Lyft (NASDAQ:LYFT) Given New $18.00 Price Target at BMO Capital Markets

Lyft (NASDAQ:LYFT) had its target price upped by BMO Capital Markets from $13.00 to $18.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a market perform rating on the ride-sharing company’s stock.

A number of other analysts have also recently commented on LYFT. Melius assumed coverage on Lyft in a research report on Monday, July 22nd. They issued a “hold” rating and a $15.00 price objective for the company. Raymond James started coverage on shares of Lyft in a research report on Tuesday, September 24th. They set a “market perform” rating for the company. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Lyft from $15.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Wedbush restated a “neutral” rating and set a $20.00 price target (up previously from $12.00) on shares of Lyft in a research report on Thursday. Finally, Cantor Fitzgerald raised their price target on shares of Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday. Twenty-eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $17.23.

Lyft Stock Performance

LYFT stock traded up $0.09 during midday trading on Thursday, hitting $17.78. 28,803,876 shares of the stock traded hands, compared to its average volume of 15,121,569. The stock’s fifty day simple moving average is $12.96 and its 200-day simple moving average is $13.54. The firm has a market cap of $7.29 billion, a P/E ratio of -111.13 and a beta of 2.04. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82. 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 (NASDAQ:LYFT) last announced its quarterly 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 firm had revenue of $1.44 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.14) EPS. On average, analysts expect that Lyft will post -0.06 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Lyft

A number of hedge funds and other institutional investors have recently bought and sold shares of LYFT. Vanguard Group Inc. increased its stake in Lyft by 2.4% during the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock worth $636,603,000 after purchasing an additional 782,736 shares during the period. Primecap Management Co. CA lifted its holdings in Lyft by 1.5% during the 2nd quarter. Primecap Management Co. CA now owns 6,256,080 shares of the ride-sharing company’s stock worth $88,211,000 after buying an additional 94,710 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Lyft by 1.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 5,846,287 shares of the ride-sharing company’s stock valued at $113,126,000 after buying an additional 63,461 shares during the period. Bank of New York Mellon Corp boosted 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 valued at $40,475,000 after buying an additional 812,926 shares during the period. Finally, Canada Pension Plan Investment Board grew its stake in shares of Lyft by 11.7% in the second quarter. Canada Pension Plan Investment Board now owns 1,601,400 shares of the ride-sharing company’s stock worth $22,580,000 after acquiring an additional 167,400 shares in the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

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.