Lyft earnings snapshot

Can Lyft pick up its own stock price after earnings on Wednesday?

Stocks (1)

On Wednesday, Lyft (LYFT) is anticipated to announce a second quarter loss per share of $1.03 vs  LPS of $0.68 a year ago on revenue of $335M compared to $867M last year. 

The company has put focus on a temporary program to deliver essential items such as groceries, meals and medical supplies to people in need during the pandemic. The Co has also invested heavily into autonomous technology. This latest earnings report will give us key insights into how the company is controlling expenses during the pandemic. 

Lyft has an expected move of 14.6% in either direction based on front month options pricing. The last time Lyft reported earnings the stock jumped 21%. 

Looking at a daily chart, we anticipate a short term rebound towards $37.80. The stock is challenging a rising trend line support area. If $27.45 can hold as support, we may see a move higher towards $37.80 and $41.20 resistance. A failure of $27.45 support could mean a test of multiple support areas all the way down to March lows at $14.55. 

Source: GAIN Capital, TradingView

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