Lyft, Inc. ( LYFT ) shares are trading higher Wednesday after the company posted better-than-expected first-quarter financial results. Here's a look at what's going on. 

What To Know:

Lyft ( LYFT ) reported quarterly adjusted earnings of 15 cents per share which beat the analyst consensus estimate of 3 cents per share.

Quarterly sales came in at $1.28 billion which beat the consensus estimate and represented a 27.59% increase over sales of $1 billion from the same period last year.

Gross bookings for the first-quarter were $3.7 billion, up 21% year-over-year.

Multiple analysts adjusted their price targets on Lyft ( LYFT ) following the print: 

DA Davidson analyst Tom White maintained a Neutral rating and raised the price target from $15 to $18.

Truist Securities analyst Youssef Squali maintained a Hold rating and raised the price target from $15 to $18.

Needham reiterated its Hold rating on Lyft ( LYFT ).

According to data from Benzinga Pro, Lyft ( LYFT ) shares are trading above the stock’s 50-day moving average of $17.70 and 16.2% of available shares are being sold short. 

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Is LYFT A Good Stock To Buy?

When deciding whether to buy a stock, there are some key fundamentals investors may want to consider. One of these factors is revenue growth. Buying a stock is essentially a bet that the business will continue to grow and generate profits in the future.

Lyft ( LYFT ) has reported average annual revenue growth of 14.43% over the past 5 years. .

It's also important to pay attention to valuation when deciding whether to buy a stock. Lyft ( LYFT ) has a forward P/E ratio of 39.53. This means investors are paying $39.53 for each dollar of expected earnings in the future. The average forward P/E ratio of Lyft's ( LYFT ) peers is 22.52.

Other important metrics to look at include a company's profitability, balance sheet, performance relative to a benchmark index and valuation compared to peers. For in-depth analysis tools and important financial data, check out Benzinga PRO.

LYFT Price Action: According to Benzinga Pro, Lyft ( LYFT ) shares are up 8.5% at $18.01 at the time of publication Wednesday.

Image: Courtesy of Lyft, Inc. ( LYFT )