Why Lyft (LYFT) is a Top Momentum Stock for the Long-Term – blogwspace.com

Why Lyft (LYFT) is a Top Momentum Stock for the Long-Term

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.

Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term.

Is This 1 Momentum Stock a Screaming Buy Right Now?

Different than value or growth investors, momentum-oriented investors live by the saying “the trend is your friend.” This investing style is all about taking advantage of upward or downward trends in a stock’s price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

Lyft (LYFT)

Lyft, based in San Francisco, CA, was founded in 2012. The company, however, made its trading debut on the Nasdaq in March 2019. Its IPO price was $72 a share. Lyft completed its IPO on Apr 2, 2019. During the process, the company sold 32,500,000 shares of Class A common stock. On Apr 9, 2019, Lyft sold 2,996,845 more shares of Class A common stock at $72 per share.

LYFT is a Zacks Rank #2 (Buy) stock, with a Momentum Style Score of B and VGM Score of A. Shares are up 23.5% over the past one week and up 20.2% over the past four weeks. LYFT has gained 17.4% in the last one-year period as well. Looking at trading volume, an average of 17,845,344 shares exchanged hands over the last 20 trading days.

A company’s earnings performance is important for momentum investors as well. For fiscal 2023, eight analysts revised their earnings estimate higher in the last 60 days for LYFT, while the Zacks Consensus Estimate has increased $0.19 to $0.55 per share. LYFT also boasts an average earnings surprise of 255.9%.

LYFT should be on investors’ short list because of its impressive earnings fundamentals, a good Zacks Rank, and strong Momentum and VGM Style Scores.

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Lyft, Inc. (LYFT) : Free Stock Analysis Report

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