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Lyft’s stock hits intraday low, on track to close at lowest price ever

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Lyft Inc.’s stock, which has declined five out of the past six days, hit its lowest intraday trading level Thursday and is on track to close at a record low.

Less than a month ago, Lyft
LYFT,
-1.77%

reported fourth-quarter results and an outlook that fell short of Wall Street expectations, causing its shares to tank 36%. Since then, the ride-hailing company’s stock has closed lower in regular trading more times than it has closed higher.

Lyft shares are down 2% to $9.70 in midday trading Thursday. They traded as low as $9.52 Thursday, an all-time low. Their previous record low, reached on Dec. 27, 2022, was $9.87.

Though the company last month reported record fourth-quarter revenue for the second quarter in a row, its first-quarter revenue forecast fell below the $1 billion analysts expected, and its executives signaled they would need to increase spending to remain competitive with the company’s bigger rival, Uber Technologies Inc.
UBER,
+0.97%
.

Several analysts downgraded Lyft’s stock and cut their price targets after the company’s earnings call, with Wedbush analyst Daniel Ives calling it a “top 3 worst call we have ever heard.”

This week, Bernstein analysts wrote: “Uber continues to take market share, with healthy incremental margins; investors worried about price competition from Lyft but for now we think risk is low, and view Lyft’s actions as more of an effort to close the gap to Uber.”

Lyft’s stock is down 12% year to date and is off 75.9% from its 52-week closing high of $40.16 on March 29, 2022. Uber’s stock is up about 34% so far this year.

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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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