The stock of Lyft, Inc. (NASDAQ:LYFT) is now priced at $29.43 and the shares are -0.24 points down or -0.81% lower compared to its previous closing price of $29.67. The stock had 5.627 million contracts set over the past session. LYFT shares’ daily volume is compared to its average trading volume at 9.298 million shares. However, it has a float of 244 million and although its performance was 1.45% over the week, it’s one to watch. Analysts have given the LYFT stock a yearly average price target of $40.8 per share. It means the stock’s upside potential is 38.63% with the LYFT share price recently placing at $28.93 to $29.87. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are running away from the Lyft, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the LYFT shares have declined. Short interest in the stock represents just 9.77% of its float, but the volume has dropped by -2851051. The volume of shorted shares dropped to 23.819 million from 26.67 million shares over the last two weeks. The average intraday trading volume has been 8.717 million shares, which means that days to cover moved to roughly 2.73249.
In the last trading session, Lyft, Inc. (NASDAQ:LYFT) raised by $0.42 over the week and lost -$1.07 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $54.5. The stock recorded its established 52-week high on 02/11/20.
Since 03/18/20, the stock has traded to a low of $14.56 at 102.11%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Lyft, Inc.’s two-week RSI is 47.11. This suggests that the stock is neutral at the moment and that LYFT shares’ price movement remains stable. The stochastic readings are equally revealing at 74.58% meaning the LYFT share price is currently in oversold territory.
The technical chart shows that the LYFT stock will likely settle at between $29.89 and $30.35 per share. However, if the stock dips below $28.95, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $28.47.
Currently, the stock is trading in the green of MACD, with a reading of 0.43. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned LYFT a rating of Mkt Perform in their intiating review released on July 22. Northcoast analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on July 14. BTIG Research analysts see the stock as Buy when the analysts initiated the share price coverage on June 11.
The average rating for the LYFT equity is 2.19 and is currently gathering a bullish momentum. Of 39 analysts tracking Lyft, Inc. polled by Reuters, 14 rated LYFT as a hold. The remaining 25 analysts were split evenly. However, the split wasn’t equal as a majority (24) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 6367.1. Lyft, Inc. has its P/E ratio at 4, which means that the stock is currently trading at a discount relative to the 11.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Lyft, Inc. (NASDAQ:LYFT) will increase by about 49.41%, which will see them reach $506 million. The company’s full-year revenues are, however, expected to diminish by about -31.22%, down from $3620 million to $2490 million. LYFT’s expected adjusted earnings should drop almost -41.4% to end up at -$0.92 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -75.96% to record -$2.75/share.