Benchmark Reiterates “Hold” Rating for Lyft (NASDAQ:LYFT)

Lyft (NASDAQ:LYFT)‘s stock had its “hold” rating reissued by stock analysts at Benchmark in a research report issued on Thursday,Benzinga reports.

Several other equities research analysts also recently issued reports on LYFT. Citigroup reduced their price objective on Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a research report on Thursday. Canaccord Genuity Group cut their target price on Lyft from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Nomura raised Lyft from a “reduce” rating to a “neutral” rating and dropped their price target for the company from $15.00 to $13.00 in a report on Friday, August 23rd. Finally, UBS Group lifted their target price on Lyft from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Lyft has a consensus rating of “Hold” and a consensus price target of $17.23.

Lyft Stock Performance

Shares of NASDAQ LYFT traded up $0.09 during midday trading on Thursday, reaching $17.78. 28,925,410 shares of the company traded hands, compared to its average volume of 13,179,118. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. The stock has a 50-day moving average price of $12.96 and a 200 day moving average price of $13.54. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market cap of $7.29 billion, a price-to-earnings ratio of -111.13 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.05. Lyft had a negative return on equity of 1.67% and a negative net margin of 1.19%. The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period last year, the company posted ($0.14) EPS. The company’s revenue was up 40.6% compared to the same quarter last year. Sell-side analysts anticipate that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Transactions at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $11.32, for a total value of $27,439.68. Following the completion of the transaction, the director now directly owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Lyft news, Director Logan Green sold 10,323 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total transaction of $119,953.26. Following the sale, the director now owns 330,790 shares in the company, valued at $3,843,779.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $11.32, for a total value of $27,439.68. Following the sale, the director now owns 929,638 shares in the company, valued at approximately $10,523,502.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,664 shares of company stock valued at $380,048 over the last ninety days. 3.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lyft

Several institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC purchased a new stake in shares of Lyft in the second quarter worth $35,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Lyft in the second quarter worth $35,000. Capital Performance Advisors LLP purchased a new stake in shares of Lyft in the third quarter worth $38,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Lyft in the first quarter worth $41,000. Finally, Quarry LP raised its position in shares of Lyft by 4,032.6% in the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after buying an additional 3,468 shares in 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.