Ayr Wellness Inc
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Health Care : Pharmaceuticals | Small Cap Value
Company profile

Ayr Wellness Inc. is a vertically integrated, United States (U.S) multi-state cannabis operator. The Company cultivates and manufactures branded cannabis products for distribution through its network of retail outlets and through third party stores. Its products include marijuana flower, concentrates, cartridges, vapes, seltzers, tinctures, topicals and edibles. Its flower product is a smokable part of the cannabis plant. Its concentrates are cannabis products that have been processed to remove extraneous components, leaving only the active compounds, primarily cannabinoids and terpenes. The vapes are devices that is pre-filled with extracted cannabis oils. Its tinctures are an alcohol or glycerol-based liquid cannabis extracts. Its topicals is a cannabis-infused skin product, such as lotions, creams and balms. Its brands include Kynd, Origyn, Stix Preroll Co. and Levia. Through Herbal Remedies Dispensaries, LLC, it operates two licensed retail dispensaries in Quincy, Illinois.

Price
Delayed
$1.29
Day's Change
0.0515 (4.15%)
Bid
--
Ask
--
B/A Size
--
Day's High
1.31
Day's Low
1.22
Volume
(Heavy Day)

Today's volume of 147,588 shares is on pace to be much greater than AYRWF's 10-day average volume of 142,015 shares.

147,588

Lyft stock falls after admittedly 'late' downgrade highlights Uber threat

10:05 am ET October 7, 2022 (MarketWatch)
Print

By Emily Bary

Uber had faster pick-up times than Lyft based on RBC's recent tests, which could reflect 'Uber's structural supply advantage'

Lyft Inc.'s competitive risk from Uber Technologies Inc. "may be more structural than originally thought," according to RBC Capital Markets.

RBC analyst Brad Erickson downgraded Lyft's stock (LYFT) to sector perform from outperform Friday, acknowledging that he was "late" to the game with his ratings change--Lyft shares have now lost 70% this year--but writing that Uber (UBER) could continue to pressure Lyft's traction.

Erickson highlighted "directionally worse" pick-up times on Lyft's platform, "reinforcing the view of Uber's structural supply advantage." Pick-up times on Lyft were 10% slower than pick-up times on Uber, based on his analysis, marking the first time since May 2021 that Uber was faster.

Don't miss: Uber and Lyft drivers net less than $7 an hour after California law passed, driver-led study finds

That trend "could suggest that Uber's relatively better driver supply rebound through COVID could finally be manifesting," Erickson wrote. In some cases, he noted, riders will compare options from both services before choosing which to use for a given trip.

He further noted that while Lyft has "outsized west-coast exposure," there could be reason to worry based on trends in Los Angeles. His analysis found that Lyft pick-up times in L.A. were up 33% relative to when he conducted tests in July, whereas Uber saw pick-up times fall by 3%.

"Part of this may be attributable to Lyft having strong west coast & L.A. share and demand coming back a bit faster," he wrote. But to him, the trends "once again reinforced Uber's multi-platform advantage where additional lines & the Postmates acquisition in particular may be driving the apparent tailwinds we're finding in our data."

Lyft is trying to become more profit-focused, with executives targeting $1 billion in adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) for 2024. That sort of goal has pluses and minuses, according to Erickson.

Read: Lyft to freeze hiring through end of the year

"While working towards profitability is, of course, a good thing in this new economic climate, we think it also has the potential to be a limiting factor for LYFT in the event it is finding rising competitive intensity," he wrote.

Lyft shares are off more than 6% in Friday morning trading. They've lost more than three quarters of their value over the past 12 months as the S&P 500 has dropped 16%.

-Emily Bary

	

(END) Dow Jones Newswires

October 07, 2022 10:05 ET (14:05 GMT)

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