Is Lyft Stock a Buy Under $45? -Breaking
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© Reuters. Lyft Stock is a Good Buy for Less Than $45Shares Lyft Inc. (NASDAQ) saw a price increase of more than 8 percent after it released strong third quarter results. However, given the rising concerns over the new COVID-19 variant and increasing competition from Uber Technologies (NYSE:), is it worth adding LYFT to one’s portfolio now? Let’s take a look at Lyft Inc. in San Francisco. Lyft Inc. is an on-demand ridesharing company. It manages multimodal transportation networks so riders have individualized access. The company’s share price jumped over 8% after delivering strong third quarter results.
LYFT revenues grew 73% in the third quarter of fiscal 2021 to $864.4 Million year-over-year. While the company saw an increase of 11% in active passengers, its ridership was still 35% below pre-pandemic levels. Adjusted net income increased by 106.3% over the prior year to $17.8million. The company also beat the consensus estimate in terms of EPS by 266.7%.
LYFT shares closed yesterday’s session at $41.15. However, LYFT’s shares had a decline of 27.9% over the last nine months and 16.5% in the three most recent months. The company might also be affected by the COVID-19 micron variant. LYFT could also be affected by increased competition from Uber Technologies, Inc.
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