Shares in Lyft, Inc. (NASDAQ: LYFT) surged nearly 4% on Wednesday after the company revealed insider buying activities.
The ride-sharing platform recently revealed that its CEO, Risher John David, acquired 100,000 shares at an average cost of $11.46 each on August 11.
Moreover, Director Stephenson Dave joined the bandwagon of insiders displaying bullish sentiments as he purchased 8,826 shares for $11.33.
This surge in insider purchases is illuminated against the backdrop of Lyft’s recent financial performance. Lyft recently reported revenue of $1.021 billion for the second quarter. This marked a 3% year-over-year increase, matching a Street consensus estimate of $1.018 billion.
In addition, the company reported earnings per share of 16 cents in the second quarter, beating a Street consensus estimate of a loss of 1 cent per share.
Lyft, in contrast to Uber Technologies, Inc (NYSE: UBER), focuses solely on transportation and specific geographical areas without pursuing diversification. Uber also expanded its market presence and driver base even amid the pandemic.
Recent reports suggest that Lyft is exploring strategic alternatives for its bike division.