Lyft Inc (NASDAQ:LYFT) shares were on the up in pre-market trading as investors steadied their nerves following a post-quarterlies roller coaster ride.
After an initial burst of euphoria in the wake of a Q2 beat (the loss per share was 16 cents rather than 17 cents), Wall Street then began to worry about a potential price war with Uber Technologies Inc (NYSE:UBER).
So, after initially being up 10% at one point on Tuesday, Lyft stock found itself firmly in reverse gear by the end of the session.
Ahead of the open, some confidence has returned to the market for stock in the ride-hailing group, which was marked 59 cents higher to $11.56.
Wedbush, the tech-focused investment bank, expects to tweak its full-year EBITDA forecasts a little higher following the results.
It told readers of its latest note: “We continue to monitor Lyft's progress as the company reaccelerates growth and implements pricing changes and new products/features to support healthier marketplace dynamics for drivers and riders.”
However, it remains on the fence with a ‘neutral’ recommendation, though it edged up its price target by a dollar a share to $11.