Lyft (NASDAQ:LYFT) Shares Down 5.1%

Lyft, Inc. (NASDAQ:LYFT) shares fell 5.1% on Wednesday . The company traded as low as $17.25 and last traded at $17.33. 5,810,864 shares traded hands during trading, a decline of 65% from the average session volume of 16,777,115 shares. The stock had previously closed at $18.27.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on LYFT. BMO Capital Markets began coverage on shares of Lyft in a research note on Tuesday, January 9th. They set a “market perform” rating and a $15.00 price objective for the company. TD Cowen raised their target price on shares of Lyft from $10.00 to $12.00 and gave the stock a “market perform” rating in a research report on Monday, January 22nd. Barclays lifted their price target on shares of Lyft from $14.00 to $17.00 and gave the company an “equal weight” rating in a report on Thursday, February 15th. The Goldman Sachs Group lowered shares of Lyft from a “buy” rating to a “neutral” rating and lifted their price target for the company from $12.00 to $15.00 in a report on Thursday, January 11th. Finally, UBS Group lifted their price target on shares of Lyft from $13.00 to $14.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $14.52.

Lyft Price Performance

The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55. The company has a market capitalization of $6.98 billion, a P/E ratio of -19.87 and a beta of 1.98. The company’s 50-day simple moving average is $17.41 and its 200 day simple moving average is $13.95.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.14. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Lyft had a negative net margin of 7.73% and a negative return on equity of 54.80%. As a group, sell-side analysts expect that Lyft, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director John Patrick Zimmer sold 193,200 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $20.04, for a total transaction of $3,871,728.00. Following the completion of the sale, the director now owns 932,544 shares in the company, valued at approximately $18,688,181.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Lyft news, Director John Patrick Zimmer sold 193,200 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $20.04, for a total transaction of $3,871,728.00. Following the sale, the director now owns 932,544 shares of the company’s stock, valued at approximately $18,688,181.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Kristin Sverchek sold 5,670 shares of the stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total transaction of $85,163.40. Following the sale, the president now directly owns 633,950 shares in the company, valued at approximately $9,521,929. The disclosure for this sale can be found here. In the last three months, insiders sold 270,526 shares of company stock valued at $5,195,771. Company insiders own 3.16% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Lyft by 42.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,488,609 shares of the ride-sharing company’s stock valued at $36,770,000 after purchasing an additional 1,043,719 shares during the last quarter. Invesco Ltd. raised its position in shares of Lyft by 21.3% in the 3rd quarter. Invesco Ltd. now owns 4,425,740 shares of the ride-sharing company’s stock valued at $46,647,000 after acquiring an additional 778,563 shares during the period. Vanguard Group Inc. raised its position in shares of Lyft by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock valued at $331,562,000 after acquiring an additional 1,135,036 shares during the period. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Lyft in the 3rd quarter valued at approximately $1,224,000. Finally, Canada Pension Plan Investment Board raised its position in shares of Lyft by 123.4% in the 3rd quarter. Canada Pension Plan Investment Board now owns 1,208,700 shares of the ride-sharing company’s stock valued at $12,740,000 after acquiring an additional 667,600 shares during the period. Institutional investors own 83.07% of the company’s stock.

About Lyft

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.