Canaccord Genuity Group Lowers Lyft (NASDAQ:LYFT) Price Target to $18.00

Lyft (NASDAQ:LYFT) had its price target lowered by stock analysts at Canaccord Genuity Group from $23.00 to $18.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the ride-sharing company’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 84.43% from the stock’s current price.

A number of other brokerages also recently issued reports on LYFT. Bank of America upgraded shares of Lyft from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $15.00 to $20.00 in a research report on Friday, June 7th. Barclays boosted 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. TD Cowen boosted their price target on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, June 7th. Citigroup boosted their price target on shares of Lyft from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Finally, DA Davidson boosted their target price on shares of Lyft from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $15.97.

Lyft Trading Down 3.1 %

LYFT traded down $0.31 during trading on Thursday, reaching $9.76. 18,735,444 shares of the company’s stock were exchanged, compared to its average volume of 15,903,942. Lyft has a one year low of $8.85 and a one year high of $20.82. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.92. The stock has a market capitalization of $3.94 billion, a PE ratio of -20.77 and a beta of 2.06. The firm has a fifty day moving average price of $13.14 and a two-hundred day moving average price of $15.35.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same period in the previous year, the firm posted ($0.14) EPS. The company’s revenue for the quarter was up 40.6% compared to the same quarter last year. As a group, equities research analysts forecast that Lyft will post -0.18 earnings per share for the current fiscal year.

Insider Transactions at Lyft

In related news, President Kristin Sverchek sold 3,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $13.81, for a total transaction of $41,430.00. Following the completion of the transaction, the president now owns 47,778 shares in the company, valued at $659,814.18. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Lyft news, Director John Patrick Zimmer sold 7,923 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $16.54, for a total transaction of $131,046.42. Following the sale, the director now directly owns 924,621 shares of the company’s stock, valued at $15,293,231.34. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Kristin Sverchek sold 3,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $13.81, for a total transaction of $41,430.00. Following the sale, the president now directly owns 47,778 shares in the company, valued at $659,814.18. The disclosure for this sale can be found here. Insiders sold a total of 33,333 shares of company stock worth $518,714 in the last quarter. 3.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lyft

Several institutional investors have recently added to or reduced their stakes in LYFT. FinTrust Capital Advisors LLC lifted its holdings in Lyft by 277.8% during the first quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock valued at $26,000 after purchasing an additional 1,000 shares during the last quarter. Allworth Financial LP lifted its holdings in Lyft by 685.2% during the fourth quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock valued at $29,000 after purchasing an additional 1,672 shares during the last quarter. a16z Perennial Management L.P. purchased a new stake in Lyft during the fourth quarter valued at about $34,000. Kapitalo Investimentos Ltda purchased a new stake in shares of Lyft in the fourth quarter worth about $34,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Lyft in the second quarter worth about $35,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.