Lyft (NASDAQ:LYFT) Price Target Cut to $14.00 by Analysts at Barclays

Lyft (NASDAQ:LYFT) had its price target reduced by Barclays from $20.00 to $14.00 in a research note released on Thursday, Benzinga reports. They currently have an equal weight rating on the ride-sharing company’s stock.

LYFT has been the topic of several other reports. Bank of America raised shares of Lyft from an underperform rating to a buy rating and lifted their price target for the company from $15.00 to $20.00 in a report on Friday, June 7th. Truist Financial decreased their price target on shares of Lyft from $18.00 to $13.00 and set a hold rating on the stock in a report on Thursday. Canaccord Genuity Group cut their target price on shares of Lyft from $23.00 to $18.00 and set a buy rating on the stock in a research report on Thursday. Evercore ISI cut their target price on shares of Lyft from $18.00 to $17.00 and set an in-line rating on the stock in a research report on Thursday. Finally, Loop Capital upgraded shares of Lyft from a hold rating to a buy rating and set a $20.00 target price on the stock in a research report on Friday, June 7th. One analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Lyft has an average rating of Hold and a consensus target price of $16.03.

Lyft Price Performance

Shares of Lyft stock traded down $0.31 during midday trading on Thursday, hitting $9.76. 18,693,449 shares of the company traded hands, compared to its average volume of 15,903,942. The stock has a market cap of $3.94 billion, a price-to-earnings ratio of -20.77 and a beta of 2.06. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.82 and a current ratio of 0.82. The firm’s fifty day moving average price is $13.14 and its 200-day moving average price is $15.35. Lyft has a 12 month low of $8.85 and a 12 month high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.09. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.17 billion. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. As a group, sell-side analysts forecast that Lyft will post -0.18 earnings per share for the current year.

Insider Transactions at Lyft

In other news, President Kristin Sverchek sold 3,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $13.81, for a total value of $41,430.00. Following the completion of the sale, the president now owns 47,778 shares in the company, valued at approximately $659,814.18. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, President Kristin Sverchek sold 3,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $13.81, for a total value of $41,430.00. Following the completion of the sale, the president now owns 47,778 shares in the company, valued at approximately $659,814.18. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John Patrick Zimmer sold 7,923 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $16.54, for a total transaction of $131,046.42. Following the completion of the transaction, 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 sold a total of 33,333 shares of company stock worth $518,714 in the last quarter. 3.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lyft

Institutional investors have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC lifted its holdings in Lyft by 15.1% during the first quarter. Commonwealth Equity Services LLC now owns 39,613 shares of the ride-sharing company’s stock valued at $767,000 after purchasing an additional 5,184 shares during the last quarter. Swiss National Bank lifted its holdings in Lyft by 2.0% during the first quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock valued at $13,218,000 after purchasing an additional 13,300 shares during the last quarter. Corient Private Wealth LLC lifted its holdings in Lyft by 163.9% during the fourth quarter. Corient Private Wealth LLC now owns 100,826 shares of the ride-sharing company’s stock valued at $1,511,000 after purchasing an additional 62,623 shares during the last quarter. Range Financial Group LLC purchased a new stake in shares of Lyft in the first quarter worth about $470,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Lyft in the first quarter worth about $41,000. 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.