Lyft (NASDAQ:LYFT) Given New $24.00 Price Target at Royal Bank of Canada

Lyft (NASDAQ:LYFT) had its price target raised by investment analysts at Royal Bank of Canada from $23.00 to $24.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the ride-sharing company’s stock. Royal Bank of Canada’s target price points to a potential upside of 36.99% from the company’s current price.

Several other equities analysts have also recently weighed in on the stock. BMO Capital Markets raised their target price on shares of Lyft from $15.00 to $18.00 and gave the company a “market perform” rating in a research note on Wednesday. DA Davidson boosted their target price on Lyft from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday. Truist Financial raised their price target on Lyft from $15.00 to $18.00 and gave the company a “hold” rating in a report on Wednesday. Barclays increased their target price on Lyft from $17.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Sanford C. Bernstein upped their price target on shares of Lyft from $15.00 to $19.00 and gave the company a “market perform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Lyft currently has a consensus rating of “Hold” and an average price target of $16.39.

Lyft Price Performance

NASDAQ:LYFT traded up $0.92 on Wednesday, reaching $17.52. 33,229,434 shares of the company’s stock traded hands, compared to its average volume of 16,524,980. The stock has a 50-day simple moving average of $17.75 and a 200-day simple moving average of $14.58. Lyft has a 12 month low of $7.85 and a 12 month high of $20.82. The firm has a market cap of $7.00 billion, a PE ratio of -19.63 and a beta of 2.05. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55.

Lyft (NASDAQ:LYFT) last issued its earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.14. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Equities research analysts forecast that Lyft will post -0.35 earnings per share for the current year.

Insider Activity

In other news, President Kristin Sverchek sold 5,670 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total value of $85,163.40. Following the completion of the transaction, the president now directly owns 633,950 shares of the company’s stock, valued at approximately $9,521,929. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Logan Green sold 11,867 shares of Lyft stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $15.69, for a total value of $186,193.23. Following the completion of the sale, the director now directly owns 346,341 shares in the company, valued at approximately $5,434,090.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Kristin Sverchek sold 5,670 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were 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 $9,521,929. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 280,526 shares of company stock worth $5,358,031. Corporate insiders own 3.16% of the company’s stock.

Institutional Trading of Lyft

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in shares of Lyft by 42.9% in the first quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company’s stock worth $43,000 after purchasing an additional 664 shares during the last quarter. Commerce Bank lifted its stake in Lyft by 2.9% during the 4th quarter. Commerce Bank now owns 27,633 shares of the ride-sharing company’s stock valued at $414,000 after acquiring an additional 782 shares during the period. Creative Financial Designs Inc. ADV raised its holdings in shares of Lyft by 21.8% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 4,556 shares of the ride-sharing company’s stock worth $68,000 after purchasing an additional 814 shares during the last quarter. FinTrust Capital Advisors LLC lifted its position in Lyft by 277.8% during the first quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock valued at $26,000 after purchasing an additional 1,000 shares during the period. Finally, CWM LLC boosted its holdings in Lyft by 15.4% in the fourth quarter. CWM LLC now owns 8,190 shares of the ride-sharing company’s stock valued at $123,000 after purchasing an additional 1,093 shares during the last quarter. Institutional investors and hedge funds 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.