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Lyft (LYFT) Price Target Cut to $20.00
By: MarketBeat | July 19, 2022
• Lyft (NASDAQ:LYFT - Get Rating) had its target price dropped by equities research analysts at BTIG Research from $60.00 to $20.00 in a research report issued to clients and investors on Tuesday, The Fly reports. BTIG Research's target price indicates a potential upside of 49.14% from the stock's current price...
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Lyft, Inc. (LYFT) Receives Average Rating of "Moderate Buy" from Brokerages
By: MarketBeat | July 15, 2022
• Lyft, Inc. (NASDAQ:LYFT - Get Rating) has been assigned a consensus rating of "Moderate Buy" from the thirty research firms that are covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $43.11...
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$LYFT definition of a weak company.. can't pop when market pushes ..
By: Options Mike | July 9, 2022
• $LYFT definition of a weak company.. can't pop when market pushes .. 8D resistance all week.
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Lyft (LYFT) Sets New 52-Week Low Following Analyst Downgrade
By: MarketBeat | June 30, 2022
• Lyft, Inc. (NASDAQ:LYFT - Get Rating) reached a new 52-week low during trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $56.00 to $37.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Lyft traded as low as $13.17 and last traded at $13.23, with a volume of 96795 shares trading hands. The stock had previously closed at $14.03...
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Lyft's (LYFT) Outperform Rating Reaffirmed at Wedbush
By: MarketBeat | June 28, 2022
• Lyft (NASDAQ:LYFT - Get Rating)'s stock had its "outperform" rating reaffirmed by stock analysts at Wedbush in a report issued on Wednesday, Benzinga reports. They presently have a $32.00 price target on the ride-sharing company's stock. Wedbush's price target would indicate a potential upside of 119.03% from the company's current price...
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Lyft reaches $25 million settlement over claims it hid safety problems
By: Reuters | June 16, 2022
Lyft Inc has reached a $25 million settlement to resolve shareholder claims that the ride-hailing company concealed safety problems, including alleged sexual assaults by drivers, prior to its 2019 initial public offering.
The preliminary settlement was filed on Thursday with the federal court in Oakland, California, and requires approval by U.S. District Judge Haywood Gilliam Jr.
Lyft (NASDAQ:LYFT) denied wrongdoing in agreeing to settle.
The San Francisco-based company became the first ride-hailing business to go public when it raised $2.34 billion in its March 2019 IPO.
Investors who bought shares in the IPO sued less than two months later, accusing Lyft of concealing safety problems from its registration statement in a bid to appear more socially responsible than its main rival, Uber Technologies (NYSE:UBER) Inc.
Lyft's share price fell below the $72 IPO price less than two weeks after trading began on March 29, 2019, and never recovered.
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The Goldman Sachs Group Cuts Lyft (LYFT) Price Target to $24.00
By: MarketBeat | June 9, 2022
• Lyft (NASDAQ:LYFT - Get Rating) had its price target dropped by stock analysts at The Goldman Sachs Group from $36.00 to $24.00 in a research report issued on Thursday, The Fly reports. The Goldman Sachs Group's price target indicates a potential upside of 41.68% from the company's current price...
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$LYFT tough sector, no bounce on this one yet. 16 area support for now
By: Options Mike | May 30, 2022
• $LYFT tough sector, no bounce on this one yet. 16 area support for now.
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Lyft (LYFT) Price Target Cut to $41.00 by Analysts at Argus
By: MarketBeat | May 16, 2022
• Lyft (NASDAQ:LYFT - Get Rating) had its price target lowered by analysts at Argus from $72.00 to $41.00 in a report released on Monday, The Fly reports. Argus' target price would indicate a potential upside of 105.00% from the stock's current price...
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$LYFT Lyft IPO was at $87.24 per share in March 2019 Currently $18.59 (-78.7%)
By: TrendSpider | May 12, 2022
• $LYFT Lyft IPO was at $87.24 per share in March 2019 Currently $18.59 (-78.7%).
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$LYFT Putrid report, call worse.. nothing good to say here
By: Options Mike | May 7, 2022
• $LYFT Putrid report, call worse.. nothing good to say here.
ATL is 15.. in play.
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Lyft brings shared rides back to more cities, including San Francisco
By: Engadget | May 5, 2022
• Riders in San Jose, Denver, Las Vegas and Atlanta can also once again split the cost of trips with strangers.
Lyft is slowly but surely bringing back shared rides in more cities. Users in San Francisco, San Jose, Denver, Las Vegas and Atlanta will once more be able to take shared rides.
That option was suspended soon after the COVID-19 pandemic took hold in March 2020. Lyft started offering shared rides again last summer in select cities such as Chicago, Denver and Philadelphia. The company plans to bring the feature back to more markets in the coming months.
Users can save money by taking a shared ride, since they'll be splitting the cost with someone else. Ride requests are currently limited to one person. These rides will have a maximum of two passengers, though one can sit in the front if the driver's okay with it.
The company also says that drivers can opt out of shared rides without penalty through 2022. Last month, Lyft dropped its requirement for drivers and passengers to wear masks, which are now optional for shared rides too (depending on local rules).
Lyft's recovery from the pandemic has been slower than rival Uber's, and greater availability of shared rides could provide a boost to business. This week, the company said it would need to spend more on incentives to entice drivers back to its platform.
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Lyft's Revenue and Operating Loss each quarter since Q1 2018
By: Bullish Rippers | May 4, 2022
• Lyft's Revenue and Operating Loss each quarter since Q1 2018.
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It Just Doesn’t Let Up: Lyft Plunges 26% Afterhours, Down 74% from the Hype-and-Hoopla Trade out the IPO Gate
By: Wolf Richter | May 4, 2022
• Another stock gets added to my Imploded Stocks column.
Shares of Lyft got shookalacked in afterhours trading today after the company reported Q1 earnings – another huge loss, this time $197 million, bringing the total loss over the past five years to $7.1 billion, which takes a lot of doing for a taxi enterprise to be losing such piles of money.
Shares started plunging as the executives were discussing their outlook, and by the time they got done jabbering, the stock [LYFT] had plunged 26% to $22.85, back into the neighborhood of the March 2020 low, and down 74% from the high, which was the artificially hyped fake share price right out the gate on the first day of trading in March 29, 2019. And so now, Lyft has earned itself a place on my rapidly growing list of Imploded Stocks (data via YCharts).
This mess comes a week after Lyft had restated its 2021 results. In the April 29 filing with the SEC, Lyft said that an “accounting error” had occurred in its reporting for 2021, with the result that the loss was understated, and the actual loss for the year was increased to $1.06 billion.
The first day of trading was a classic hype-and-hoopla operation, staged by Wall Street firms to pull a bag over investors’ heads, or at least allow them to think that there would be a greater fool out there that they could sell those misbegotten shares to. But the company has by now lost $7.1 billion and continues to lose piles of money, and continues to thackamuffle its investors.
The hype-and-hoopla at the IPO on March 29, 2019, was huge, and the stock didn’t start trading until noon, but it didn’t last long. Just about instantly, the shares began to tank, dropping 10% during the first day, actually just during the first four hours, the beginning of an epic long hard decline that now amounts to 74%.
This is the chart I used on March 29, 2019 to depict the first day of trading:
During the call with analysts today, executives saw revenues for Q2 that were shy of the expectations, and they saw an “adjusted EBITDA” – a homemade metric of positive cashflow when in fact the company is losing a ton of money – of $10-$20 million when Wall Street analysts were expecting on average $83 million of “adjusted EBITDA.”
Lyft said all the wrong things. The number of riders it said it had during the quarter fell short of expectations and worse, they were down from Q4. And to attract and retain drivers, it paid out heavily on driver incentives, and worse, it said that it would pay out even more for driver incentives.
Like Uber, Lyft operates a taxi enterprise that cannot make money under GAAP and wasn’t designed to make money under GAAP but was designed to bamboozle investors with revenue growth and homemade metrics – and now it turns out, even those have been falling short.
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$LYFT Just a smidge outside the Bollinger Bands down -33.5% on the day
By: TrendSpider | May 4, 2022
• $LYFT Just a smidge outside the Bollinger Bands down -33.5% on the day
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Lyft says will spend more to bring back drivers; revenue forecast lags Wall Street
By: Tina Bellon | May 3, 2022
(Reuters) -Lyft Inc on Tuesday forecast second-quarter revenue below Wall Street expectations and said it would spend more to increase the supply of drivers, signaling higher costs of getting cars back on the road.
Shares fell 25% in after-hours trade.
First-quarter active ridership dropped 4.8% from the previous quarter in the first three months of the year, overshadowing revenue and operating earnings that topped Wall Street targets on Tuesday.
Ride hailing company Lyft (NASDAQ:LYFT) forecast revenue of $950 million to $1 billion, shy of the average analyst estimate of $1.02 billion, according to IBES data from Refinitiv.
Active riders were 17.8 million, down from 18.7 million in the previous quarter and up from 13.5 million a year earlier. Ridership is typically lower in the first quarter with demand for ride-hail, bike and scooter trips declining during the colder months.
Consumers eager for post-pandemic normalcy shrugged off higher prices to keep spending on Lyft rides, President John Zimmer said in an interview with Reuters.
"That tailwind coming out of the pandemic is much more impactful to our business ... than is the impact of inflation," Zimmer said.
The number of drivers, many of whom left as demand dwindled during the pandemic, remained below pre-pandemic levels and a full recovery of driver supply was taking longer than Lyft had hoped, Zimmer said. Lyft and rival Uber Technologies (NYSE:UBER) Inc have tried to lure back drivers with added incentives in recent quarters.
Shares of Uber, which will report results on Wednesday, were down 12% in after-hours trade.
Lyft executives during Tuesday's earnings call said the company plans to invest more in driver incentives in the second quarter, but declined to provide a concrete dollar figure.
Drivers have also been burdened with surging fuel costs brought on by Russia's invasion of Ukraine, prompting some to stop driving or drive less.
Lyft and Uber have instituted a temporary fuel surcharge in an effort to help drivers.
FIRST QUARTER BEAT
Lyft reported first-quarter revenue of $875.6 million, beating average analysts' expectations for $846 million, according to Refinitiv data.
At $54.8 million, the company's operating earnings, a metric known as adjusted EBITDA that excludes stock-based compensation and some other costs, significantly surpassed its own guidance and analyst expectations. Analysts had expected $17.8 million in adjusted EBITDA after Lyft guided for a top range of $15 million.
Lyft executives have repeatedly talked about the company's pricing power, a trend Zimmer expects to continue even as consumers face wider price increases for goods and services across the economy.
"We'll keep an eye on it, but we're very confident in our ability to balance supply and demand," Zimmer said.
Average U.S. per-ride prices for Lyft and Uber were 37% higher in March than during the same month in 2019, according to research company YipitData.
Zimmer said demand overall still remained 30% below pre-pandemic levels in the fourth quarter of 2019, giving the company "quite a bit of headroom."
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Lyft Falls Following Earnings Miss, Revenue Beat
By: Investing.com | May 3, 2022
LYFT Inc (NASDAQ:LYFT) stock initially jumped 2% in extended trading after the company reported first-quarter earnings.
The company announced a loss per share of 57 cents on revenue of $875.6 million. Analysts polled by Investing.com anticipated a loss of 10 cents a share on revenue of $846.96 million.
Lyft said rideshare ride volumes reached a new pandemic high during the quarter.
“Our Q1 results meaningfully exceeded our outlook. This outperformance was driven by increased demand and resilient driver levels,” said Elaine Paul, the chief financial officer of Lyft.
“We will continue improving service levels to benefit our business in the near-term and put us in the best position to support increasing demand over the long-term. We also expect to strategically invest in key business initiatives to support our continued growth,” Paul added.
Lyft stock gave up early gains and fell a further 3%.
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Options Bulls Latch Onto Lyft Stock Ahead of Earnings
By: Schaeffer's Investment Research | May 3, 2022
• The company will report after the close today
• The rideshare name has been underperforming on the charts
Lyft Inc (NASDAQ:LYFT) is seeing an options surge, as traders target the stock ahead of the company's first-quarter earnings report, due out after the close today. So far, 54,000 calls and 29,000 puts have been exchanged, which is six times the intraday average. The weekly 5/6 35-strike call is the most popular, with new positions being bought to open there.
Call volume is nearly doubling put volume today, showing options traders are remaining bullish ahead of the earnings event. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), LYFT sports a 50-day put/call volume ratio of 3.25, which sits higher than 96% of readings from the past year. In other words, options traders have been picking up long calls at a much quicker-than-usual clip of late.
These traders are expecting a bounce from the underperforming rideshare name, which is still trading near yesterday's 18-month low of $29.93. Down 2.6% to trade at $30.67 at last glance, LYFT is sporting a 28% year-to-date deficit. On the charts, the equity's 100-day moving average has helped guide it to these lows.
Looking at Lyft stock's post-earnings history, the security has managed a positive next-day swing after five of its last eight reports. This time around, the options pits are pricing in a post-earnings return of 20%, which is much higher than the 8.1% move the stock has averaged over the last two years, regardless of direction.
It's also worth noting that short interest represents 8.3% of the stock's available float. At the stock's average pace of trading, it would take nearly four days to buy back these bearish bets.
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Earnings Previews: Lyft Inc. (NASDAQ: LYFT)
By: 24/7 Wall St. | May 2, 2022
• Here is a look at three more companies also reporting earnings after markets close on Tuesday.
Lyft
Ride-hailing operator Lyft Inc. (NASDAQ: LYFT) has seen its share price plummet by about 49% over the past 12 months. The stock’s 52-week high was posted early last July. Last week the company restated 2021 financial statements. Instead of an incorrectly stated loss of $1.01 billion ($3.02 per share), the restated loss is $1.06 billion ($3.17 per share). The erroneous data did not affect the financial outlook Lyft gave in February. Shares fell nearly 3% following the Friday report.
The 40 analysts covering the stock come down on Lyft’s side, with 24 having a Buy or Strong Buy rating and another 14 rating the stock at Hold. At a recent price of around $32.60 a share, the upside potential based on a median price target of $55 is 68.7%. At the high target of $78, the upside potential is 139%.
First-quarter revenue is forecast at $845.57 million, which would be down 12.8% sequentially but up almost 39% year over year. The company is expected to report a loss per share of $0.07, sharply better than the loss of $0.35 per share in the year-ago quarter. For the full 2022 fiscal year, analysts are currently estimating EPS of $0.61, solidly better than last year’s loss per share of $0.25, on sales of $4.24 billion, up 32.3%.
Lyft stock trades at 53.5 times expected 2022 EPS, 20.8 times estimated 2023 EPS of $1.57 and 12.0 times estimated 2024 earnings of $2.72 per share. The stock’s 52-week range is $31.52 to $63.07. Lyft does not pay a dividend. Total shareholder return for the past 12 months was negative 42.9%.
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$LYFT this sort of volume/OI on the chain for 2 strikes, same expiration, looks like some sort of spread
By: unusualwhales.com | May 2, 2022
• $LYFT this sort of volume/OI on the chain for 2 strikes, same expiration, looks like some sort of spread. Sure enough, lots of multileg action on the 27.5/30.5 put spread expiring this week. Hard to tell if it's a bear or bull spread. Earnings tomorrow afterhours.
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Lyft introducing hundreds of new electric bicycles for NYC Citi Bike members
By: nypost | April 29, 2022
• Citi Bike’s electric-powered bicycle fleet is getting a boost of 1,500 “sleek” new e-bikes with fancy LED screens and double the battery capacity.
The new bikes will speed up faster than the existing 5,000-bike e-bike fleet run by Lyft, a company spokesman said, and travel 55 to 60 miles before losing battery. The existing fleet’s batteries average 25 miles before gassing out, the spokesman said.
The bikes will initially only roll out starting May 5 for Citi Bike members, the company said. Non-members will be able to enroll in a free 15-day trial using their phones at bike-share stations.
Citi Bike hopes to lure new riders with the bikes, which compared to the existing e-bikes also have more height-adaptable seats and “retro-flective” white paint that glows from headlights.
Lyft believes the LED screen will assist riders in locking and unlocking their bikes, and may someday provide navigation as well.
Unlike the existing bikes, the new model’s battery will be located within the bike...
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Ride Share Stocks Rev Higher After Lifting Mask Mandate
By: Schaeffer's Investment Research | April 19, 2022
• Both Uber and Lyft will no longer require riders or drivers to wear a mask
• Both equities are still sporting sizeable year-over-year deficits
Ridesharing bigwigs Uber Technologies Inc (NYSE:UBER) and Lyft Inc (NASDAQ:LYFT) are on the rise today after both companies announced they were lifting their mask mandates for both drivers and passengers, starting today. This update comes after a Florida judge said on Monday that the Center for Disease Control and Prevention's (CDC) mask requirements on airplanes and public transportation overstepped their authority, with mask mandates being lifted by the Transportation Security Administration (TSA) as well as most major airlines.
At last check, UBER was seen up 5.4% at $33.49, still a long ways from its February highs above the $62 level, but set to close atop its 10-day moving average for the first time since April 4. It's been a choppy ride lower for Uber stock since that peak, with the stock shedding 42% in the past 12 months. It's worth noting that Uber stock sits right on the cusp of being "oversold," with a 14-day Relative Strength Index (RSI) of 33, which could indicate a short-term bounce is on the horizon.
Things haven't been much easier for sector peer LYFT, which has dropped 41.3% in the past year, and is down 15% in 2022. The security was last seen up 5% at $36.35, as it tries to distance itself from its April 11 annual low of $32.35. Meanwhile, Lyft stock sport an RSI of 37.
Options traders remain bullish on Lyft stock. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), LYFT sports a 10-day call/put volume ratio of 5.15, which stands higher than all but 4% of readings from the past year. In other words, long calls have rarely been more popular in the past 12 months.
Uber stock's options pits reflect this optimism. In fact, at the ISE, CBOE, PHLX, 4.77 calls have been picked up for every put over the past two weeks. This ratio sits higher than 74% of annual readings, implying a healthier-than-usual appetite for long calls.
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$LYFT Chatter that $DASH is looking to buy them..
By: Options Mike | April 10, 2022
• $LYFT Chatter that $DASH is looking to buy them.. not sure I believe that and clearly the market didn't either.
New 52W low and gap to fill to 32.
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Everyone enjoy these #UBER & #LYFT levels this week.
Price Levels to Watch for in Stocks UBER & LYFT.
YouTube Link:
Lyft ties up with Payfare to hike fuel cashback in bid to retain drivers
By: Reuters | March 21, 2022
• Lyft Inc’s Lyft Direct cardholders will receive an increase in cashback rewards of 4% to 5% on purchase of gasoline until June 30, the ride-hailing firm said on Monday, its latest move to retain drivers amid a rise in fuel prices.
Lyft Inc’s Lyft Direct cardholders will receive an increase in cashback rewards of 4% to 5% on purchase of gasoline until June 30, the ride-hailing firm said on Monday, its latest move to retain drivers amid a rise in fuel prices.
Chief Executive Officer Marco Margiotta said the higher cashback in partnership with fintech company Payfare will help drivers stay on the road and “ease the pain of rising gas prices.”
Prices for gasoline have soared more than 20% from last month, according to the American Automobile Association, driven by higher crude oil rates due to the Russian invasion of Ukraine.
The company said Lyft Direct cardholders can save up to 21 cents per gallon on average with the increased cashback.
Uber and Lyft drivers have considered quitting the app-based ride-hailing platforms as fueling up becomes costlier.
Both the platforms over the past few months have been investing in keeping drivers and bringing in more to meet rising demand as COVID-19 cases ease and consumers venture out.
In response to record gas prices, the companies earlier this month announced a 55-cent per-ride surcharge that would be paid directly to drivers.
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Uber, Lyft drivers consider quitting as pain at the gas pump grows
By: Reuters | March 18, 2022
A number of Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) drivers are considering quitting the app-based ride-hailing platforms as fueling up becomes costlier, with some calling the newly announced surcharges "insulting".
The companies announced this month a 55-cent per-ride surcharge that would be paid directly to drivers, in response to record gas prices because of the Ukraine crisis.
But Uber and Lyft drivers, who form a big chunk of the gig economy and typically pay for their own gas, are not happy.
A survey of over 300 drivers conducted by the Rideshare Guy, a popular blog followed by drivers, showed about 15% of them had already quit driving and nearly 40% were driving less.
"It's rather insulting that they even suggest 55 cents per ride because you have rides that are two minutes long and then you have rides that are an hour long," said Fabricio Lombeyda, a part-time driver in Buford, Georgia.
Uber and Lyft, however, have said the number of active drivers on their platforms is steadily rising, as people return to offices, book more rides to airports and nightlife resumes.
"We've not seen a decline in the number of drivers on the platform or the hours they drive when, for example, you compare March to January," Lyft said in a statement.
Lyft cited an internal analysis that showed drivers in the United States were spending on average of 75 cents more on gas per hour, but were still earning more per hour than they were a year ago, when the pandemic dimmed demand for rideshare.
Uber lifted its core profit forecast earlier this month on faster-than-expected growth in rideshare demand.
Both companies, however, face the prospect of drivers quitting as runaway fuel prices burn a hole in their pockets.
"There is some risk of driver departures, otherwise you would not have seen both Uber and Lyft institute surcharges," MScience analyst Michael Erstad said.
Another survey by Coworker.org that polled over 200 participants showed 90% agreed the surcharges were just not sufficient and that they would not be able to afford to take longer rides.
The business model of ride-hailing companies was based on gas being $3 per gallon, said David Marcotte, a senior vice president at data analytics firm Kantar.
But gas prices on Friday stood at $4.27 per gallon, even surpassing $5 a gallon in some parts of the country.
He also warned a rollback of the surcharge could cause more problems in an already strained labor market, making a loose connection to retail workers seeking better wages after the reversal of "hero pay" offered during the height of the pandemic.
For now, drivers are caught between a rock and a hard place.
"First and foremost, we have been trying to get higher wages per trip even before the gas prices went up. Now to insult us with this minimal amount is ridiculous," a participant in the Coworker survey said.
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Lyft to charge 55 cents as fuel surcharge due to rising gas prices
By: Reuters | March 16, 2022
Lyft Inc (NASDAQ:LYFT) said on Wednesday riders in the United States, except for those in New York City and Nevada, would have to pay an extra 55 cents for their commute as the ride-hailing company looks to cushion the impact of high gas prices on drivers.
Companies hiring gig workers have started imposing these surcharges as drivers on social media protest about high gas prices due to Western sanctions on Russia, a major oil producer.
The fuel surcharge policy kicks in starting next week and will stay in place for at least 60 days, Lyft said, adding that the money will go directly to drivers.
The move mirrors that of rival Uber (NYSE:UBER), which said its customers would have to pay a surcharge of either 45 cents or 55 cents on each trip.
On Tuesday, food-delivery company DoorDash had said its U.S. delivery partners would be eligible for a 10% cashback on gas purchases beginning March 17.
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Lyft (LYFT) PT Lowered to $64.00
By: MarketBeat | March 11, 2022
• Lyft (NASDAQ:LYFT - Get Rating) had its target price decreased by equities research analysts at Loop Capital from $77.00 to $64.00 in a research report issued to clients and investors on Friday, The Fly reports. Loop Capital's price objective points to a potential upside of 70.08% from the company's previous close...
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Lyft Net Income...2016-2021
By: Charlie Bilello | February 9, 2022
• Lyft Net Income...
2021: -$1.01 billion
2020: -$1.75 billion
2019: -$2.60 billion
2018: -$0.91 billion
2017: -$0.69 billion
2016: -$0.68 billion
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Could Lyft and Uber Merge?
By: TheStreet | February 9, 2022
• Lyft and Uber remain locked in a Game-of-Thrones-style battle to the bitter end. Might a merger fix the challenges they face?
It’s a question that's been floating around for years: Could the two biggest ride-sharing companies, which essentially do the same thing, combine forces?
On the surface, it makes sense. Uber (UBER) and Lyft (LYFT) were founded on the near-identical premise that hailing a cab was archaic and that technology could bring together people looking for a ride with people looking to make money. Merged, they'd join forces as one big happy lot.
And the drivers the two companies rely on to keep their coffers padded are certainly simpatico. Food-delivery and ride-sharing giants, the so-called gig-economy companies, have joined hands and are pouring in millions of dollars to beat back challenges to their business models, specifically treating their drivers as independent contractors as opposed to full-time employees.
In practice, and despite years of speculation from Wall Street, Main Street and everywhere in between, that an UberLyft would make sense, the two San Francisco companies have staunchly and steadfastly remained archrivals. And they seem quite happy about it -- despite the fact that neither of them has ever made a solid or consistent profit.
Another Loss for Lyft
On Tuesday after the closing bell on Wall Street, Lyft reported a fourth-quarter net loss of $258.6 million. While that narrowed from the $458.2 million net loss it posted in the year-earlier period, it was still a loss, as the company continued to struggle with fewer riders looking to get around in a world still dominated and dictated by the pandemic.
Uber most recently posted its first-ever adjusted profit, though that was adjusted because of its big stake in Chinese ride-hailing company Didi, which tumbled in value at the end of last year. Including its Didi paper loss, Uber posted a net loss of $2.4 billion for the quarter vs. $1.09 billion in the year-earlier quarter.
Part of the reason the companies haven't considered joining forces is that both had their sights on minting cash from going public. Lyft's March 2019 IPO netted the company a cool $2.3 billion, giving it a market valuation of $22.2 billion. The stock rose about 8% on its first day of trading but then began to slide as investors realized that it too wasn’t making a profit.
Hell No, Let's IPO
Not helping was a complaint that it made inaccurate and misleading claims about its business in its filing to go public, causing its stock price to be artificially inflated.
Right behind Lyft, Uber saddled up to the IPO spotlight in May 2019 in one of the most highly anticipated public offerings of that year. It had an out-of-the-gate valuation of around $68 billion.
It also made history as the biggest first-day dollar loss in IPO history in the U.S., since it was expected to hit a valuation of about $120 billion. Instead, it shed about $12 billion in market value in its first day of trading on May 10, 2019.
But both companies went their respective ways, chugging along through antitrust and labor challenges and disputes and, of course, the pandemic, which slammed the proverbial door on a significant part of both companies’ businesses.
For its part, Uber has taken a different approach all along: to be a delivery company of not just people but food and packages. The company has put its IPO-generated war chest of cash to work, buying up the likes of Careem, Postmates and Raiser, and pouring cash into Uber Eats and Uber Freight to balance its business.
Lyft has taken a very different road, focusing instead making sure its pink logo is in plain sight wherever rival Uber operates. It also focuses on making its ride-sharing experience better and cheaper -- a tough goal in a market where the ride that shows up first and is cheapest wins.
Whether that's working from a financial standpoint is questionable. Lyft reported 18.73 million active riders in the last quarter of 2021, lower than the prior quarter and below analysts’ expectations.
The Battle of Winterfell
In its most recent quarter, Uber reported 109 million "monthly active platform users," which includes any person or object or bag of McDonald's that took a ride in an Uber. Total trips rang in at 1.64 billion, completely shading Lyft.
Lyft also is known for its anti-Uber culture, which it claims extends from the C-suite to the road -- not just because it sees itself as the underdog, but because it truly feels it provides a different experience to both its drivers and passengers.
Wouldn’t it make sense for the two rivals to merge? To the average Lyft and Uber ride-hailing user and to the general public, maybe. Lyft itself isn't ignoring some of the markets Uber continues to diversify into: The company more recently has teed up self-driving and restaurant delivery partners to bring more Uber-like offerings.
Still, to anyone on Wall Street and beyond looking more closely at both companies' balance sheets and prospects for app-driven people, food and goods delivery globally, the prospect of a "Luber" is about as likely as the possibility of an "AmazApple."
“Ride-sharing stalwarts Lyft and Uber are going after market share in a Game of Thrones environment despite clear challenges ahead,” Wedbush analyst Daniel Ives told TheStreet.
“Antitrust issues, strategic differences, and treasure chests full of cash make the prospects of a combination basically impossible from our perspective.”
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Lyft (LYFT) Price Target Raised to $71.00 at Credit Suisse Group
By: MarketBeat | February 7, 2022
• Lyft (NASDAQ:LYFT) had its price objective raised by analysts at Credit Suisse Group from $70.00 to $71.00 in a research report issued on Monday, Stock Target Advisor reports. The firm currently has an "outperform" rating on the ride-sharing company's stock. Credit Suisse Group's price target would indicate a potential upside of 79.88% from the company's current price...
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Lyft posts revenue beat but falls short on riders
By: CNBC | February 8, 2022
Lyft reported fourth-quarter results after the bell on Tuesday. It beat estimates on adjusted earnings per share and revenue but said it had fewer active riders than in the prior quarter. Shares were down more than 4% in after hours trading.
Here are the key numbers:
• Earnings per share: 9 cents, adjusted, vs 8 cents expected in a Refinitiv survey of analysts
• Revenue: $970 million vs $940.1 million expected by Refinitiv
• Active riders: 18.73 million vs 20.2 million expected, per StreetAccount
• Revenue per active rider: $51.79 vs $46.54 expected, according to StreetAccount
Lyft reported 18.73 million active riders in the last quarter of 2021, up nearly 50% year-over-year but short of StreetAccount analyst expectations of 20.2 million riders for the quarter. It’s a decline from the third quarter when Lyft said it had 18.94 million active riders and not quite back to pre-pandemic levels. Lyft reported 22.9 million active riders in the fourth quarter of 2019, for example.
“Despite short-term headwinds from omicron, we remain optimistic about full-year 2022,” Lyft’s new CFO Elaine Paul said in a statement.
The company didn’t immediately provide guidance for Q1, but is expected to discuss expectations in its earnings call set for 4:30 p.m. ET. In the first quarter of 2022, analysts expect the company to report 21.7 million active riders, according to StreetAccount guidance.
Lyft revenue jumped 12% quarter-over-quarter to $969.9 million. That’s up 70% year-over-year thanks to easy comparables due to the Covid-19 pandemic. It also noted record revenue per active rider of $51.79, which is up 14% year-over-year.
Lyft reported a net loss for the quarter of $258.6 million versus a net loss of $458.2 million in the same period of 2020. The company said its loss included $164.2 million of stock-based compensation and related payroll tax expenses.
Lyft again posted an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) profit of $74.7 million. In the prior quarter, Lyft reported adjusted EBITDA of $67.3 million.
The company has struggled with driver supply and demand imbalances throughout the pandemic, leading to higher costs or long wait times. Executives are expected to provide an update on driver investments and rates during Lyft’s earnings call.
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Earnings Previews: Lyft Inc. (NASDAQ: LYFT)
By: 24/7 Wall St. | February 7, 2022
Here is a look at five firms scheduled to report results after Tuesday’s closing bell.
Lyft
Ride-hailing operator Lyft Inc. (NASDAQ: LYFT) has seen its share price sink by about 26% over the past 12 months. It last traded in the green on November 10 and has lost 28% since then. Lyft’s third quarter was its first profitable one as a public company. Rival Uber’s share price drop over the same period is about 35%. The two firms appear to have survived the pandemic; now the issue is whether they can win back passengers (and revenues).
The 41 analysts covering the stock come down on Lyft’s side with 26 Buy or Strong Buy ratings and 13 Hold ratings. At a share price of around $39.10, the upside potential based on a median price target of $65 is 66.2%. At the high target of $95, the upside potential is almost 143%.
Fourth-quarter revenue is forecast at $940.47 million, up 8.8% sequentially and 65.0% year over year. Adjusted EPS are forecast at $0.08 for the quarter, up 48.8% sequentially and up from a loss per share of $0.58 in the year-ago quarter. For full fiscal 2021, the loss per share is forecast at $0.24, much better than last year’s loss of $2.66, on sales of $3.18 billion, up 34.4%.
Lyft stock trades at 46.3 times expected 2022 EPS of $0.85 and 21.7 times estimated 2022 earnings of $1.81 per share. The stock’s 52-week range is $33.94 to $68.28. Lyft does not pay a dividend. Total shareholder return for the past 12 months was negative 25.8%.
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Lyft Inc (LYFT) Stock Could Change Gears with Upcoming Earnings Report
By: Schaeffer's Investment Research | February 4, 2022
• Why 2022 could be a big year for Lyft stock
• Lyft will report fourth-quarter earnings on Feb. 8
Lyft Inc (NASDAQ:LYFT) announced that it will release its fourth-quarter earnings after the close on Tuesday, Feb. 8. Most recently, LYFT reported earnings of $0.05 per share for its third quarter, and this time around Wall Street analysts anticipate the company's earnings per share (EPS) will come in at an increased $0.09.
The stock is prone to wild swings after earnings, including a 10.2% drop in August 2021, and a 21.7% pop after its May 2020 earnings. Half of the time, LYFT was positive in its past eight post-earnings sessions, averaging an 8.5% move, regardless of direction. This time around, though, the options pits are pricing in an even bigger swing of 15.7% the day after its quarterly report.
Speaking of options pits, LYFT's have been overwhelmingly bearish. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity sports a 10-day put.call volume ratio of 1.85, which sits higher than all other readings from the past year. This implies long puts haven't been more popular during this time period.
The equity may have been an easy target for these bears. LYFT bottomed out at an annual low of $33.94 on Jan. 28, with the formerly supportive 20-day moving average blocking its attempt to rally from this area. This technical setup has left Lyft stock at an 11.5% year-to-date deficit, and down 26.9% year-over-year.
A look a Lyft's financials shows that the ridesharing company’s revenues have grown 30% since fiscal 2018 despite experiencing a 34% decline in annual sales for fiscal 2020 largely due to the pandemic. LYFT has also increased its net income by about $1.4 billion over the past two years, going from $2.6 billion in net losses to $1.2 billion since fiscal 2019.
In addition, Lyft has a decent balance sheet with $2.38 billion in cash and $1.02 billion in total debt, giving the company some security, should it continue to take a loss on the bottom line. Nonetheless, LYFT is estimated to report positive earnings of $0.80 per share, and grow revenues 38% in fiscal 2022, potentially setting the stock up for a significant growth this year.
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3 Trades On Lyft (LYFT) Stock Ahead Of The Ride-Hailing Platform’s Q4 Earnings Report
By: Investing.com | January 31, 2022
• Ride-hailing company LYFT stock declined over 16% in January.
• As Lyft reports Q4 earnings on Feb. 8, shares are likely to be choppy.
• Long-term investors could consider investing around current levels.
Shares of the ride-sharing platform Lyft (NASDAQ:LYFT) have declined 16.3% since the start of 2022. In comparison, its biggest rival Uber (NYSE:UBER) is down 16.0%. At the same time, the Dow Jones Transportation Average dropped 8.7% in January.
LYFT Weekly
What a difference a year has made in share prices of some of these former Wall Street darlings. On Mar. 18, 2021, LYFT stock pushed past $68 and hit a record high.
More recently, however, on Jan. 28, 2022, the stock saw a 52-week low just shy of $34, and closed the week at $35.75. The 52-week range has been $33.94 - $68.28, while the market capitalization (cap) of Lyft stands at $12.2 billion.
In the US, Lyft and Uber dominate the ride-hailing market with market shares of about 30% and 70%, respectively. Both companies came under significant pressure in 2020, especially in the early months of the pandemic when lockdowns were in effect.
As the vaccination rollout picked up steam in 2021 they both reported increasing levels of revenue. Yet long-term investors have been hesitant to keep these two stocks in their portfolios. As a result, LYFT lost almost 20% in the past 12 months and UBER stock declined over 30%.
Now investors are wondering what might be next for both names. Today’s article takes a closer look at Lyft shares.
Lyft’s Q3 Results
Lyft released Q3 financials on Nov. 2. Revenue of $864.4 million increased 73% year-over-year (YOY). A year ago, it had been $499.7 million in Q3 2020, an increase of 73% YOY.
The ride-hailing heavyweight had over 18.9 million active riders during the quarter, up from 12.5 million a year ago. Meanwhile, revenue per active rider reached $45.63. In Q3 2020, it had been $39.94.
Adjusted EBITDA for the quarter was $67.3 million, marking the company’s second consecutive profitable quarterly adjusted EBITDA. Finally, adjusted net income was $17.8 million. A year ago, it had been -$280.4 million.
On the results, (now former) CFO Brian Roberts cited: “In Q3 we achieved record Revenue Per Active Rider as ride frequency increased. We also hit a new all-time high Contribution Margin…”
Lyft will report Q4 results on Tuesday, Feb. 8 after market close. Management expects Q4 revenue will be in the $930-$940 million band and its adjusted EBITDA to be between $70 and $75 million.
Prior to the release of Q3 results, Lyft stock was around $45. A week later, by Nov. 10, it went over $57, and hit a multi-month high. But that price is now in the rearview mirror as LYFT shares currently change hands at $35.75.
What To Expect From Lyft Shares
Among 43 analysts polled via Investing.com, LYFT stock has an “outperform" rating.
LYFT Consensus Estimates
Chart: Investing.com
Analysts also have a 12-month median price target of $68.47 for the stock, implying an increase of about 91% from current levels. The 12-month price range currently stands between $38 and $95.
On the other hand, according to a number of valuation models, like those that might consider P/E or P/S multiples or terminal values, the average fair value for LYFT stock via InvestingPro is $41.35.
LYFT Fair Value
Source: InvestingPro
In other words, fundamental valuation suggests shares could only increase around 15.5%.
We can also look at Lyft’s financial health as determined by ranking more than 100 factors against peers in the industrials sector...
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Lyft, Inc. (LYFT) Given Consensus Recommendation of "Buy" by Analysts
By: MarketBeat | January 21, 2022
• Lyft, Inc. (NASDAQ:LYFT) has received a consensus recommendation of "Buy" from the thirty-three ratings firms that are presently covering the stock, MarketBeat reports. Nine research analysts have rated the stock with a hold recommendation and twenty have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $70.30...
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Lyft Added to Tactical Underperform List at Evercore ISI
By: Investing.com | January 12, 2022
Evercore ISI analyst Mark Mahaney told investors in a research note that he has added Lyft Inc (NASDAQ:LYFT) to the firm's Tactical Asset Positioning (TAP) Underperformance List.
Mahaney, who kept an outperform rating and $75 price target on the stock, said he is adding Lyft to the list with a short-term horizon.
Lyft shares are down 4.5% Wednesday.
The analyst acknowledged that the rising number of Covid-19 cases arising from the Omicron variant weigh on any potential upside to revenue estimates for the fourth quarter.
“We are taking a short-term outlook on LYFT, as we view Omicron to pose headwinds to Q4/Q1 Revenue," said the Evercore analyst.
However, he noted that "the main risks surrounding our call include: 1) Omicron’s impact being less severe and/or shorter than expected, 2) A material improvement in the company’s Take Rate (allowing Revenue to be less impacted by the potential GMV headwind), and/or 3) An accelerated acquisition of Active Riders.”
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Lyft, Inc. (LYFT) Given Average Recommendation of "Buy" by Brokerages
By: MarketBeat | December 27, 2021
• Lyft, Inc. (NASDAQ:LYFT) has received an average rating of "Buy" from the thirty-five analysts that are presently covering the firm, Marketbeat reports. Eight analysts have rated the stock with a hold recommendation and twenty-two have issued a buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $71.13...
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Lyft Upgraded to "Overweight" at UBS Group
By: MarketBeat | December 20, 2021
• Lyft (NASDAQ:LYFT) was upgraded by stock analysts at UBS Group from an "equal weight" rating to an "overweight" rating in a research report issued on Monday, The Fly reports...
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Lyft (LYFT) Given New $67.00 Price Target at JPMorgan Chase & Co.
By: MarketBeat | December 15, 2021
• Lyft (NASDAQ:LYFT) had its target price decreased by stock analysts at JPMorgan Chase & Co. from $72.00 to $67.00 in a research report issued on Wednesday, Briefing.com reports. The brokerage presently has an "overweight" rating on the ride-sharing company's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 71.88% from the stock's current price...
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Lyft Banks On Autonomous Cars, Food Delivery
By: TheStreet | December 16, 2021
• BThe rideshare company has recently deployed the first self-driving cars onto the streets of Miami.
In its efforts to expand and try new things, Lyft (LYFT) is branching out into a number of ventures — from self-driving car partners to restaurant delivery.
As part of a partnership with Ford (F) and Argo AI announced this summer, the ride-sharing platform has deployed the first batch of self-driving cars in Miami.
The move is meant to ease Lyft into the territory of autonomous driving by putting around 1,000 self-driving Ford vehicles equipped with Argo's artificial intelligence-based driving software onto the streets of Miami. Austin will follow sometime in early 2022.
As part of that July deal, Lyft also received 2.5% common equity of Argo AI in exchange for driver data from its network.
Earlier this week, Lyft also announced that it would be using its drivers to deliver restaurant food through a partnership with online ordering platform Olo (OLO).
Unlike the more well-known Grubhub (GRUB) or Uber Eats (UBER), Olo allows restaurants to use their own websites for placing orders while pairing them with a driver from a rideshare company.
"As a transportation-focused company, we aren't interested in building consumer-facing marketplaces for groceries or food, but we can add real value in delivery both for drivers and partners via Dispatch's frictionless process and the scaled national network of drivers on Lyft's platform," Justin Paris, head of Lyft Delivery, said in a media statement.
In the last year, (LYFT) shares have floundered somewhat and pushed the company to try new initiatives to remain competitive — currently down 19% year-over-year at $38.12, stock was at $47.28 at the start of 2021 and reached that year's high of $67.42 in March.
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Lyft Taps Amazon, Disney Veteran Elaine Paul as CFO
By: TheStreet | December 3, 2021
• Paul has worked at Amazon Studios and Disney in the past and led teams across finance, strategy, analytics and technology.
Ride-hailing service Lyft (LYFT) on Thursday appointed former Amazon (AMZN) finance executive Elaine Paul as its chief financial officer.
"Elaine is a seasoned leader with a commanding record of driving growth in tech and consumer-facing industries,” said Lyft Co-Founder and Chief Executive Logan Green in a statement. "We’re excited to have her bring this experience to Lyft."
Paul will succeed Chief Financial Officer Brian Roberts, who is stepping down but will remain an advisor with Lyft until June 2022 to assist with the transition, the company said.
“Lyft has an inspiring mission, a clear vision, and incredible growth opportunities. Logan and John [Zimmer] are deeply committed to improving people’s lives with the world’s best transportation and their passion is contagious,” said Paul in a statement.
“I’m thrilled to join their high-performing team and contribute to Lyft’s next phase of scale and innovation," she added.
Paul joins Lyft next month on Jan. 3.
“Building the future of transportation requires new, disruptive approaches. Elaine has made a career of thinking differently in established markets and knows how to create incredible value for both the business and our customers," Green added.
Previously Paul was chief financial officer and vice president finance for Amazon Studios, the division that produces original shows, films and tv content for the tech giant's Prime Video and studio services.
Since 2019, Paul was responsible for portfolio and financial planning for Amazon’s global slate of original film and television programming, studio operations, and Prime Video Marketing Finance.
In addition to finance, Paul also oversaw Amazon's teams for strategy, business intelligence and advanced analytics, Lyft said.
Before Amazon, Paul was CFO of streaming service Hulu (HULU) for six years.
Before Hulu she spent 19 years at media and entertainment giant Disney (DIS) in senior finance, strategy and business development roles. She was senior vice president of corporate strategy, business development and technology.
Paul holds an MBA from Harvard Business School and B.A. in Economics and History with Distinction from Stanford University.
Shares of Lyft ended off 4% at $39.47.
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Lyft Earns Buy Rating from Analysts at UBS Group
By: MarketBeat | December 2, 2021
• UBS Group initiated coverage on shares of Lyft (NASDAQ:LYFT) in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage set a "buy" rating on the ride-sharing company's stock...
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Lyft (LYFT) Price Target Cut to $77.00 by Analysts at Loop Capital
By: MarketBeat | November 24, 2021
• Lyft (NASDAQ:LYFT) had its price target reduced by stock analysts at Loop Capital from $80.00 to $77.00 in a research note issued on Wednesday, The Fly reports. The brokerage presently has a "buy" rating on the ride-sharing company's stock. Loop Capital's price objective suggests a potential upside of 68.60% from the stock's current price. The analysts noted that the move was a valuation call...
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Lyft Given a $64.00 Price Target by The Goldman Sachs Group Analysts
By: MarketBeat | November 17, 2021
• Lyft (NASDAQ:LYFT) received a $64.00 target price from stock analysts at The Goldman Sachs Group in a report released on Wednesday, Borsen Zeitung reports. The Goldman Sachs Group's price target points to a potential upside of 28.72% from the stock's current price...
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Lyft, Inc. (LYFT) Director Sells $151,122.40 in Stock
By: MarketBeat | November 16, 2021
• Lyft, Inc. (NASDAQ:LYFT) Director Mary Agnes Wilderotter sold 2,860 shares of the stock in a transaction that occurred on Friday, November 12th. The stock was sold at an average price of $52.84, for a total value of $151,122.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link...
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Lyft, Inc. (LYFT) Given Consensus Recommendation of "Buy" by Brokerages
By: MarketBeat | November 7, 2021
• Shares of Lyft, Inc. (NASDAQ:LYFT) have been given an average rating of "Buy" by the thirty-six analysts that are currently covering the company, Marketbeat.com reports. Eight analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $70.24...
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