Lyft (NASDAQ:LYFT) Receives New Coverage from Analysts at Benchmark

Investment analysts at Benchmark assumed coverage on shares of Lyft (NASDAQ:LYFT) in a research note issued to investors on Friday, Briefing.com reports. The firm set a “hold” rating on the ride-sharing company’s stock.

A number of other equities analysts also recently issued reports on the stock. Susquehanna cut their price target on shares of Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. TD Cowen reduced their price target on shares of Lyft from $18.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Canaccord Genuity Group reduced their target price on Lyft from $23.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Nomura upgraded shares of Lyft from a “reduce” rating to a “neutral” rating and lowered their target price for the company from $15.00 to $13.00 in a report on Friday, August 23rd. Finally, Loop Capital cut their price target on shares of Lyft from $20.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $15.59.

Lyft Stock Performance

Shares of LYFT opened at $13.78 on Friday. Lyft has a 1 year low of $8.85 and a 1 year high of $20.82. The stock has a market capitalization of $5.56 billion, a P/E ratio of -29.32 and a beta of 2.04. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. The company’s fifty day moving average is $12.27 and its two-hundred day moving average is $13.80.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same period in the prior year, the company posted ($0.14) earnings per share. The firm’s revenue for the quarter was up 40.6% on a year-over-year basis. On average, sell-side analysts predict that Lyft will post -0.09 earnings per share for the current year.

Insider Activity

In related news, Director John Patrick Zimmer sold 7,188 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total value of $81,943.20. Following the sale, the director now owns 932,062 shares of the company’s stock, valued at $10,625,506.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director John Patrick Zimmer sold 7,188 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total value of $81,943.20. Following the completion of the transaction, the director now directly owns 932,062 shares of the company’s stock, valued at $10,625,506.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of Lyft stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total value of $99,795.36. Following the sale, the insider now directly owns 764,332 shares in the company, valued at $8,988,544.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,664 shares of company stock valued at $380,048. 3.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of LYFT. FinTrust Capital Advisors LLC increased its stake in 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 purchasing an additional 1,000 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Lyft during the 2nd quarter valued at $35,000. Brown Brothers Harriman & Co. acquired a new stake in shares of Lyft in the 2nd quarter valued at $35,000. Allspring Global Investments Holdings LLC bought a new stake in Lyft in the first quarter worth $41,000. Finally, Quarry LP increased its position in 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 last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

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.