From Stock Story Media:

1. Ride sharing service Lyft (NASDAQ: LYFT) saw its shares fall 5.4% after being downgraded by Nomura from neutral to reduce, citing limited growth potential due to shrinking market share and low profitability compared to peers. The firm upped its price target to $13.

2. The stock market has seen substantial gains in 2023, driven by advancements in technology and artificial intelligence. Sectors like consumer durables faced challenges, prompting restructuring and realignment.

3. Market volatility has affected Lyft shares, with 51 moves greater than 5% in the last year. Despite a 33.9% increase since the beginning of the year, Lyft is still trading below its 52-week high.

4. Lyft’s stock dropped 15.5% on news of revenue and EPS coming in ahead of estimates but with cash burn issues and missed revenue and adjusted EBITDA guidance for the next quarter.

5. Investors who bought $1,000 worth of Lyft shares at the IPO in March 2019 would now be looking at an investment worth $190.19.

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Read more: Why Lyft (LYFT) Shares Are Getting Obliterated Today