Lyft (NASDAQ:LYFT) Price Target Raised to $19.00

Lyft (NASDAQ:LYFT) had its price objective lifted by equities researchers at Bank of America from $16.00 to $19.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the ride-sharing company’s stock. Bank of America‘s price target points to a potential upside of 6.86% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Wells Fargo & Company reaffirmed a “market perform” rating on shares of Lyft in a research report on Friday, October 18th. UBS Group increased their price objective on shares of Lyft from $13.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Lyft from $15.00 to $11.00 and set a “hold” rating for the company in a report on Thursday, August 8th. Nomura upgraded shares of Lyft from a “reduce” rating to a “neutral” rating and cut their target price for the company from $15.00 to $13.00 in a research note on Friday, August 23rd. Finally, Wolfe Research began coverage on Lyft in a research note on Tuesday, July 16th. They issued a “peer perform” rating for the company. Twenty-eight research 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 data from MarketBeat, Lyft currently has an average rating of “Hold” and a consensus target price of $17.23.

Lyft Stock Performance

Shares of NASDAQ:LYFT opened at $17.78 on Thursday. The business’s 50-day simple moving average is $12.96 and its 200 day simple moving average is $13.54. The company has a market cap of $7.29 billion, a P/E ratio of -111.13 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. Lyft has a one year low of $8.93 and a one year high of $20.82.

Lyft (NASDAQ:LYFT) last announced its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.05. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.39 billion. Lyft had a negative return on equity of 1.67% and a negative net margin of 1.19%. The company’s revenue was up 40.6% on a year-over-year basis. During the same period last year, the firm earned ($0.14) earnings per share. On average, sell-side analysts forecast that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Lyft in the 1st quarter valued at approximately $41,000. Brown Brothers Harriman & Co. bought a new stake in Lyft in the second quarter worth approximately $35,000. International Assets Investment Management LLC bought a new stake in Lyft in the second quarter worth approximately $35,000. Capital Performance Advisors LLP acquired a new position in shares of Lyft during the 3rd quarter worth $38,000. Finally, Quarry LP boosted its stake in Lyft by 4,032.6% during the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after purchasing an additional 3,468 shares during the period. 83.07% of the stock is owned by institutional investors and hedge funds.

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.