Wedbush Reaffirms “Neutral” Rating for Lyft (NASDAQ:LYFT)

Lyft (NASDAQ:LYFT)‘s stock had its “neutral” rating reaffirmed by stock analysts at Wedbush in a report issued on Thursday, RTT News reports. They presently have a $20.00 price target on the ride-sharing company’s stock, up from their previous price target of $12.00. Wedbush’s price target would suggest a potential upside of 7.87% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Benchmark restated a “hold” rating on shares of Lyft in a research report on Thursday. Melius started coverage on Lyft in a research note on Monday, July 22nd. They issued a “hold” rating and a $15.00 price target on the stock. Roth Mkm reduced their price objective on Lyft from $19.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, August 14th. Wolfe Research began coverage on Lyft in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Finally, Barclays reduced their price target on shares of Lyft from $20.00 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Twenty-eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $16.48.

Lyft Stock Up 28.8 %

LYFT traded up $4.14 during trading on Thursday, hitting $18.54. 30,847,350 shares of the company’s stock traded hands, compared to its average volume of 14,858,664. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82. The company’s 50 day simple moving average is $12.71 and its two-hundred day simple moving average is $13.50. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $7.60 billion, a price-to-earnings ratio of -115.88 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, topping 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 8.57% and a negative net margin of 1.27%. Lyft’s revenue for the quarter was up 40.6% on a year-over-year basis. During the same period last year, the company earned ($0.14) EPS. Analysts predict that Lyft will post -0.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction on Monday, September 16th. The shares were sold at an average price of $11.32, for a total value of $27,439.68. Following the transaction, the director now directly owns 929,638 shares of the company’s stock, valued at approximately $10,523,502.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Lyft news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.00, for a total transaction of $50,916.00. Following the sale, the insider now owns 760,089 shares in the company, valued at approximately $9,121,068. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the firm’s 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 directly owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,664 shares of company stock worth $380,048. 3.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lyft

A number of institutional investors have recently modified their holdings of LYFT. Swiss National Bank increased its holdings in Lyft by 2.0% in the first quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock valued at $13,218,000 after buying an additional 13,300 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Lyft during the 1st quarter worth approximately $41,000. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Lyft by 430.9% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,886 shares of the ride-sharing company’s stock valued at $75,000 after buying an additional 3,154 shares in the last quarter. CWM LLC lifted its position in shares of Lyft by 26.4% during the 2nd quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock valued at $98,000 after buying an additional 1,457 shares in the last quarter. Finally, Comerica Bank grew its stake in Lyft by 310.3% in the 1st quarter. Comerica Bank now owns 102,576 shares of the ride-sharing company’s stock valued at $1,985,000 after acquiring an additional 77,578 shares during the period. 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.