Investing.com UK - Financial Markets Worldwide
Get 40% Off
Get 40% Off
💰 Ray Dalio just increased his holdings in Google by 162.61% - See the full portfolio with InvestingPro’s free Stock Ideas toolCopy Portfolios

Valentine's Day Strike Paints Cautionary Picture For Lyft Ahead Of Q4 Earnings: A Technical Analysis

Published 13/02/2024, 14:08
© Reuters. Valentine's Day Strike Paints Cautionary Picture For Lyft Ahead Of Q4 Earnings: A Technical Analysis
LYFT
-

Benzinga - by Surbhi Jain, .

Lyft Inc (NASDAQ:LYFT) is reporting fourth-quarter earnings on Tuesday, Feb. 13. Wall Street expects 8 cents in EPS and $1.22 billion in revenues as the company reports after market hours.

The San Francisco-based company is known for being a popular ride-sharing platform that connects passengers with drivers through a mobile app.

Lyft grabbed headlines lately for reportedly planning to stage a strike on Valentine’s Day to demand fair pay. Thousands of drivers associated with ride-sharing giants Uber Technologies Inc (NYSE:UBER), Lyft, and food delivery app DoorDash (NASDAQ:DASH) are joining the strike.

Last week, Lyft also told Reuters that it would guarantee weekly earnings for its drivers, a first in the U.S. ride-hailing industry.

Related: Highway To Heartbreak – Uber, Lyft, DoorDash Drivers Plan Nationwide Strike On Valentine’s Day Over Fair Pay

Lyft Stock Technical Setup Ahead Of Q4 Earnings The technical analysis setup of Lyft signals a strongly bearish trend. The On-Balance Volume (OBV) indicator has been trending downwards. OBV falls when volume on down days is stronger. Falling OBV reflects negative volume pressure that can foreshadow lower prices.

Looking at averages, the share price is consistently below its 5, 20, and 50-day exponential moving averages, highlighting significant selling pressure and indicating a potential risk of further bearish movements. Additionally, LYFT’s 8, 20 & 50-day exponential moving averages also indicates a Sell.

The Moving Average Convergence Divergence (MACD) indicator is -0.15, reinforcing the overall Sell sentiment for LYFT stock.

Investors should exercise caution and closely monitor the market dynamics for potential further downtrends.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Lyft Analysts Consensus Ratings Ratings & Consensus Estimates: Consensus analyst ratings on Lyft stock stand at a Neutral currently with a price target of $11.97.

LYFT Price Action: Lyft stock was trading at $12.40 at the end of market day on Feb. 12.

Read Next: Uber, Lyft Can Hitch A Ride Higher If Q4 Earnings Beat Wall Street Estimates

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.