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
The stock is one of the favorites of our community with 22 Buy predictions and 2 Sell predictions.
With a target price of 19 € there is a positive potential of 47.86% for LYFT Inc compared to the current price of 12.85 €.
