Lyft (LYFT) closed the most recent trading day at $15.07, moving +1.28% from the previous trading session. The stock's performance was ahead of the S&P 500's daily loss of 0.17%. Meanwhile, the Dow experienced a drop of 0.26%, and the technology-dominated Nasdaq saw a decrease of 0.09%.
Prior to today's trading, shares of the ride-hailing company had lost 11.95% lagged the Computer and Technology sector's gain of 3.58% and the S&P 500's loss of 0.24%.
Analysts and investors alike will be keeping a close eye on the performance of Lyft in its upcoming earnings disclosure. The company is expected to report EPS of $0.43, up 65.38% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $1.93 billion, indicating a 14.25% upward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.63 per share and a revenue of $7.31 billion, representing changes of +239.58% and +15.8%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Lyft. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 7.05% higher within the past month. Lyft presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Lyft is presently being traded at a Forward P/E ratio of 9.11. This valuation marks a discount compared to its industry average Forward P/E of 15.5.
It's also important to note that LYFT currently trades at a PEG ratio of 0.46. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Internet - Services industry had an average PEG ratio of 1.63.
The Internet - Services industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 203, this industry ranks in the bottom 18% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Lyft, Inc. (LYFT): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).