Lyft (NASDAQ:LYFT) Price Target Raised to $19.00

Lyft (NASDAQ:LYFT) had its target price lifted by Evercore ISI from $17.00 to $19.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has an in-line rating on the ride-sharing company’s stock.

A number of other research firms have also recently weighed in on LYFT. JPMorgan Chase & Co. decreased their price objective on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Canaccord Genuity Group decreased their price objective on Lyft from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Wedbush reaffirmed an “underperform” rating on shares of Lyft in a research report on Friday, October 18th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a research report on Thursday. Finally, Benchmark started coverage on Lyft in a research report on Friday, October 25th. They set a “hold” rating for the company. Twenty-eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Lyft currently 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 trading hours on Thursday, reaching $17.78. The stock had a trading volume of 28,925,410 shares, compared to its average volume of 13,179,118. The firm has a market cap of $7.29 billion, a price-to-earnings ratio of -111.13 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 50-day moving average of $12.96 and a 200-day moving average of $13.54.

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

Insider Buying and Selling at Lyft

In other news, Director Logan Green sold 10,323 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the sale, the director now owns 330,790 shares of the company’s stock, valued at $3,843,779.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Logan Green sold 10,323 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the transaction, the director now owns 330,790 shares in the company, valued at approximately $3,843,779.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction dated 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 owns 929,638 shares in the company, valued at approximately $10,523,502.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,664 shares of company stock valued at $380,048. Company insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Lyft by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock worth $636,603,000 after purchasing an additional 782,736 shares during the period. Primecap Management Co. CA grew its holdings in Lyft by 3.8% in the 3rd quarter. Primecap Management Co. CA now owns 6,491,590 shares of the ride-sharing company’s stock worth $82,768,000 after buying an additional 235,510 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Lyft by 1.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 5,846,287 shares of the ride-sharing company’s stock worth $113,126,000 after buying an additional 63,461 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Lyft by 39.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock valued at $40,475,000 after purchasing an additional 812,926 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Lyft by 11.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,601,400 shares of the ride-sharing company’s stock valued at $22,580,000 after purchasing an additional 167,400 shares in the last quarter. Institutional investors and hedge funds 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.