Lyft, Inc. (NASDAQ:LYFT) shares are trading lower on Wednesday after the company reported second-quarter financial results and issued guidance.
What To Know: Lyft posted second-quarter earnings on Tuesday. The company reported quarterly sales of $1.02 billion which met the analyst consensus estimate, a 3.05% increase over sales of $990.75 million the same period last year.
Lyft also issued guidance, anticipating third-quarter revenue in the range of $1.13 billion and $1.15 billion, versus the $1.09 billion estimate.
On Wednesday, the stock fell over 9% in response to Tuesday’s earnings report. Also, several analysts updated their price targets on the stock.
- Credit Suisse analyst Stephen Ju maintained Lyft with a Outperform and lowered the price target from $23 to $18.
- DA Davidson analyst Tom White reiterated Lyft with a Neutral and raised the price target from $9.75 to $11.5.
- RBC Capital analyst Brad Erickson maintained Lyft with a Sector Perform and raised the price target from $9 to $12.
- Susquehanna analyst Shyam Patil maintained Lyft with a Neutral and raised the price target from $9 to $10.
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LYFT Price Action: Shares of LYFT were down 9.17% at $10.50 at the time of publication, according to Benzinga Pro. - Image by Dariusz Sankowski from Pixabay
