Bank of America Increases Lyft (NASDAQ:LYFT) Price Target to $19.00

Lyft (NASDAQ:LYFT) had its price objective hoisted by Bank of America from $16.00 to $19.00 in a research report sent to investors on Thursday,Benzinga reports. The firm currently has a buy rating on the ride-sharing company’s stock.

A number of other equities analysts have also recently commented on the company. Wedbush reiterated a “neutral” rating and set a $20.00 price target (up previously from $12.00) on shares of Lyft in a report on Thursday. Citigroup reduced their target price on Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Evercore ISI increased their price target on Lyft from $17.00 to $19.00 and gave the company an “in-line” rating in a research note on Thursday. BMO Capital Markets lifted their price objective on shares of Lyft from $13.00 to $18.00 and gave the stock a “market perform” rating in a research report on Thursday. Finally, Nomura Securities upgraded shares of Lyft from a “strong sell” rating to a “hold” rating in a report on Friday, August 23rd. Twenty-eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $17.23.

Lyft Stock Down 1.0 %

Shares of NASDAQ:LYFT traded down $0.17 during trading on Thursday, hitting $17.52. 16,545,170 shares of the company were exchanged, compared to its average volume of 15,063,327. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of -110.81 and a beta of 2.04. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00. Lyft has a fifty-two week low of $8.93 and a fifty-two week high of $20.82. The firm has a fifty day moving average price of $12.71 and a two-hundred day moving average price of $13.50.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.39 billion. The company’s revenue for the quarter was up 40.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.14) earnings per share. As a group, research analysts anticipate that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total transaction of $81,943.20. Following the completion of the transaction, the director now directly owns 932,062 shares in the company, valued at $10,625,506.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $12.00, for a total value of $50,916.00. Following the completion of the sale, the insider now directly owns 760,089 shares of the company’s stock, valued at approximately $9,121,068. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John Patrick Zimmer sold 7,188 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total value of $81,943.20. Following the completion of the transaction, the director now directly owns 932,062 shares in the company, valued at approximately $10,625,506.80. This represents 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 worth $380,048. Insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Several institutional investors have recently bought and sold shares of LYFT. Crossmark Global Holdings Inc. raised its holdings in Lyft by 4.4% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 23,460 shares of the ride-sharing company’s stock valued at $330,000 after acquiring an additional 993 shares during the period. Vanguard Personalized Indexing Management LLC grew its stake in Lyft by 9.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 13,894 shares of the ride-sharing company’s stock valued at $196,000 after acquiring an additional 1,160 shares in the last quarter. QRG Capital Management Inc. increased its holdings in shares of Lyft by 6.1% in the second quarter. QRG Capital Management Inc. now owns 24,854 shares of the ride-sharing company’s stock worth $350,000 after purchasing an additional 1,437 shares during the period. CWM LLC raised its holdings in shares of Lyft by 26.4% in the 2nd quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock valued at $98,000 after acquiring an additional 1,457 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Lyft by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 185,280 shares of the ride-sharing company’s stock valued at $2,612,000 after purchasing an additional 1,477 shares during the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

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.