Lyft (LYFT) Stock Moves -0.73%: What You Should Know

Lyft (LYFT) closed the most recent trading day at $13.66, moving -0.73% from the previous trading session. This change was narrower than the S&P 500's 0.92% loss on the day. Elsewhere, the Dow saw a downswing of 0.96%, while the tech-heavy Nasdaq depreciated by 1.6%.Heading into today, shares of the ride-hailing company had gained 3.23% over the past month, lagging the Computer and Technology sector's gain of 3.64% and outpacing the S&P 500's gain of 2.68% in that time.Market participants will be closely following the financial results of Lyft in its upcoming release. The company plans to announce its earnings on November 6, 2024. The company is forecasted to report an EPS of $0.19, showcasing a 20.83% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $1.42 billion, reflecting a 22.68% rise from the equivalent quarter last year.LYFT's full-year Zacks Consensus Estimates are calling for earnings of $0.76 per share and revenue of $5.59 billion. These results would represent year-over-year changes of +16.92% and +27.04%, respectively.It is also important to note the recent changes to analyst estimates for Lyft. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 22.62% rise in the Zacks Consensus EPS estimate. Currently, Lyft is carrying a Zacks Rank of #2 (Buy).In terms of valuation, Lyft is currently trading at a Forward P/E ratio of 18.1. This valuation marks a discount compared to its industry's average Forward P/E of 39.16.Also, we should mention that LYFT has a PEG ratio of 0.45. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Internet - Services industry had an average PEG ratio of 2.32.The Internet - Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 72, which puts it in the top 29% of all 250+ industries.The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lyft, Inc. (LYFT): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks