Lyft Stock Choppy on Disappointing Bookings Outlook

A slew of bull notes rolled in for the ridesharing giant

Deputy Editor
Nov 9, 2023 at 10:34 AM
facebook X logo linkedin

The shares of LYFT Inc (NYSE:LYFT) are up 0.5% to trade at $10.64 at last check. The stock was lower at the open this morning, after the ride-share company's third-quarter gross booking fell short of rival Uber's (UBER) and fourth-quarter bookings guidance came in below Wall Street's estimates. However, Lyft's own third-quarter earnings and revenue beat forecasts, leading to no less than five price-target hikes, the highest coming from Barclays up to $14.

Coming into today, analysts were hesitant toward LYFT, with 24 of the 28 brokerages in coverage maintaining "hold" or worse ratings. And with short interest already down 8.8% in the most recent reporting period yet 16% of LYFT's total available float still sold short, a bearish exodus could take place. At the stock's average pace of trading, it would take shorts four trading days to buy back their bearish bets.

On the charts, LYFT remains below a confluence of moving averages, including its 50- 80- and 100-day trendlines. Down 35.4% over of the last nine months, the stock has recently also ceded its year-to-date breakeven mark.

Drilling down to today's options activity, 12,000 calls and 14,000 puts have crossed the tape so far, volume that's six times the average intraday amount. Most popular is the weekly 11/10 9-strike put, followed by the 8.50-strike put in the standard November series, with new positions being bought to open at the latter.

Puts have been growing in popularity, per the stock's 50-day call/put volume ratio of 0.51, which stands in the 93rd annual percentile at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). While the ratio indicates calls still outnumber puts on an absolute basis, the high percentile suggests puts have been picked up at a faster-than-usual clip in the last two months.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI