Lyft (NASDAQ:LYFT) Given New $22.00 Price Target at Canaccord Genuity Group

Lyft (NASDAQ:LYFT) had its price target lifted by analysts at Canaccord Genuity Group from $18.00 to $22.00 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 points to a potential upside of 24.43% from the company’s previous close.

Several other analysts have also recently issued reports on the company. Deutsche Bank Aktiengesellschaft decreased their price objective on Lyft from $15.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Nomura Securities raised shares of Lyft from a “strong sell” rating to a “hold” rating in a research note on Friday, August 23rd. Wolfe Research assumed coverage on Lyft in a report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Melius Research began coverage on shares of Lyft in a research report on Monday, July 22nd. They issued a “hold” rating and a $15.00 price target for the company. Finally, Susquehanna decreased their price target on shares of Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Twenty-eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Lyft has an average rating of “Hold” and a consensus target price of $17.00.

Lyft Price Performance

Shares of LYFT stock traded up $3.28 on Thursday, hitting $17.68. 57,644,090 shares of the stock traded hands, compared to its average volume of 14,982,723. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. The firm has a 50 day simple moving average of $12.71 and a two-hundred day simple moving average of $13.50. The firm has a market cap of $7.25 billion, a price-to-earnings ratio of -109.88 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.05. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the prior year, the company posted ($0.14) EPS. The firm’s revenue for the quarter was up 40.6% compared to the same quarter last year. As a group, equities research analysts predict that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Activity at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $11.32, for a total transaction of $27,439.68. Following the transaction, the director now owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $11.32, for a total transaction of $27,439.68. Following the completion of the sale, the director now owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Logan Green sold 10,323 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total transaction of $119,953.26. Following the sale, the director now owns 330,790 shares in the company, valued at approximately $3,843,779.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,664 shares of company stock valued at $380,048 over the last three months. 3.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LYFT. Price T Rowe Associates Inc. MD lifted its stake in Lyft by 592.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company’s stock valued at $27,562,000 after buying an additional 1,218,620 shares during the last quarter. National Bank of Canada FI boosted its stake in Lyft by 27,739.2% during the 2nd quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company’s stock valued at $16,665,000 after purchasing an additional 1,188,625 shares during the period. Bank of New York Mellon Corp grew its position in Lyft by 39.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock worth $40,475,000 after purchasing an additional 812,926 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Lyft by 2.4% in the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after purchasing an additional 782,736 shares during the period. Finally, Quadrature Capital Ltd boosted its position in shares of Lyft by 600.2% during the first quarter. Quadrature Capital Ltd now owns 608,430 shares of the ride-sharing company’s stock worth $11,767,000 after buying an additional 521,537 shares during the period. Institutional investors and hedge funds own 83.07% of the company’s stock.

Lyft Company Profile

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.