Monday Morning Pick
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$LYFT is set up nicely for a breakout this week
Adding to my position in $LYFT which is VERY beaten down yet set up nicely for a breakout.
As you can see in the above chart, the price moved above the 20 SMA and is poised to close above it this week, if not today. Not to mention the stock is heavily beaten down. Just look at the analyses below:
Morningstar has $LYFT priced at a WHOPPING 80% Discount right now! It’s currently at more than 1/2 of their 5 Star Price rating. But It’s not just Morningstar…
TipRanks also has an Average Target of $22.72 which is more than double it’s current price, so you’re looking at a 100%+ gain. On top of that they have a High Target of $45!!
LYFT NEWS
Lyft Earnings Call Results — Why The Stock Sank After Delivering Good News
Key takeaways:
- Lyft’s stock price dropped despite announcing record revenue as investors continue to sell off companies that even slightly miss earnings.
- Lyft has announced that it will cut 13% of its workforce to prepare for economic uncertainty, saving about $350 million annually.
- Investors were concerned because of a slowdown in active rider growth.
Lyft reported a record revenue per active rider of $51.88, up 4% from the previous quarter. This increase in revenue per rider was attributed to airport rides now that travel has returned.
