Bank of America Cuts Lyft (NASDAQ:LYFT) Price Target to $19.00

Lyft (NASDAQ:LYFT) had its price target trimmed by Bank of America from $21.00 to $19.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the ride-sharing company’s stock.

Several other research firms have also recently weighed in on LYFT. Loop Capital increased their price objective on shares of Lyft from $16.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Benchmark upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Monday, January 6th. TD Cowen upped their target price on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Truist Financial raised their price objective on Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. Finally, Tigress Financial boosted their target price on Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Twenty-seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Lyft presently has a consensus rating of “Hold” and a consensus target price of $17.84.

Lyft Stock Performance

Lyft stock opened at $13.54 on Wednesday. The stock has a market cap of $5.62 billion, a PE ratio of -84.63, a P/E/G ratio of 1.74 and a beta of 2.14. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82. The business’s 50-day moving average price is $14.51 and its two-hundred day moving average price is $13.43.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.44 billion. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. Lyft’s revenue was up 31.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.02) earnings per share. As a group, analysts expect that Lyft will post 0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Logan Green sold 10,919 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the sale, the director now owns 314,492 shares in the company, valued at $5,424,987. The trade was a 3.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $18.02, for a total transaction of $163,639.62. Following the transaction, the chief accounting officer now owns 332,243 shares in the company, valued at $5,987,018.86. The trade was a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,242 shares of company stock worth $427,330 over the last ninety days. 3.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lyft

Institutional investors have recently made changes to their positions in the business. Pacer Advisors Inc. lifted its stake in Lyft by 32.4% in the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after purchasing an additional 2,302,248 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of Lyft by 59.6% in the fourth quarter. Nordea Investment Management AB now owns 382,463 shares of the ride-sharing company’s stock worth $5,006,000 after buying an additional 142,880 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of Lyft by 10,225.6% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 424,384 shares of the ride-sharing company’s stock valued at $5,475,000 after acquiring an additional 420,274 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in Lyft in the second quarter worth $388,000. Finally, Park Avenue Securities LLC purchased a new stake in shares of Lyft in the 4th quarter worth about $388,000. Hedge funds and other institutional investors 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.