Lyft (LYFT) Dips More Than Broader Markets: What You Should Know
Lyft (LYFT) closed the most recent trading day at $60.96, moving -0.41% from the previous trading session. This change lagged the S&P 500's daily loss of 0.16%. Elsewhere, the Dow lost 0.07%, while the tech-heavy Nasdaq lost 0.52%.
Coming into today, shares of the ride-hailing company had gained 10.09% in the past month. In that same time, the Computer and Technology sector gained 1.74%, while the S&P 500 gained 3.12%.
Investors will be hoping for strength from LYFT as it approaches its next earnings release.
It is also important to note the recent changes to analyst estimates for LYFT. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. LYFT is currently sporting a Zacks Rank of #3 (Hold).
The Internet - Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 63, putting it in the top 25% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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