Lyft (NASDAQ:LYFT) Stock Price Up 5.4%

Lyft, Inc. (NASDAQ:LYFT)’s share price was up 5.4% on Tuesday . The company traded as high as $11.51 and last traded at $11.38. Approximately 9,821,478 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 15,366,188 shares. The stock had previously closed at $10.80.

Analyst Ratings Changes

Several research firms recently commented on LYFT. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a research report on Wednesday, August 7th. Wolfe Research started coverage on shares of Lyft in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Wells Fargo & Company dropped their price objective on Lyft from $17.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Truist Financial reduced their price objective on shares of Lyft from $18.00 to $13.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Finally, UBS Group cut their price objective on shares of Lyft from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Twenty-six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $15.65.

Lyft Price Performance

The firm has a market capitalization of $4.62 billion, a P/E ratio of -22.98 and a beta of 2.04. The stock’s 50 day simple moving average is $11.80 and its 200 day simple moving average is $14.95. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.05. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same period last year, the company posted ($0.14) earnings per share. Lyft’s revenue was up 40.6% compared to the same quarter last year. As a group, analysts expect that Lyft, Inc. will post -0.16 earnings per share for the current fiscal year.

Insider Activity

In other news, 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 transaction, the president now owns 47,778 shares in the company, valued at $659,814.18. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total transaction of $81,943.20. Following the sale, the director now directly owns 932,062 shares in the company, valued at approximately $10,625,506.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Kristin Sverchek sold 3,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $13.81, for a total value of $41,430.00. Following the transaction, the president now owns 47,778 shares in the company, valued at approximately $659,814.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,497 shares of company stock worth $392,157. Insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new position in shares of Lyft during the 2nd quarter valued at about $388,000. B. Riley Wealth Advisors Inc. raised its stake in shares of Lyft by 40.9% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 33,514 shares of the ride-sharing company’s stock valued at $473,000 after acquiring an additional 9,731 shares during the period. Quarry LP boosted its position in shares of Lyft by 4,032.6% during the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after buying an additional 3,468 shares during the period. Algert Global LLC increased its stake in Lyft by 92.0% during the second quarter. Algert Global LLC now owns 213,039 shares of the ride-sharing company’s stock worth $3,004,000 after purchasing an additional 102,109 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Lyft in the second quarter valued at approximately $3,349,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

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.