Why Lyft Stock Is Skyrocketing Today
Shares of (NASDAQ: LYFT) are surging on Friday. The ride-sharing company's stock gained 27.4% as of 3:25 p.m. ET and was up as much as 28.3% earlier in the day. The jump comes as the S 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) were essentially flat.
The company reported a profitable Q1 and announced a significantly expanded share buyback program.
Lyft once again is operating in the black, after years of struggling to turn a profit. This marks the third positive quarter of the last four. The company's net income of $2.57 million, albeit a small profit, is a large improvement compared to Q1 2024's net loss of $31.54 million. And its 14% top-line growth slightly missed Wall Street's target, but the continued profitability appeared more important to investors.
Source Fool.com
LYFT Inc Stock
With 24 Buy predictions and 2 Sell predictions LYFT Inc is one of the favorites of our community.
As a result the target price of 18 € shows a positive potential of 40.47% compared to the current price of 12.81 € for LYFT Inc.
