Lyft (NASDAQ:LYFT) Shares Down 3% on Analyst Downgrade

Lyft, Inc. (NASDAQ:LYFT)’s stock price was down 3% during trading on Monday after Wells Fargo & Company lowered their price target on the stock from $18.00 to $17.00. Wells Fargo & Company currently has an equal weight rating on the stock. Lyft traded as low as $13.65 and last traded at $13.67. Approximately 1,148,740 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 15,568,890 shares. The stock had previously closed at $14.10.

LYFT has been the topic of several other reports. Morgan Stanley upped their price target on shares of Lyft from $17.00 to $18.00 and gave the company an “equal weight” rating in a report on Friday, June 7th. Barclays upped their price target on shares of Lyft from $17.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 8th. Gordon Haskett upgraded shares of Lyft from a “hold” rating to a “buy” rating and increased their price objective for the company from $17.00 to $20.00 in a report on Friday, June 7th. Royal Bank of Canada restated an “outperform” rating and set a $24.00 price target on shares of Lyft in a report on Friday, June 7th. Finally, Tigress Financial increased their price objective on shares of Lyft from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Lyft has an average rating of “Hold” and an average price target of $18.00.

Insider Activity

In related news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $15.67, for a total transaction of $142,330.61. Following the transaction, the chief accounting officer now owns 351,853 shares of the company’s stock, valued at $5,513,536.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Lyft news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $15.67, for a total transaction of $142,330.61. Following the transaction, the chief accounting officer now owns 351,853 shares of the company’s stock, valued at $5,513,536.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, President Kristin Sverchek sold 6,500 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $15.54, for a total transaction of $101,010.00. Following the transaction, the president now directly owns 64,278 shares in the company, valued at approximately $998,880.12. The disclosure for this sale can be found here. Insiders have sold 43,333 shares of company stock worth $680,974 over the last ninety days. 3.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. FinTrust Capital Advisors LLC lifted its position in shares of Lyft by 277.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock worth $26,000 after buying an additional 1,000 shares during the last quarter. Allworth Financial LP grew its stake in shares of Lyft by 685.2% in the 4th quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock worth $29,000 after purchasing an additional 1,672 shares during the last quarter. a16z Perennial Management L.P. acquired a new position in shares of Lyft in the 4th quarter worth approximately $34,000. Kapitalo Investimentos Ltda acquired a new position in shares of Lyft in the 4th quarter worth approximately $34,000. Finally, C M Bidwell & Associates Ltd. acquired a new position in shares of Lyft in the 4th quarter worth approximately $40,000. 83.07% of the stock is owned by institutional investors and hedge funds.

Lyft Price Performance

The company’s 50 day moving average price is $15.58 and its 200-day moving average price is $15.74. The company has a market cap of $5.41 billion, a price-to-earnings ratio of -28.51 and a beta of 2.06. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.82 and a current ratio of 0.82.

Lyft (NASDAQ:LYFT) last released its earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.09. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.17 billion. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. On average, equities research analysts forecast that Lyft, Inc. will post -0.19 earnings per share for the current fiscal year.

About Lyft

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It operates multimodal transportation networks that offer access to various transportation options through the Lyft platform and mobile-based applications. The company's platform provides a ridesharing marketplace, which connects drivers with riders; Express Drive, a car rental program for drivers; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.