We recently published a list of These 10 Stocks Moved the Market This Week, Here’s Why. In this article, we are going to take a look at where Lyft, Inc. (NASDAQ:LYFT) stands against other stocks that moved the market this week.
The stock market edged lower week-on-week, as cautious investors repositioned their portfolios ahead of the United States and China’s high-stakes negotiations on trade policies that have for months dented global economies.
On a week-on-week basis, the Dow Jones was down by 0.16 percent, the S&P 500 dropped 0.47 percent, while the Nasdaq dipped by 0.27 percent.
Beyond the major indices, 10 companies bucked a wider market decline, with gains skyrocketing in just a week’s trading.
In this article, we name the 10 top-performing companies this week and the primary reasons that bolstered their gains.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.
The stocks were chosen based on the highest percentage increase in closing prices on May 9 as against their prices a week earlier, or on May 2.
A ridesharing passenger and driver in a car, looking out the window in anticipation of their destination.
Lyft, Inc. (NASDAQ:LYFT)
Lyft Inc. grew its share prices by 31.62 percent week-on-week, to end at $16.65 on Friday versus the $12.65 a week earlier after swinging to profitability in the first three months of the year.
According to Lyft, Inc., it achieved a net income of $2.6 million during the period, a reversal from the $31.5 million net loss in the same period last year, as revenues grew by 13.5 percent to $1.45 billion from $1.277 billion year-on-year.
Gross bookings also grew by 12.7 percent to $4.28 billion from $3.69 billion in the same comparable period, supported by the increase in the number of active riders and ridership.
For the second quarter, Lyft, Inc. expects ridership to grow by mid-teens, as well as gross bookings to settle between $4.41 billion and $4.57 billion, or a 10 to 14 percent growth year-on-year.
“With our expansion into new demographics via Lyft Silver and into Europe with our planned FREENOW acquisition, we’re putting all the pieces in place for sustained, market-leading performance,” said Lyft, Inc. CEO David Risher.
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This article is originally published at Insider Monkey.
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