Why Lyft Shares Are Shifting Gears Today

Lyft Inc LYFT is trading higher Wednesday after the company announced better-than-expected third-quarter financial results.

Lyft reported quarterly adjusted earnings of 5 cents per share, which beat the estimate for a loss of 3 cents per share. The company reported quarterly revenue of $864.4 million, which beat the estimate of $862.68 million and represented an increase of 73% year-over-year.

Lyft reported that it had $2.4 billion of unrestricted cash, cash equivalents and short-term investments at the end of the quarter.

“We had a great quarter. Driver supply materially improved in Q3, up nearly 45% versus last year, reflecting strong new driver trends. We are well positioned for a continued recovery and I’m excited to build on the momentum in our business," said Logan Green, co-founder and CEO of Lyft.

Wedbush analyst Daniel Ives maintained Lyft with an Outperform rating and lowered the price target from $85 to $77.

See Also: Analyst Ratings For Lyft

Lyft is the second-largest ride-sharing service provider in the U.S., connecting riders and drivers over the Lyft app.

LYFT Price Action: Lyft has traded as high as $68.28 and as low as $22.90 over a 52-week period.

The stock was up 13.70% at $51.53 at time of publication.

Photo: courtesy of Lyft.