Truist Financial Raises Lyft (NASDAQ:LYFT) Price Target to $20.00

Lyft (NASDAQ:LYFT) had its price target lifted by research analysts at Truist Financial from $13.00 to $20.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the ride-sharing company’s stock. Truist Financial’s price target indicates a potential upside of 12.49% from the stock’s current price.

LYFT has been the subject of several other reports. Jefferies Financial Group increased their price target on shares of Lyft from $10.50 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada decreased their price target on shares of Lyft from $24.00 to $17.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Wells Fargo & Company reissued a “market perform” rating on shares of Lyft in a research report on Friday, October 18th. Nomura raised shares of Lyft from a “reduce” rating to a “neutral” rating and decreased their price objective for the company from $15.00 to $13.00 in a research report on Friday, August 23rd. Finally, Roth Mkm decreased their price objective on shares of Lyft from $19.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, August 14th. 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.com, Lyft has a consensus rating of “Hold” and a consensus price target of $17.23.

Lyft Stock Up 0.5 %

Lyft stock traded up $0.09 during midday trading on Thursday, hitting $17.78. 28,925,410 shares of the company’s stock were exchanged, compared to its average volume of 13,179,118. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The firm has a 50-day moving average of $12.96 and a two-hundred day moving average of $13.54. The company has a market cap of $7.29 billion, a PE ratio of -111.13 and a beta of 2.04.

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

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 7,188 shares of Lyft stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total transaction of $81,943.20. Following the sale, the director now owns 932,062 shares of the company’s stock, valued at $10,625,506.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Lindsay Catherine Llewellyn sold 8,486 shares of Lyft stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.76, for a total transaction of $99,795.36. Following the transaction, the insider now owns 764,332 shares in the company, valued at $8,988,544.32. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Patrick Zimmer sold 7,188 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total transaction of $81,943.20. Following the completion of the sale, the director now owns 932,062 shares in the company, valued at approximately $10,625,506.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,664 shares of company stock valued at $380,048 in the last 90 days. 3.07% of the stock is owned by insiders.

Institutional Trading of Lyft

Several institutional investors and hedge funds have recently bought and sold shares of LYFT. International Assets Investment Management LLC purchased a new stake in Lyft in the 2nd quarter valued at about $35,000. Brown Brothers Harriman & Co. acquired a new position in Lyft in the 2nd quarter valued at about $35,000. Capital Performance Advisors LLP acquired a new position in Lyft in the 3rd quarter valued at about $38,000. Allspring Global Investments Holdings LLC acquired a new position in Lyft in the 1st quarter valued at about $41,000. Finally, Quarry LP grew its position in Lyft by 4,032.6% in the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after acquiring an additional 3,468 shares in the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

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.