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Here's Why You Should Consider Adding LYFT in Portfolio Now
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Lyft, Inc. (LYFT - Free Report) performed well in the past three months and has the potential to sustain the momentum. If you haven’t taken advantage of its share price appreciation yet, it’s time you add the stock to your portfolio.
Let’s take a look at the factors that make LYFT an attractive pick.
An Outperformer: A glimpse at the company’s price trend reveals that its shares have gained 15.5% in the past three months compared with 9.6% growth of the industry it belongs to.
Image Source: Zacks Investment Research
Solid Rank: Lyft currently sports a Zacks Rank #1 (Strong Buy). Our research shows that stocks with a Zacks Rank #1 or 2 (Buy) offer attractive investment opportunities.
Northward Estimate Revisions: Two estimates for 2023 moved north in the past 60 days versus no southward revision, reflecting analysts’ confidence in the stock. The Zacks Consensus Estimate for LYFT’s 2023 earnings has moved up 20% in the past 60 days.
Strong Growth Prospects: The consensus estimate for 2023 earnings is pegged at 18 cents per share, which reflects a year-over-year surge of 112%. Moreover, earnings are expected to register 194% growth in 2024.
Driving Factors: Lyft is benefiting from an uptick in driver supply. Highlighting the productivity of drivers, active drivers generated 17% more rides than three years ago. Driven by a rise of 9.8% year over year in active riders, Lyft's top line increased in first-quarter 2023. For the second quarter of 2023, management estimates revenues to be between $1 billion and $1.02 billion.
The company has a sound liquidity position. Its cash and equivalents at the first-quarter 2023 end totaled $1,754 million, higher than the long-term debt of $793.42 million. This indicates that it has enough cash to pay off its debt obligations.
AMAT has an impressive earnings history, having surpassed the Zacks Consensus Estimate in each of the past four quarters, the positive surprise being 10.2%
Blackbaud currently holds a Zacks Rank #2. BLKB has an expected EPS growth rate of 21.8%.
For second-quarter and full-year 2023, BLKB’s earnings are expected to register 24% and 39.4% growth, respectively, on a year-over-year basis.
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Here's Why You Should Consider Adding LYFT in Portfolio Now
Lyft, Inc. (LYFT - Free Report) performed well in the past three months and has the potential to sustain the momentum. If you haven’t taken advantage of its share price appreciation yet, it’s time you add the stock to your portfolio.
Let’s take a look at the factors that make LYFT an attractive pick.
An Outperformer: A glimpse at the company’s price trend reveals that its shares have gained 15.5% in the past three months compared with 9.6% growth of the industry it belongs to.
Image Source: Zacks Investment Research
Solid Rank: Lyft currently sports a Zacks Rank #1 (Strong Buy). Our research shows that stocks with a Zacks Rank #1 or 2 (Buy) offer attractive investment opportunities.
Northward Estimate Revisions: Two estimates for 2023 moved north in the past 60 days versus no southward revision, reflecting analysts’ confidence in the stock. The Zacks Consensus Estimate for LYFT’s 2023 earnings has moved up 20% in the past 60 days.
Strong Growth Prospects: The consensus estimate for 2023 earnings is pegged at 18 cents per share, which reflects a year-over-year surge of 112%. Moreover, earnings are expected to register 194% growth in 2024.
Driving Factors: Lyft is benefiting from an uptick in driver supply. Highlighting the productivity of drivers, active drivers generated 17% more rides than three years ago. Driven by a rise of 9.8% year over year in active riders, Lyft's top line increased in first-quarter 2023. For the second quarter of 2023, management estimates revenues to be between $1 billion and $1.02 billion.
The company has a sound liquidity position. Its cash and equivalents at the first-quarter 2023 end totaled $1,754 million, higher than the long-term debt of $793.42 million. This indicates that it has enough cash to pay off its debt obligations.
Other Stocks to Consider
Some other top-ranked stocks for investors interested in the Zacks Computer and Technology sector are Applied Materials, Inc. (AMAT - Free Report) and Blackbaud, Inc. (BLKB - Free Report) .
Applied Materials presently carries a Zacks Rank #2. AMAT has an expected EPS growth rate of 5.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.
AMAT has an impressive earnings history, having surpassed the Zacks Consensus Estimate in each of the past four quarters, the positive surprise being 10.2%
Blackbaud currently holds a Zacks Rank #2. BLKB has an expected EPS growth rate of 21.8%.
For second-quarter and full-year 2023, BLKB’s earnings are expected to register 24% and 39.4% growth, respectively, on a year-over-year basis.