Lyft (NASDAQ:LYFT) Price Target Cut to $17.00 by Analysts at Wells Fargo & Company

Lyft (NASDAQ:LYFT) had its price objective reduced by Wells Fargo & Company from $18.00 to $17.00 in a research report report published on Friday morning, Benzinga reports. They currently have an equal weight rating on the ride-sharing company’s stock.

Other research analysts have also issued research reports about the company. Truist Financial boosted their price objective on Lyft from $15.00 to $18.00 and gave the stock a hold rating in a report on Wednesday, May 8th. Tigress Financial boosted their target price on Lyft from $22.00 to $24.00 and gave the stock a buy rating in a research report on Thursday, April 18th. BMO Capital Markets boosted their target price on Lyft from $18.00 to $19.00 and gave the stock a market perform rating in a research report on Friday, June 7th. Canaccord Genuity Group restated a buy rating and issued a $23.00 target price on shares of Lyft in a research report on Friday, June 7th. Finally, Bank of America upgraded Lyft from an underperform rating to a buy rating and boosted their target price for the stock from $15.00 to $20.00 in a research report on Friday, June 7th. One investment analyst has rated the stock with a sell rating, eighteen have assigned 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 an average price target of $18.00.

Lyft Stock Down 0.9 %

Shares of NASDAQ LYFT opened at $13.97 on Friday. Lyft has a 12 month low of $8.85 and a 12 month high of $20.82. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.92. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of -29.72 and a beta of 2.09. The business has a 50-day moving average of $15.63 and a 200-day moving average of $15.75.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Tuesday, May 7th. The ride-sharing company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.09. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.17 billion. Sell-side analysts expect that Lyft will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director John Patrick Zimmer sold 7,923 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $16.54, for a total value of $131,046.42. Following the sale, the director now directly owns 924,621 shares of the company’s stock, valued at $15,293,231.34. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $15.67, for a total value of $142,330.61. Following the sale, the chief accounting officer now directly owns 351,853 shares of the company’s stock, valued at $5,513,536.51. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John Patrick Zimmer sold 7,923 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $16.54, for a total value of $131,046.42. Following the completion of the sale, the director now directly owns 924,621 shares in the company, valued at $15,293,231.34. The disclosure for this sale can be found here. Insiders have sold a total of 36,833 shares of company stock valued at $590,509 over the last ninety days. Company insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Lyft by 2.4% in the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock worth $636,603,000 after acquiring an additional 782,736 shares during the last quarter. Norges Bank purchased a new stake in shares of Lyft in the fourth quarter worth $94,687,000. Jacobs Levy Equity Management Inc. grew its stake in shares of Lyft by 1.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 5,846,287 shares of the ride-sharing company’s stock worth $113,126,000 after acquiring an additional 63,461 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Lyft by 4.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,630,432 shares of the ride-sharing company’s stock worth $54,420,000 after acquiring an additional 141,823 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Lyft by 126.0% during the fourth quarter. BNP Paribas Financial Markets now owns 1,937,357 shares of the ride-sharing company’s stock valued at $29,041,000 after buying an additional 1,080,009 shares during the last quarter. 83.07% of the stock is 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.