Lyft (LYFT) Surges 13.1%: Is This an Indication of Further Gains?

Lyft (LYFT) shares soared 13.1% in the last trading session to close at $22.84. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 29.7% gain over the past four weeks.The upside can be attributed to Lyft’s recently announced partnership with Alphabet’s (GOOGL) Waymo, aimed at launching Waymo’s fully autonomous ride-hailing service to Nashville in 2026. This ride-hailing company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of +3.5%. Revenues are expected to be $1.72 billion, up 12.6% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For Lyft, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on LYFT going forward to see if this recent jump can turn into more strength down the road. The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Lyft is a member of the Zacks Internet - Services industry. One other stock in the same industry, DoorDash, Inc. (DASH), finished the last trading session 1.5% lower at $259.25. DASH has returned 5.9% over the past month.DoorDash's consensus EPS estimate for the upcoming report has changed +0.8% over the past month to $0.68. Compared to the company's year-ago EPS, this represents a change of +79%. DoorDash currently boasts a Zacks Rank of #3 (Hold).Beyond Nvidia: AI's Second Wave Is HereThe AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. Little-known AI firms tackling the world's biggest problems may be more lucrative in the coming months and years.See "2nd Wave" AI stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alphabet Inc. (GOOGL): Free Stock Analysis Report Lyft, Inc. (LYFT): Free Stock Analysis Report DoorDash, Inc. (DASH): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks