Lyft’s (LYFT) Overweight Rating Reiterated at Piper Sandler

Piper Sandler restated their overweight rating on shares of Lyft (NASDAQ:LYFT) in a research report sent to investors on Thursday,Benzinga reports. Piper Sandler currently has a $23.00 target price on the ride-sharing company’s stock, up from their previous target price of $17.00.

A number of other equities research analysts also recently issued reports on LYFT. Loop Capital reduced their price target on shares of Lyft from $20.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. Canaccord Genuity Group reduced their price target on shares of Lyft from $23.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. UBS Group boosted their price target on shares of Lyft from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Nomura raised shares of Lyft from a “reduce” rating to a “neutral” rating and cut their target price for the stock from $15.00 to $13.00 in a research note on Friday, August 23rd. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $13.00 target price on shares of Lyft in a research note on Monday, October 7th. Twenty-eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $17.23.

Lyft Stock Performance

LYFT traded up $0.09 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 business’s 50-day moving average price is $12.96 and its two-hundred day moving average price is $13.54. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82. The company has a market cap of $7.29 billion, a P/E 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 (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. The firm had revenue of $1.44 billion for 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%. Lyft’s quarterly revenue was up 40.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.14) earnings per share. Sell-side analysts forecast that Lyft will post -0.06 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $11.76, for a total value of $99,795.36. Following the transaction, the insider now owns 764,332 shares in the company, valued at approximately $8,988,544.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Lyft news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the firm’s 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 completion of the transaction, the insider now owns 764,332 shares of the company’s stock, valued at approximately $8,988,544.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Logan Green sold 10,323 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total value of $119,953.26. Following the sale, the director now directly owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. 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 have sold 32,664 shares of company stock valued at $380,048. Insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Lyft by 2.4% during the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after purchasing an additional 782,736 shares in the last quarter. Primecap Management Co. CA boosted its stake 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 purchasing an additional 235,510 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in Lyft by 1.1% during 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 lifted its position 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 worth $40,475,000 after buying an additional 812,926 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Lyft by 11.7% in 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 during the period. 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.