11:59 AM EDT, 08/07/2024 (MT Newswires) -- Lyft ( LYFT ) shares were down nearly 12% in recent trading, reflecting the company's "disappointing" Q3 guidance for gross bookings and adjusted earnings before interest, taxes, depreciation and amortization, Wedbush Securities said in a note Wednesday.

The company expects Q3 gross bookings of $4 billion to $4.1 billion, implying year over year growth of 12.5% to 15.4% which is below Street expectations for about 16.7% increase by about 268 basis points at the midpoint, Wedbush said.

Lyft's ( LYFT ) Q3 adjusted EBITDA outlook of $90 million to $95 million is also below the Street's $103 million estimate, according to the note.

The company issued its Q3 outlook after posting mixed Q2 results, with total bookings trailing analysts' estimates and adjusted EBITDA coming in above consensus.

Wedbush said the ride-hailing company's gross bookings of $4 billion was within management's outlook of $4 billion to $4.1 billion for Q2 but was below market expectations by about 1%.

Wedbush maintained Lyft's ( LYFT ) neutral rating and $19 price target.

Price: 9.67, Change: -1.31, Percent Change: -11.90