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Bulls Look to Catch a Ride With Lyft Despite Downgrade

by | Nov 22, 2022

Markets floated higher Tuesday on hopes that the Federal Reserve might ease up on the gas for future rate hikes.

And with the holiday just two days away, we’re seeing a lot of light order with short time frames roll across the wire.

Traders are getting in, taking what they can and getting out faster than you can open a can of cranberry jelly.

One stock attracting trader’s shrinking attention span Tuesday is rideshare company Lyft…

Earlier this month, the company announced it would lay off nearly 13% of its employees, joining the ranks of several other top tech names like Meta Platforms Inc. (Nasdaq: META) and the now de-listed Twitter, which were forced to tighten their belts in 2022.

Adding insult to injury, analysts from Cowen & Co. downgraded the stock, lowering its buy target from $36 to $14 per share — ouch!

Lyft Chart (Blitz Daily With Lance Ippolito)

Wondering what those little arrows mean and how they can help improve your trading? Get the details here!

The news sent the rideshare platform sinking as much as 5.5% from Monday’s close — hitting a new 52-week low in the process.

As the saying goes, the time to buy is when there’s blood in the streets, and we saw several bullish bets in Lyft hit the tape!

Just 10 minutes into the open, my scanners spotted a surge in order flow, with buyers trading more than 3,500 contracts of the Nov. 25 expiration, $10.50 strike calls for around $95,000 in premium!

Of course, if you’d rather hitch a ride on another stock, I have more quick-hitting options orders right below…

  • Uber Technologies Inc. (NYSE: UBER): Dec. 9, $28 CALL.
  • PayPal Holdings Inc. (Nasdaq: PYPL): Dec. 2, $80 CALL.
  • Lyft Inc. (Nasdaq: LYFT): Nov. 25, $10.50 CALL.

Check out my short video as I break down the day’s most unusual options order flow in no time flat! 

P.S. What WWII, the Great Recession and the COVID-19 Crash Had In Common

Trading has been harder than ever for most people this year… 

But what if you were able to take advantage of ONE market trend that’s been proven, time and time again?

One that’s never failed to unfold, even during the Great Depression, World War II, 1987’s Black Monday and the dot-com crash, to name a few… 

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He couldn’t believe he’d never seen this in his near-three decades of trading…

She’s set to reveal the details LIVE at 1 p.m. ET on Wednesday, Nov. 23.

And the best part is, it doesn’t cost a thing to attend! 

Uncover the Details Here

Blitz Daily With Lance Ippolito

At Weekly Blitz Alerts, we follow the big fish and what they’re buying. And we do that with my proprietary Blitz Scanner, which alerts me to big, institutional order flow through the day. Then we get in on these plays and follow the “smart money.” 

The Blitz Daily with Lance Ippolito is where I go over a few options trades that hit the Blitz Scanner each day, Monday through Thursday. I break down the trades with the sexiest order flow and tell you what could happen with those stocks by the next day’s opening bell.*

If you want in on these explosive options plays, be sure to sign up for Weekly Blitz Alerts! We send entry, profit targets and exits directly to you via text and email alerts.

In the meantime, you can follow me @LanceIppolito on Twitter, Instagram and our YouTube channel for more trading insights and tips. And as always, you can find me right here talking stocks and options trading on WealthPress.com!

*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. 

WRITTEN BY<br>Lance Ippolito

Lance Ippolito

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