFT) fell more than 23% in aftermarket hours.
Lyft reported a loss of $0.74, missing estimates for earnings of $0.15 a share, but revenue of $1.18 billion just topped consensus estimates of $1.16B.
Active riders on its platform jumped 8.7% to 20.4 million in the fourth quarter from the same period last year, while revenue per active rider increased 11.5% to $57.72 year-over-year.
The contribution margin fell to 35.3% from 47.1% in the quarter.
For Q1, the ride-hailing company guided revenue of $975M, but that was lower than Wall Street estimates for $1.10B.
"Our Q1 guidance is the result of seasonality and lower prices, including less Prime Time," the company said.
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Earnings Preview: Lyft Inc. (NASDAQ: LYFT)
By: 24/7 Wall St. | February 8, 2023
• Here is a look at what to expect when the following four firms report quarterly results after U.S. markets close Thursday or before they open on Friday.
Lyft
Ride-hailing operator Lyft Inc. (NASDAQ: LYFT) has suffered a share price decline of more than 50% over the past year, much worse than rival Uber’s decline of some 7% (not including a boost Wednesday morning after reporting earnings). For 2023 to date, however, Lyft stock is up nearly 63%, sharply more than Uber’s jump of 41%. Lyft pays its drivers more and charges its riders more than Uber, and both face regulatory risk in a California court ruling that could reclassify drivers as employees, not contractors. Lyft reports results after markets close on Thursday.
The 42 analysts covering Lyft stock have cooled to its prospects, with 18 having a Buy or Strong Buy rating and 23 a Hold rating. At a share price of around $18.00, the stock trades right at its median price target. At the high target of $60.00, the upside potential is 233%.
Fourth-quarter revenue is forecast at $1.15 billion, up 9.6% sequentially and by 18.6% year over year. The company is expected to report adjusted EPS of $0.13, up 21.5% sequentially and 30.0% higher year over year. For the full 2022 fiscal year, analysts anticipate EPS of $0.41, solidly better than last year’s loss per share of $0.25, on sales of $4.08 billion, up 27.1%.
Lyft stock trades at 44.0 times expected 2022 EPS, 19.6 times estimated 2023 EPS of $0.92 and 11.1 times estimated 2024 earnings of $1.62 per share. The stock’s 52-week range is $9.66 to $45.65. Lyft does not pay a dividend, and total shareholder return for the past 12 months was negative 56.3%.
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Daiwa Securities Group Inc. Reduces Stake in Lyft, Inc. (LYFT)
By: MarketBeat | January 26, 2023
• Daiwa Securities Group Inc. cut its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 99.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,691 shares of the ride-sharing company's stock after selling 8,000,000 shares during the quarter. Daiwa Securities Group Inc.'s holdings in Lyft were worth $207,000 at the end of the most recent reporting period...
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Daiwa Securities Group Inc. Reduces Stake in Lyft, Inc. (LYFT)
By: MarketBeat | January 26, 2023
• Daiwa Securities Group Inc. cut its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 99.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,691 shares of the ride-sharing company's stock after selling 8,000,000 shares during the quarter. Daiwa Securities Group Inc.'s holdings in Lyft were worth $207,000 at the end of the most recent reporting period...
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Analyst Upgrades Lyft (LYFT) Stock After Layoffs
By: Schaeffer's Investment Research | January 24, 2023
• Keybanc upgraded LYFT to "overweight" from "sector weight"
• LYFT is up over 40% since the start of the year
Lyft Inc (NASDAQ:LYFT) stock is up 1.4% to trade at $15.62 at last glance, after Keybanc upgraded the shares to "overweight" from "sector weight." The firm cited stabilizing demand and company layoffs, and added it sees over 50% in potential upside for the ridesharing name.
LYFT is already up 43.1% since the start of 2023, and on track for its third-straight daily gain. Long-term pressure at the stock's 200-day moving average appears to be keeping a cap on today's gains, however. Plus, the equity's 14-day relative strength index (RSI) of 91.2 sits firmly in "overbought" territory, meaning Lyft stock is due for a short-term drop.
Drilling down to today's options activity, 7,012 puts have crossed the tape so far, which is double what's typically seen at this point. Most popular is the weekly 1/27 15-strike put, where new positions are being opened.
Options bulls have been blasting Lyft stock lately, though. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day call/put volume ratio of 4.43 ranks higher than all other readings from the past year.
It's also worth noting that short interest represents 14.3% of the stock's available float. It would take nearly three days to buy back these bearish bets, at LYFT's average pace of trading.
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Lyft Inc. (LYFT) Nice little move, 200D possible now
By: Options Mike | January 22, 2023
• $LYFT nice little move, 200D possible now.
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LYFT Opening sweeper in to the 01/20 $14.50 CALLS
By: Money Flow Mel | January 11, 2023
• $LYFT Opening sweeper in to the 01/20 $14.50 CALLS.
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Lyft, Inc. (LYFT) Receives Average Rating of "Hold" from Brokerages
By: MarketBeat | January 6, 2023
• Shares of Lyft, Inc. (NASDAQ:LYFT) have been given an average rating of "Hold" by the thirty-six ratings firms that are covering the firm, Marketbeat.com reports. Thirteen investment analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $24.95...
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Lyft stock closes lower than $10 for the first time; three-quarters of its valuation has been wiped away this year
By: Morningstar | December 27, 2022
Lyft went public in 2019 at $72 a share, but has been slashing costs this year while aiming to finally show profit
Shares of Lyft Inc. closed lower than $10 for the first time Tuesday as the ride-hailing company's shares head for their worst year yet.
Lyft (LYFT) stock fell 3.3% to $9.87 on Tuesday as they continue a decline that has cost the ride-hailing company roughly $11.18 billion in market capitalization. Shares have declined nearly 77% so far this year, leaving Lyft with a market cap of roughly $3.56 billion.
As its stock has fallen this year, the company has been slashing costs, with executives emphasizing on each quarterly earnings call with analysts that they are being disciplined and are continuing to target profitability.
"Time and time again, we've proven our ability to make hard decisions and overcome difficult challenges," Chief Executive Logan Green said during the company's third-quarter earnings call in November.
See: Lyft lays off 13% of workers in second round of cuts this year
Green said on that call that the company's efforts to reduce its workforce as well as rein in real-estate and operating costs "are expected to result in roughly $350 million of savings on an annualized basis." He reiterated the company's forecast of $1 billion in earnings before interest, taxes, depreciation and amortization (Ebitda) in 2024, and $700 million in free cash flow.
Lyft also reported last month that it saw pandemic-high demand and revenue in the third quarter. Co-founder and President John Zimmer told MarketWatch in an interview that "specific to ride-share and North American ride-share, the hardest part of the last few years is behind us."
Some analysts aren't reassured. Cowen & Co. recently downgraded Lyft's stock to market perform from outperform, with analyst John Blackledge writing about his concern over rising auto-insurance costs -- which he called an "industry issue" -- plus inflationary and recessionary pressures. He also cut his price target for the stock to $14 from $36.
San Francisco-based Lyft went public on March 29, 2019, setting its initial public offering price at $72. Shares are now down more than 87% from their first-day closing price of $78.29, which is also their all-time high.
The stock of Lyft's biggest competitor, Uber Technologies Inc. (UBER), has declined more than 41% this year. Meanwhile, the S&P 500 index has fallen almost 20% year to date.
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It's difficult to tell if that is straight option call. It may be a hedge position on a sell short play.
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Bear Signal Threatens to Pressure Lyft (LYFT) Stock Lower
By: Schaeffer's Investment Research | December 14, 2022
• LYFT has rallied right into a historically bearish trendline
• LYFT also announced a partnership with EVgo today
Ride-hailing platform Lyft Inc (NASDAQ:LYFT) and EVgo (EVGO) are launching a new partnership to provide Lyft drivers with discounted charging on EVgo's fast-charging network. The news is boosting Lyft stock today, with the shares last seen 3.8% higher to trade at $12.04 bringing the weekly gain to nearly 10% already. However, if past is precedent, a bear signal is flashing on the charts that could send the LYFT south once more.
Per a study from Schaeffer’s Senior Quantitative Analyst Rocky White, LYFT just ran into a trendline that has been a bearish indicator in the past. Per White’s study, Lyft stock is within one standard deviation of its 50-day moving average for the sixth time in the last three years. After the last five signals, the equity was lower one month later 60% of the time, averaging a 5.2% loss for that period. A move of this magnitude would still keep the shares above their Dec. 7, all-time low of $10.09, but would add to their 72.2% year-to-date deficit.
An additional unwinding of optimism amongst options traders could also have bearish implications. This is per Lyft stock's 10-day call/put volume ratio of 8.27 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio ranks higher than 96% of readings from the past year, indicating long calls being picked up at a much faster-than-usual rate in the last 50 days
Lyft stock is sporting relatively cheap options at the moment. This is per the equity’s Schaeffer’s Volatility Index (SVI) of 74%, which ranks in the relatively low 24th percentile of readings from the past year.
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$LYFT $1.0 Million Call • Strike: 12.5 • Expiration: 1/20/23
By: Cheddar Flow | December 13, 2022
• $LYFT $1.0M OTM Call — Unusual
Strike: 12.5
Expiration: 1/20/23
*Above the Ask*
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Lyft Hits New 52-Week Low After Analyst Downgrade
By: My MarketBeat | December 6, 2022
• Lyft, Inc. (NASDAQ:LYFT - Get Rating) reached a new 52-week low during mid-day trading on Tuesday after BTIG Research lowered their price target on the stock from $25.00 to $15.00. The company traded as low as $10.34 and last traded at $10.38, with a volume of 220652 shares. The stock had previously closed at $10.78...
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Lyft (LYFT) PT Lowered to $15.00
By: My MarketBeat | December 6, 2022
• Lyft (NASDAQ:LYFT - Get Rating) had its target price cut by stock analysts at BTIG Research from $25.00 to $15.00 in a research report issued on Tuesday, The Fly reports. BTIG Research's price objective suggests a potential upside of 39.15% from the company's current price...
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Lyft (LYFT) PT Lowered to $17.00
By: MarketBeat | November 25, 2022
• Lyft (NASDAQ:LYFT - Get Rating) had its target price dropped by stock analysts at Argus from $41.00 to $17.00 in a note issued to investors on Friday, The Fly reports. Argus' price objective points to a potential upside of 50.31% from the company's current price...
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Lyft Receives Average Rating of "Hold" from Analysts
By: Market Beat | November 17, 2022
• Shares of Lyft, Inc. (NASDAQ:LYFT - Get Rating) have received a consensus recommendation of "Moderate Buy" from the thirty-six ratings firms that are covering the company, MarketBeat.com reports. Eleven research analysts have rated the stock with a hold recommendation and thirteen have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $27.13...
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The Goldman Sachs Group Cuts Lyft (LYFT) Price Target to $20.00
By: Market Beat | November 15, 2022
• Lyft (NASDAQ:LYFT - Get Rating) had its target price decreased by analysts at The Goldman Sachs Group to $20.00 in a research report issued on Tuesday, Stock Target Advisor reports. The Goldman Sachs Group's price target would indicate a potential upside of 53.02% from the company's current price...
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Lyft, Motional to launch robotaxi service in Los Angeles
By: Investing.com | November 17, 2022
(Reuters) - Lyft (NASDAQ:LYFT) and driverless technology firm Motional said on Thursday that residents in Los Angeles will be able to book robotaxis on the ride-hailing company's app, but did not specify by when the service will be available.
Tough regulatory scrutiny and delayed commercial adoption of autonomous vehicle technology have delayed deployment of robotaxi services, worrying investors.
Los Angeles will become the second city where the companies will offer the driverless taxi service after Las Vegas.
Motional which uses Hyundai Motor Co's IONIQ5 electric car for the robotaxi service is a joint venture between the South Korean manufacturer and automotive technology company Aptiv (NYSE:APTV).
The autonomous vehicle technology company also has a 10-year agreement with Uber Technologies (NYSE:UBER) Inc for supplying driverless vehicles.
Competitor Waymo started its autonomous ride-hailing service in Phoenix, Arizona last week.
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How Lyft (LYFT) Stock Could Still Fall Below $10
By: TheStreet | November 8, 2022
• Lyft stock is falling by more than 20% after reporting earnings. Here's the must-hold level it needs to stay above to avoid a fall to $10 (or lower).
Lyft (LYFT) stock is getting rocked on Tuesday, down about 20% so far on the day after reporting earnings.
Despite today’s decline, more losses could be on the way if the stock fails to hold a key support level.
When Uber (UBER) reported its quarterly results last week, shares initially climbed 12%. However, we outlined a key resistance level on the chart and we’ve since seen the stock cough up a bulk of its post-earnings gains.
Uber shares initially fell about 2% on Tuesday in sympathy with Lyft’s decline, although Uber stock has regained its losses and is now slightly higher in the session.
Lyft’s decline comes after the company missed on revenue estimates, reported a net loss of $135.7 million, and reported slightly disappointing fourth-quarter guidance.
At a time when loss-generating entities and growth stocks are both out of favor, a disappointment from Lyft is not going to get the benefit of the doubt from Wall Street — not during a bear market.
Trading Lyft Stock
The weekly chart of Lyft stock.
Chart courtesy of TrendSpider.com
A few red flags stand out to me immediately upon looking at Lyft’s weekly chart.
First, we have a descending triangle pattern, which is a bearish technical setup. That’s as the stock makes a series of lower highs vs. a static level of support. That support level has been $12 since summer.
With shares currently trading at $11.15, it’s firmly below that support level.
Second, it’s also quite clear that the 10-week and 21-week moving averages — Lyft’s short- and intermediate-term trends — remain as active resistance and continue to squeeze the share price lower.
Third, the stock is flirting with a test of the October low and 2022 low at $10.83. Note that $10.83 is also an all-time low.
A break of this level — and particularly on a close below it — could quickly usher in $10 or lower.
Clearly, the trend is not working in Lyft’s favor and now investors are reacting bearishly to the company’s earnings results. Keep the $10.83 level on your screen if you're actively trading this stock. A break below this level and failure to regain it does not bode well for long.
Unless the trend in the market and in growth stocks can stem the bleeding, I’m not sure that Lyft stock can avoid a test or break of $10. Until then, let's watch last month's low.
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Investors dump Lyft on signs Uber is snatching market share
By: Investing.com | November 8, 2022
(Reuters) - Lyft Inc (NASDAQ:LYFT) shares sank 20% on Tuesday on signs that competition from bigger rival Uber (NYSE:UBER) was stalling user growth and eating into the market share of the ride-hailing firm.
At least 14 analysts slashed their price targets on Lyft by as much as $23 after its third-quarter results, in stark contrast to the warm reception Uber received after its bumper holiday-quarter forecast.
Active riders on Lyft's platform grew just 7.2% to 20.3 million in the July-September period, the slowest pace this year and a million below market expectations. Uber, which controls a bigger chunk of the market, posted a 22% rise in active riders.
"We believe Uber has done a much better job at rebuilding driver supply, likely leaving Lyft with a structurally smaller share of the market than it had pre-pandemic," Atlantic Equities analyst James Cordwell said.
When rideshare ground to a halt during lockdowns, long-time market leader Uber's delivery business had given it an edge over pureplay Lyft.
"While we think Lyft will remain the second-largest ridehailing platform in the U.S., we are now assuming Uber will slightly increase its market share over Lyft during the next few years," Morningstar analyst Ali Mogharabi said.
Lyft's stock was at $11.51 in premarket trading. It has lost more than two-thirds of its value this year, far more than Uber's 34% decline.
GRAPHIC: Lyft shares underperform rival Uber's https://graphics.reuters.com/LYFT-STOCKS/mopakmaaepa/Pasted%20image%201667905515054.png
However, a cost-cutting drive should help ease some of the pressure and help boost Lyft's profitability, according to Daiwa Capital Markets analyst Jairam Nathan.
The company is betting on stronger ride demand and higher service fees to offset an expected increase in insurance-related costs for the current quarter. It has also laid off employees to lower expenses.
Still, some analysts say they would rather own Uber given its scale, business model and global presence.
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$LYFT CFO: "We had a strong Q3. Adj EBITDA came in above the top-end of our outlook & revenues reached an all-time high
By: The Transcript | November 7, 2022
• $LYFT CFO: "We had a strong Q3. Adj EBITDA came in above the top-end of our outlook & revenues reached an all-time high. We also saw a higher number of Active Riders, rides & drivers than we’ve had since COVID began, reflecting strong organic tailwinds"
Misses revs. -8% AH
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Lyft Set for 'Big Print and Guide Ahead' - Wedbush
By: Investing.com | November 4, 2022
Ahead of Lyft 's (NASDAQ:LYFT) earnings report, Wedbush analysts said in a note that a big print and guide is ahead.
On Monday, November 7, after the close, Lyft will report its FY3Q22 results.
The analysts, who have an Outperform rating and a $25 price target on Lyft, said they expect generally solid results, which "should beat the Street on the heels of Uber's (NYSE:UBER) positive report/guidance this week."
"While Lyft continues to be viewed by the Street as the 'little brother' to Uber, this is a major print and guide for the company to prove its growth reaccelerating into FY23 with a profitable business model despite recent regulatory headwinds adding more uncertainty such as the U.S. Labor Department unveiling a much-anticipated proposal that would make it more likely that gig economy workers be classified as employees rather than independent contractors," wrote the analysts.
They added that while the DOL issue remains a fluid situation, they believe the DOL proposal adds more uncertainty to the gig economy and view the chances of full reclassification to employee status for all U.S. rideshare workers as "very low the way things stand today."
Commenting on the "big print ahead," they stated: "The Street expects non-GAAP EPS of $0.07 which we believe is a very hittable number as the company has placed a strong emphasis on cutting costs while continuing its growth story. The Street also expects $3.5 billion of bookings, a take rate of 30.1%, and 21.2 million Active Riders are all achievable numbers as we believe Lyft will continue to capture market share in North America as shortage issues are mostly in the rearview mirror."
Lyft shares are down 2% Friday.
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Earnings Preview: Lyft Inc. (NASDAQ: LYFT)
By: 24/7 Wall St. | November 4, 2022
• Here is a preview of two companies set to report quarterly results later on Monday.
Lyft
Ride-hailing operator Lyft Inc. (NASDAQ: LYFT) got a lift of more than 10% after rival Uber issued strong guidance for the current quarter earlier this week. The gain was pared to around 3.5% by the end of the day, however. On Thursday, the company announced that it would fire about 13% of its total workforce of around 5,000 employees, citing an increased risk of recession and rising insurance costs. Shares have fallen by nearly 9.5% in the past three days.
The 43 analysts covering the stock come down on Lyft’s side, with 24 having a Buy or Strong Buy rating and another 18 rating the shares at Hold. At a share price of around $13.70, the upside potential based on a median price target of $25.00 is 82.5%. At the high target of $65.00, the upside potential is nearly 375%.
Third-quarter revenue is forecast at $1.06 billion, up 7.2% sequentially and by 22.6% year over year. The company is expected to report EPS of $0.08, down nearly 41% sequentially and up three cents year over year. For the full 2022 fiscal year, analysts anticipate EPS of $0.41, solidly better than last year’s loss per share of $0.25, on sales of $4.08 billion, up 27.3%.
Lyft stock trades at 33.2 times expected 2022 EPS, 13.2 times estimated 2023 EPS of $1.03 and 8.4 times estimated 2024 earnings of $1.63 per share. The stock’s 52-week range is $10.82 to $57.68. Lyft does not pay a dividend. Total shareholder return for the past 12 months was negative 72.1%.
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Lyft hikes service fee for rides as insurance costs rise
By: Investing.com | October 17, 2022
(Reuters) - Lyft Inc (NASDAQ:LYFT) is increasing the service fee its U.S. riders pay directly to the company to cover higher insurance costs, the ride-hailing firm said.
The increase averages less than 50 cents per trip nationally, a Lyft spokesperson said. The company pays for drivers' insurance when they are working on its platform.
"Lyft is facing insurance inflation pressures and we've nominally increased service fees to help offset these costs," the spokesperson said in an emailed statement.
New data from YipitData showed Lyft increased its published service fee for rides in virtually all U.S. markets in the first week of October, including around 150 markets expect for New York.
The service fee went up by an average of about 60 cents, implying a 3% increase in the cost of an average ride, and an 18% increase in the service fee, according to YipitData.
Graphic: Lyft's service fee spikes in October - https://graphics.reuters.com/LYFT-FARES/akvezdkkrpr/chart.png
The service fee, which goes directly to Lyft, is an additional fee added on a per-ride basis that covers certain operating costs and safety measures such as insurance and background checks.
Lyft added a 55-cent surcharge earlier this year that went directly to the driver to help drivers deal with the higher gas prices that have been eating into their earnings. The program was stopped in late September.
Lyft now offers up to 7% cash back when drivers pay for gas with Lyft Direct debit card.
"The price the consumer pays shouldn't change very much on the basis of these two changes, but it might change the amount Lyft takes as revenue versus the amount the driver takes," YipitData analysts said.
"Since the fuel surcharge went directly to drivers and the service fee goes directly to Lyft, it suggests that Lyft would take more of each fare, assuming no changes to the other fare components."
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Lyft Sees Unusually High Options Volume
By: MarketBeat | October 11, 2022
• Lyft, Inc. (NASDAQ:LYFT - Get Rating) saw unusually large options trading activity on Tuesday. Traders bought 72,124 call options on the company. This represents an increase of 44% compared to the typical volume of 49,938 call options...
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Lyft testing new pay algorithm to lure drivers
By: Nivedita Balu | October 11, 2022
(Reuters) - Ride-hailing firm Lyft Inc (NASDAQ:LYFT) said on Tuesday it was testing an earnings algorithm that will allow drivers in 18 U.S. cities to see destination and pay details before accepting a request.
The test follows a similar move by bigger rival Uber Technologies (NYSE:UBER) Inc and underlines how the companies are going the extra mile to fix driver shortages to take advantage of a demand surge brought on by a return to office and travel since the pandemic.
Lyft drivers will have access to details such as drop-off locations, estimated distance and time, as well as fare details before accepting a ride. The company plans to expand this service to more cities through 2022.
It is also investing to test filters that will allow drivers to set a preferred driving radius and give them the option to choose their rider.
Drivers for ride-hailing firms have been struggling with higher fuel and maintenance costs and have long demanded the access to such details.
"We'll also design Upfront Pay over time to include bonuses and incentives," Lyft President John Zimmer said.
Meanwhile, Uber's upfront pay system has drawn criticism from drivers.
California-based driver Jude Wolfe says Uber is taking a bigger percentage of drivers' earnings, prompting more to quit and forcing others to travel long distances for pick ups when gas prices are already high.
"A lot of this problem can be alleviated, if we did not have the demand on us to accept the last five out of 10 rides in order to keep our upfront details," she said in a campaign demanding fair share from Uber.
Looking to launch upfront pay "without limitations", Lyft said a survey of over 1,000 drivers showed more than 70% preferred the upfront pay model to the previous pay models.
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Another Analyst Picks Uber Over Lyft
By: Schaeffer's Investment Research | October 7, 2022
• RBC downgraded Lyft stock to "underperform"
• LYFT is down 74% in 2022
RBC today downgraded LYFT Inc (NYSE:LYFT) to "sector perform" from "outperform", while cutting its price target nearly in half from $30 to $16. The analyst is less bullish following a driver supply analysis, and noted that ridesharing competitor Uber (UBER) has more "structural advantages" over Lyft. Out of the gate this morning LYFT is 6% lower to trade at $13.11.
This is LYFT's second downgrade in as many weeks. On Sept. 26, UBS downgraded the stock after a survey showed drivers and consumers preferred Uber. Despite today's drop, LYFT is heading for its first weekly win since Sept. 9. Year-to-date, LYFT is 74% lower, with the shares' 80-day moving average containing a rally last month.
Options traders have ramped up there bearish positions since our last coverage, too. Lyft stock's 10-day put/call volume ratio of 2.45 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) now ranks in the 99th percentile of annual readings. For context, that ratio was 1.02 on Sept. 26.
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Lyft Downgraded at RBC on 'Structural Headwinds,' PT Slashed by Nearly 50%
By: Investing.com | October 7, 2022
Shares of Lyft (NASDAQ:LYFT) are down 4.5% today after RBC analysts downgraded to Sector Perform from Outperform, citing “structural headwinds.”
Their two key factors behind the downgrade and much lower PT are concerns about driver supply and margin targets limiting the company’s ability to regain market share “beyond geographic reversion.”
First, the U.S. driver supply analysis yielded incrementally negative results. In this aspect, the analysts highlighted four particular headwinds:
1. Directionally worse pick-up times for LYFT reinforcing the view of Uber's (NYSE:UBER) structural supply advantage,
2. UBER seeing shorter pick-up times for the first time since May '21 could be incremental conversion headwind for LYFT,
3. UBER's cheaper price getting cheaper vs. LYFT also adds to potential conversion headwinds (albeit small) and
4. LA remains the potential canary in the coal mine given LYFT's outsized west coast exposure and UBER continuing to outperform on supply improvements in LA.
Second, the fact that Lyft’s management committed to working towards profitability could be an issue amid the rising competitive intensity.
“3p data and the company's revenue volumes continue to suggest at least some marginal share loss, we'd expect the multiple to be flat to down from current levels in spite of its already somewhat anemic levels,” the analysts wrote in a client note.
They also slashed the price target to $16 per share, from the prior $30.
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Ride-hailing firm Lyft slams brakes on U.S. hiring as recession fears mount
By: Reuters | September 27, 2022
• Lyft Inc is freezing all hiring in the United States through the end of the year, a company spokesperson said on Tuesday, making the ride-hailing firm the latest to pause recruitment as high inflation forces cost-cutting measures.
(Reuters) -Lyft Inc is freezing all hiring in the United States through the end of the year, a company spokesperson said on Tuesday, making the ride-hailing firm the latest to pause recruitment as high inflation forces cost-cutting measures.
The company, which in July cut nearly 60 jobs in its rental division, has been battling surging expenses as U.S. inflation reaches levels not seen in four decades. As of June 30, Lyft had nearly 5,000 employees, according to its latest quarterly filing with the Securities and Exchange Commission.
San Francisco, California-based Lyft said its costs jumped 36% in its most recent quarter.
Several tech companies have been forced to slash headcount in recent months, with Lyft’s larger rival Uber Technologies Inc also scaling back hiring and cutting marketing spend.
Lyft posted a record quarter in August on the back of soaring demand for rides and gains from its cost-cutting efforts.
However, the company warned challenges would persist in the third quarter due to high insurance costs, macroeconomic uncertainty and inflation.
A broad sell-off in markets due to red-hot inflation and fears of a looming recession have crushed risky assets this year. As of Tuesday’s close, Lyft’s stock has dropped over 68% in 2022.
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Lyft Inc. (LYFT) Up big this week on "Take out Rumor" Who ever started it we saw massive call buying just before it broke
By: Options Mike | September 10, 2022
• $LYFT Up big this week on "Take out Rumor" Who ever started it we saw massive call buying just before it broke.
$UBER not buying them, not sure who would $GRUB ??? $DASH ????
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Stock Traders Purchase High Volume of Call Options on Lyft
By: MarketBeat | September 8, 2022
• Lyft, Inc. (NASDAQ:LYFT - Get Rating) was the recipient of unusually large options trading on Thursday. Traders acquired 96,312 call options on the company. This represents an increase of approximately 79% compared to the average volume of 53,945 call options...
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Lyft, Inc. (LYFT) Given Average Rating of "Moderate Buy" by Brokerages
By: MarketBeat | September 3, 2022
• Shares of Lyft, Inc. (NASDAQ:LYFT - Get Rating) have earned a consensus rating of "Moderate Buy" from the thirty-one brokerages that are presently covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation and fifteen have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $36.93...
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Lyft Inc. (LYFT) Possibly nice short through it if market rolls over
By: Options Mike | August 28, 2022
• $LYFT another name at it's earnings gap, possibly nice short through it if market rolls over.
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Tigress Financial Lowers Lyft (LYFT) Price Target to $60.00
By: MarketBeat | August 12, 2022
• Lyft (NASDAQ:LYFT - Get Rating) had its target price lowered by stock analysts at Tigress Financial from $82.00 to $60.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the ride-sharing company's stock. Tigress Financial's target price would indicate a potential upside of 218.98% from the company's previous close...
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Kristin Sverchek Sells 13,000 Shares of Lyft, Inc. (LYFT) Stock
By: MarketBeat | August 12, 2022
• Lyft, Inc. (NASDAQ:LYFT - Get Rating) insider Kristin Sverchek sold 13,000 shares of the stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $18.98, for a total transaction of $246,740.00. Following the transaction, the insider now owns 70,350 shares of the company's stock, valued at approximately $1,335,243. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website...
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Lyft Inc. (LYFT) Consolidating earnings move, holding the 8D so far..
By: Options Mike | August 14, 2022
• $LYFT Consolidating earnings move, holding the 8D so far..
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Lyft (LYFT) Stock’s Recent Bounce Could be Short-Lived
By: Schaeffer's Investment Research | August 11, 2022
• The rideshare concern just ran into a historically bearish trendline on the charts
• The equity is fresh off an all-time low
Rideshare concern Lyft Inc (NASDAQ:LYFT) is underperforming on the charts, sporting a nearly 55% year-to-date deficit. Following a massive post-earnings bear gap in May, the shares hit an all-time low of $11.93 on July 13. And though the company’s most recent earnings report has helped LYFT cover some lost ground, a study from Schaeffer’s Senior Quantitative Analyst Rocky White shows the stock just ran into a trendline that has been a bearish indicator in the past.
According to White’s study, LYFT is within one standard deviation of its 80-day moving average for the sixth time in the last three years. After the last five signals, the equity was lower one month later 80% of the time, averaging a 10.5% loss for that period. A comparable move from the stock’s current perch of $19.32 would place it just above the $17 mark.
Of the 25 analysts in coverage, 15 carry a “strong buy” rating on Lyft stock, while 10 say “hold.” Meanwhile, the 12-month consensus price target of $33.87 is a whopping 74% premium to current levels, leaving plenty of room for price-target cuts and/or downgrades in the future.
An unwinding of optimism amongst short-term options traders could also have bearish implications. This is per LYFT's Schaeffer's put/call open interest ratio (SOIR) of 0.67 that ranks higher than just 17% of readings in its annual range, which implies these traders are operating with a call-bias.
Meanwhile, Lyft stock is sporting relatively cheap options at the moment. This is per the equity’s Schaeffer’s Volatility Index (SVI) of 67%, which ranks in the relatively low 33rd percentile of readings from the past year.
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Lyft Inc. (LYFT) Nice move off earnings gap next resistance...
By: Options Mike | August 7, 2022
• $LYFT Nice move off earnings gap next resistance...
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Lyft Beats Expectations By $0.18 EPS
By: MarketBeat | August 6, 2022
• Lyft (NASDAQ:LYFT - Get Rating) issued its quarterly earnings data on Thursday. The ride-sharing company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.18, Briefing.com reports. Lyft had a negative net margin of 24.44% and a negative return on equity of 43.21%. The business had revenue of $990.70 million during the quarter, compared to analysts' expectations of $988.14 million. During the same period in the previous year, the company earned ($0.68) earnings per share. Lyft's revenue for the quarter was up 29.5% on a year-over-year basis...
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Lyft (LYFT) Given New $25.00 Price Target at DA Davidson
By: MarketBeat | August 5, 2022
• Lyft (NASDAQ:LYFT - Get Rating) had its price objective decreased by stock analysts at DA Davidson from $27.00 to $25.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the ride-sharing company's stock. DA Davidson's price target would indicate a potential upside of 25.44% from the company's previous close...
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Lyft (LYFT) Scheduled to Post Earnings on Thursday
By: MarketBeat | July 28, 2022
• Lyft (NASDAQ:LYFT - Get Rating) is set to release its earnings data after the market closes on Thursday, August 4th. Analysts expect Lyft to post earnings of ($0.05) per share for the quarter. Persons that wish to register for the company's earnings conference call can do so using this link...
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