Lyft Short Interest Rises to 25.7%
Welcome to this week's installment of "The Short Interest Report" - The Fly's weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner, which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this report will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios while also considering the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report tracks the trading period that covers prior Friday through Thursday of this week, excluding holidays. As a basis of comparison for stocks discussed below, the S&P 500 index was up 1.0%, the Nasdaq Composite was up 1.4%, the Russell 2000 index was up 2.1%, the Russell 2000 Growth ETFwas up 2.1% and the Russell 2000 Value ETFwas up 2.1% in the five-day trading session range through April 23rd.SHORT INTEREST GAINERSOrtex-reported short interest on Lyfthas extended its two-month-long breakout this week, rising from 22.9% to 25.7% - a new record high. Days to cover on Lyft was up from 4.3 to 4.6 amid normal trading volume activity. Shares of Lyft have been unable to recover since the company's disappointing Q4 results in mid-February, leading to a double-digit decline in the stock price, and the bears are more willing to add to their exposure into range-bound price action. This week Lyft shares were down about 5% and year-to-date the stock has declined 27.5%, vastly underperforming a more modest year-to-date decline of about 9% by Uber.Ortex-reported short interest on Array Technologiestroughed at 16.5% in the last week of March and has since been rising steadily over the past two weeks, tracking the uptrend in the stock price which continues to recover large losses following the company's disappointing results on February 25th. This week, shorts as a percentage of free float increased from 18.3% to 20.8% and days-to-cover on the name rose from 4.4 to 4.9 in spite of the outsized trading volume day on April 17th. The stock was up 6.4% in the five-day period covered but remains down over 12% year-to-date - a middle-of-the-pack performance among its small-cap solar peers.A build-up in bearish activity in Avis Budgetis being rewarded and the short squeeze flows are finally reversing as the stock has plunged nearly 50% this week - even though shares are still up over 70% year-to-date. Ortex-reported short interest on the stock continued to increase from 87.3% to 92.7% in the five-day period covered through Thursday, but this is likely to flip in the days to come as well as bears book profits. Days-to-cover on the name is indicative of the speculative activity in Avis Budget over the past few weeks - it has seen a steep decline from 14.3 late-March highs all the way down to 4.2 in spite of the rapidly rising short interest.SHORT INTEREST DECLINERSOrtex-reported short interest in Tyra Biosciencesreached a record high of about 43% late last week, but with shares pulling back over the course of April after more than doubling within a 5-month span, bears are also reducing their exposure. Short interest as a percentage of free float on the stock fell from 42.4% to 28.3% in the five-day period covered and days to cover slipped from 8.3 to 7.7. Tyra Biosciences still advanced 4.5% over the five-session period through Thursday and has now gained over 40% year-to-date, though the stock is down over 10% from its all-time highs on April 1st.Ortex-reported reported short interest in SailPointtopped October high of 23% back in December and had since remained at a relatively high level for much of the year with AI disruption fears weighing heavily on identity security software names, but with shares having lost as much as half of their value, bears are also scaling down their positions. This week's short interest as a percentage of free float on SailPoint fell from 29.1% to a six-week low of 25.9% and days-to-cover on the name slipped from 6.3 to 5.5. The stock was down just 0.7% in the five-day period covered, though year to date, SailPoint has now lost 41%.
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Fluence Energy Shares Soar Nearly 30% After Upgrades
- Fluence Energy Surge: Fluence Energy's stock soared nearly 30% after its fiscal second-quarter EBITDA exceeded Wall Street estimates, following a prior session surge of about 40%, indicating strong market confidence in its growth potential and attracting more investor interest.
- Corpay Raises Guidance: Corpay shares jumped 10% after the company raised its full-year earnings guidance to a range of $26.30 to $27.10 per share, surpassing analyst expectations of $26.05, reflecting robust performance in the corporate payments sector and potentially increasing market share.
- Akamai Technologies Rises: Akamai's stock surged 20% after securing an $1.8 billion commitment from a leading U.S. frontier model provider for its Cloud Infrastructure Services, indicating strong demand in the market, while also reporting a first-quarter adjusted earnings beat that bolstered investor confidence.
- Upwork Restructuring Impact: Upwork's shares tumbled 21% following its announcement of a 24% workforce reduction to ensure profitability, despite slightly lower-than-expected first-quarter earnings and revenue, which may affect its future competitive position and investor sentiment.
Lyft Reports Strong Q1 but Shares Drop Amid Mixed Results
- Performance Highlights: Lyft's Q1 gross bookings increased by 19% year-over-year to $4.9 billion, while active riders rose 17% to 28.3 million, marking a record high and demonstrating the company's sustained growth potential in the market.
- Revenue Beats Expectations: The company reported revenue of $1.7 billion, up 14% and exceeding market expectations by $70 million; however, the adjusted EPS of $0.04 fell short of the $0.06 consensus, leading to a more than 3% drop in shares during after-hours trading despite the strong overall performance.
- Intensifying Market Competition: Lyft is aggressively expanding into Europe through acquisitions such as Freenow, TBR Global Chauffeuring, and Gett's UK business to close the gap with market leader Uber, which holds a C+ valuation grade compared to Lyft's A grade, highlighting the stark contrast between their market positions.
- Future Outlook: Lyft anticipates approximately 20% growth in gross bookings and over 30% adjusted EBITDA expansion, indicating confidence in its ongoing investments and market expansion efforts aimed at further enhancing its competitive position.
Akamai Technologies Shares Surge 27% on $1.8 Billion Commitment
- Akamai Stock Surge: Shares of Akamai Technologies soared 27% after a leading U.S. frontier model provider committed to a $1.8 billion investment over seven years for its Cloud Infrastructure Services, enhancing market confidence and potentially driving future revenue growth.
- CoreWeave Revenue Guidance Miss: CoreWeave's second-quarter revenue guidance of $2.45 billion to $2.6 billion, with a midpoint of $2.53 billion, fell short of Wall Street's $2.69 billion expectation, resulting in a 7% stock decline, reflecting market concerns about its growth outlook.
- Microchip Earnings Beat: Microchip Technology's stock rose 3% following a fiscal fourth-quarter report that exceeded earnings and revenue expectations, with projected first-quarter revenue between $1.44 billion and nearly $1.47 billion, indicating strong performance in the semiconductor sector.
- Upwork Restructuring Plan: Upwork's announcement of a 24% workforce reduction to maintain profitability led to a 23% drop in its stock price, despite slightly lower-than-expected first-quarter earnings and revenue, showcasing the company's strategic response to evolving market conditions.
Lyft Q1 2026 Earnings Call: Sustained Growth and Market Expansion
- Significant Performance Growth: Lyft reported a 19% year-over-year increase in gross bookings and a 25% rise in adjusted EBITDA for Q1 2026, indicating strong market performance and expected continued shareholder returns.
- Market Share Enhancement: CEO Risher noted that Lyft's share of the U.S. rideshare market has consistently grown since his tenure began, achieving the highest number of rides in a week during Q1, which underscores the company's strengthened position in a competitive landscape.
- Global Expansion and Acquisition: Lyft is now operating in over 120 countries and has successfully acquired Gett's U.K. business, a strategic move that will further enhance its competitiveness in international markets.
- Optimistic Future Outlook: CFO Brewer anticipates that gross bookings will accelerate to approximately 20% in Q2, with adjusted EBITDA expected to expand by over 30% year-over-year, reflecting the company's confidence in future growth and strong market demand.
Lyft Expects Accelerated Growth in Q2 Amid Competitive Landscape
- Q1 Performance: Lyft reported Q1 revenue of $1.7 billion, a 14% year-over-year increase that exceeded analysts' expectations of $1.63 billion, indicating strong growth potential in a competitive market.
- Q2 Guidance: Lyft expects Q2 gross bookings between $5.30 billion and $5.43 billion, representing an 18% to 21% year-over-year growth, alongside an adjusted core profit forecast of $160 million to $180 million, reflecting optimism about future growth.
- Market Competition Analysis: Compared to its rival Uber, Lyft's Q2 guidance appears conservative, as Uber anticipates gross bookings of $56.25 billion to $57.75 billion, highlighting competitive pressures on market share.
- Investor Sentiment Shift: On Stocktwits, retail sentiment around Lyft stock shifted from 'neutral' to 'bullish', although some investors still prefer Uber, indicating a divergence in market expectations for both companies' future performance.
Multiple Companies Report Earnings Beats, Significant Stock Movements
- Akamai Stock Surge: Akamai Technologies shares surged 25% after announcing a $1.8 billion seven-year contract with a leading U.S. frontier model provider, indicating strong demand for its Cloud Infrastructure Services and likely boosting future revenues significantly.
- Gen Digital's Positive Guidance: Gen Digital's stock rose 8% following its current-quarter and full-year revenue guidance that exceeded analysts' expectations, suggesting robust performance in the software market that could drive future stock price increases.
- Trade Desk Stock Plummet: Trade Desk's shares plummeted 14% as its current-quarter revenue guidance fell short of analyst expectations, highlighting intensified competition in the advertising technology sector that may impact the company's future market share.
- Gilead's Adjusted Outlook: Gilead Sciences shares dropped 3% after projecting a full-year adjusted loss of $1.05 to $0.65 per share, reflecting increased research and development and financing costs, which could negatively affect investor confidence.
Fluence Energy Shares Soar Nearly 30% After Upgrades
- Fluence Energy Surge: Fluence Energy's stock soared nearly 30% after its fiscal second-quarter EBITDA exceeded Wall Street estimates, following a prior session surge of about 40%, indicating strong market confidence in its growth potential and attracting more investor interest.
- Corpay Raises Guidance: Corpay shares jumped 10% after the company raised its full-year earnings guidance to a range of $26.30 to $27.10 per share, surpassing analyst expectations of $26.05, reflecting robust performance in the corporate payments sector and potentially increasing market share.
- Akamai Technologies Rises: Akamai's stock surged 20% after securing an $1.8 billion commitment from a leading U.S. frontier model provider for its Cloud Infrastructure Services, indicating strong demand in the market, while also reporting a first-quarter adjusted earnings beat that bolstered investor confidence.
- Upwork Restructuring Impact: Upwork's shares tumbled 21% following its announcement of a 24% workforce reduction to ensure profitability, despite slightly lower-than-expected first-quarter earnings and revenue, which may affect its future competitive position and investor sentiment.
Lyft Reports Strong Q1 but Shares Drop Amid Mixed Results
- Performance Highlights: Lyft's Q1 gross bookings increased by 19% year-over-year to $4.9 billion, while active riders rose 17% to 28.3 million, marking a record high and demonstrating the company's sustained growth potential in the market.
- Revenue Beats Expectations: The company reported revenue of $1.7 billion, up 14% and exceeding market expectations by $70 million; however, the adjusted EPS of $0.04 fell short of the $0.06 consensus, leading to a more than 3% drop in shares during after-hours trading despite the strong overall performance.
- Intensifying Market Competition: Lyft is aggressively expanding into Europe through acquisitions such as Freenow, TBR Global Chauffeuring, and Gett's UK business to close the gap with market leader Uber, which holds a C+ valuation grade compared to Lyft's A grade, highlighting the stark contrast between their market positions.
- Future Outlook: Lyft anticipates approximately 20% growth in gross bookings and over 30% adjusted EBITDA expansion, indicating confidence in its ongoing investments and market expansion efforts aimed at further enhancing its competitive position.
Akamai Technologies Shares Surge 27% on $1.8 Billion Commitment
- Akamai Stock Surge: Shares of Akamai Technologies soared 27% after a leading U.S. frontier model provider committed to a $1.8 billion investment over seven years for its Cloud Infrastructure Services, enhancing market confidence and potentially driving future revenue growth.
- CoreWeave Revenue Guidance Miss: CoreWeave's second-quarter revenue guidance of $2.45 billion to $2.6 billion, with a midpoint of $2.53 billion, fell short of Wall Street's $2.69 billion expectation, resulting in a 7% stock decline, reflecting market concerns about its growth outlook.
- Microchip Earnings Beat: Microchip Technology's stock rose 3% following a fiscal fourth-quarter report that exceeded earnings and revenue expectations, with projected first-quarter revenue between $1.44 billion and nearly $1.47 billion, indicating strong performance in the semiconductor sector.
- Upwork Restructuring Plan: Upwork's announcement of a 24% workforce reduction to maintain profitability led to a 23% drop in its stock price, despite slightly lower-than-expected first-quarter earnings and revenue, showcasing the company's strategic response to evolving market conditions.
Lyft Q1 2026 Earnings Call: Sustained Growth and Market Expansion
- Significant Performance Growth: Lyft reported a 19% year-over-year increase in gross bookings and a 25% rise in adjusted EBITDA for Q1 2026, indicating strong market performance and expected continued shareholder returns.
- Market Share Enhancement: CEO Risher noted that Lyft's share of the U.S. rideshare market has consistently grown since his tenure began, achieving the highest number of rides in a week during Q1, which underscores the company's strengthened position in a competitive landscape.
- Global Expansion and Acquisition: Lyft is now operating in over 120 countries and has successfully acquired Gett's U.K. business, a strategic move that will further enhance its competitiveness in international markets.
- Optimistic Future Outlook: CFO Brewer anticipates that gross bookings will accelerate to approximately 20% in Q2, with adjusted EBITDA expected to expand by over 30% year-over-year, reflecting the company's confidence in future growth and strong market demand.
Lyft Expects Accelerated Growth in Q2 Amid Competitive Landscape
- Q1 Performance: Lyft reported Q1 revenue of $1.7 billion, a 14% year-over-year increase that exceeded analysts' expectations of $1.63 billion, indicating strong growth potential in a competitive market.
- Q2 Guidance: Lyft expects Q2 gross bookings between $5.30 billion and $5.43 billion, representing an 18% to 21% year-over-year growth, alongside an adjusted core profit forecast of $160 million to $180 million, reflecting optimism about future growth.
- Market Competition Analysis: Compared to its rival Uber, Lyft's Q2 guidance appears conservative, as Uber anticipates gross bookings of $56.25 billion to $57.75 billion, highlighting competitive pressures on market share.
- Investor Sentiment Shift: On Stocktwits, retail sentiment around Lyft stock shifted from 'neutral' to 'bullish', although some investors still prefer Uber, indicating a divergence in market expectations for both companies' future performance.
Multiple Companies Report Earnings Beats, Significant Stock Movements
- Akamai Stock Surge: Akamai Technologies shares surged 25% after announcing a $1.8 billion seven-year contract with a leading U.S. frontier model provider, indicating strong demand for its Cloud Infrastructure Services and likely boosting future revenues significantly.
- Gen Digital's Positive Guidance: Gen Digital's stock rose 8% following its current-quarter and full-year revenue guidance that exceeded analysts' expectations, suggesting robust performance in the software market that could drive future stock price increases.
- Trade Desk Stock Plummet: Trade Desk's shares plummeted 14% as its current-quarter revenue guidance fell short of analyst expectations, highlighting intensified competition in the advertising technology sector that may impact the company's future market share.
- Gilead's Adjusted Outlook: Gilead Sciences shares dropped 3% after projecting a full-year adjusted loss of $1.05 to $0.65 per share, reflecting increased research and development and financing costs, which could negatively affect investor confidence.
