Lyft, Inc (NASDAQ:LYFT) stock is trading higher Tuesday after the company disclosed insider buying activities.
The company disclosed that CEO Risher John David bought 100,000 shares at an average price of $11.46 per share on August 11.
Director Stephenson Dave also bought 8,826 shares for $11.33 per share.
Last week, Lyft reported second-quarter revenue of $1.021 billion, which was up 3% year-over-year. The revenue figure came in line with a Street consensus estimate of $1.018 billion.
The company reported earnings per share of 16 cents in the second quarter, which beat a Street consensus estimate of a loss of 1 cent per share.
Unlike Uber Technologies, Inc (NYSE:UBER), Lyft chose not to diversify beyond transportation and geography. Uber also succeeded in acquiring market share and drivers during the pandemic.
Reportedly, Lyft is exploring strategic alternatives for its bikes division.
Price Action: LYFT shares traded higher by 3.14% at $12.01 on the last check Tuesday.
