Why Lyft Stock Is Rising Today

Lyft, Inc. LYFT shares are trading higher after a company director purchased $1 million shares of stock.

What To Know: Director Prashant Aggarwal bought 96,900 shares of Lyft at an average price of $10.34. The total cost was roughly $1 million.

Insider purchases like this can be a sign that the buyer has a positive sentiment regarding the stock, although investors should not use it as the sole factor in assessing an investment.

According to data from Benzinga Pro, Lyft stock also experienced above-average trading volume of 18.27 million shares on Wednesday compared to its average volume of 15.54 million.

The stock has elevated short interest as well, with 16.53% of shares currently sold short.

Related Link: LULU Defies Challenging Macro Environment: Analyst Sees Continued 'Beat-and-Raise' Potential

LYFT Price Action: Shares of LYFT were up 7.75% at $11.61 at the time of publication, according to Benzinga Pro.

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