LYFT stock price action is showing bullishness as the company director bought one Million shares. LYFT Director Prashant Aggarwal bought 96,900 shares of a company with an average price of $10.34 and the total cost is around $1 Million.
Bulls are accumulating the stock and preparing to surpass $13 in the following sessions. Moreover, the investor’s sentiments are on the positive side as volume and value have a boosted in recent times.
Furthermore, the chart formation indicates bulls’ momentum and signals a positive outlook on the charts. However, LYFT stock is trying to bounce back above the 200-moving average.
The price action shows a strong chart structure with buyers’ dominance, and long buildup activity was noted in the past trading sessions. Furthermore, sellers were now becoming cautious due to the vertical rally that trapped sellers in the past weeks.
LYFT stock price was at $12.34 and has gained a phenomenal 4.75% of its market capitalization during the last trading session. The last 24-hour trading volume was 16.26 Million and the last 10 days’ average trading volume was 14.243 Million. This demonstrates that buyers are trying to accumulate in order to surge toward the upper price range.
Furthermore, 30 analyst gives their price prediction for Lyft Inc. with a maximum price target of $18 and a minimum price target of $9.00. However, the trading indicator summary indicates a strong buy in the stock.
Technical Analysis of LYFT Inc. Stock Price
LYFT Inc. (NASDAQ: LYFT) has steadily seen its stock price rise for the past three months, gaining 29.49% and gaining 3.01% in the last month. Currently, LYFT stock is trading at $12.34 and has been trying to hold on to this level after an unexpected surge in price.
Currently, Lyft, Inc. stock (NYSE: LYFT) is trading above the 50 and 200-day EMAs (exponential moving averages) which are supporting the price momentum. Nevertheless, if buying volume counts up, then the price might sustain bullish momentum by making higher highs and new highs. Therefore, the LYFT Inc. price is expected to move upward giving bullish views over the daily time frame chart.
The current value of RSI is 61.81 points. The 14 SMA is above the median line at 49.14 points which indicates that the LYFT Inc. stock is bullish. The MACD line at 0.0673 and the signal line at -0.0441 are above the zero line. A bearish crossover is observed in the MACD indicator which signals weakness in the momentum of the LYFT stock price.
Summary
LYFT Inc. (NASDAQ: LYFT) price experienced bullish momentum in recent times. Stock price smashed the key moving averages with strong bullish candles indicating strength in the trend. Indicators like MACD, RSI, and EMAs are showing upcoming bullish momentum in the stock.
Technical Levels
If the stock price can maintain this level, then the LYFT Inc. price could continue to go up and surpass the first and second targets of $13.89 and $16.29. However, if the LYFT price cannot maintain this level and falls, then it might hit the closest support levels of $11.49 and $10.43.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/09/02/lyft-stock-forecast-1-million-insider-purchase-in-lyft/