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Blackbaud, Inc. (BLKB) - free report >>
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Blackbaud, Inc. (BLKB) - free report >>
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Here's Why Investors Should Retain LYFT in Portfolio Now
Lyft, Inc. (LYFT - Free Report) is benefiting from an uptick in driver supply and sound liquidity position. On the flip side, escalating operating expenses are concerns.
Factors Favoring LYFT
Lyft is benefiting from an uptick in driver supply. Highlighting the productivity of drivers, active drivers generated 17% more rides than three years ago. Driven by the 9.8% year over year rise in active riders, Lyft's top line increased in first-quarter 2023. For the second quarter of 2023, management expects revenues to be between $1 billion and $1.02 billion.
The company has a sound liquidity position. Its cash and cash equivalents at the end of first-quarter 2023 totaled $1,754 million, higher than the long-term debt of $793.42 million. This indicates that it has enough cash to pay off its debt obligations.
Key Risks
Rising operating expenses poses threat to LYFT's bottom line. Total costs and expenses climbed 13.2% year over year to $1.22 billion in first-quarter 2023.
Zacks Rank
LYFT currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked stocks for investors interested in the Zacks Computer and Technology sector are BlackLine, Inc. (BL - Free Report) and Blackbaud, Inc. (BLKB - Free Report) .
BlackLine presently flaunts a Zacks Rank #1 (Strong Buy). BL has an expected EPS growth rate of 41.1%. You can see the complete list of today’s Zacks #1 Rank stocks here.
For second-quarter and full-year 2023, BL’s earnings are expected to register 300% and 96.88% surge, respectively, on a year-over-year basis.
Blackbaud currently sports a Zacks Rank #1. BLKB has an expected EPS growth rate of 21.8%.
For second-quarter and full-year 2023, BLKB’s earnings are expected to register 24% and 39.4% growth, respectively, on a year-over-year basis.