LYFT (NASDAQ:LYFT) Shares Gap Down to $39.57

Shares of LYFT Inc (NASDAQ:LYFT) gapped down prior to trading on Wednesday . The stock had previously closed at $40.51, but opened at $39.57. LYFT shares last traded at $38.39, with a volume of 4,559,838 shares trading hands.

A number of research firms have issued reports on LYFT. Wells Fargo & Co began coverage on LYFT in a research note on Thursday, September 26th. They issued an “outperform” rating and a $60.00 target price on the stock. Credit Suisse Group raised their target price on LYFT from $95.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Citigroup raised their target price on LYFT from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Evercore ISI began coverage on LYFT in a research note on Wednesday, June 12th. They issued an “outperform” rating and a $74.00 target price on the stock. Finally, Monness Crespi & Hardt began coverage on LYFT in a research note on Monday, July 1st. They issued a “neutral” rating on the stock. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-eight have issued a buy rating to the company. LYFT presently has a consensus rating of “Buy” and a consensus target price of $71.15.

The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.09. The firm’s fifty day simple moving average is $46.70.

LYFT (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported ($0.68) EPS for the quarter, beating analysts’ consensus estimates of ($1.66) by $0.98. The business had revenue of $867.30 million for the quarter, compared to analyst estimates of $809.64 million. LYFT’s revenue for the quarter was up 71.8% compared to the same quarter last year. On average, research analysts anticipate that LYFT Inc will post -11.38 EPS for the current fiscal year.

In related news, EVP Ran I. Makavy sold 35,000 shares of LYFT stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $46.51, for a total transaction of $1,627,850.00. Also, EVP Ran I. Makavy sold 70,000 shares of LYFT stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $52.11, for a total value of $3,647,700.00. The disclosure for this sale can be found here. Insiders have sold 111,000 shares of company stock worth $5,563,370 over the last three months.

Large investors have recently added to or reduced their stakes in the stock. Gilder Gagnon Howe & Co. LLC acquired a new position in LYFT during the first quarter worth about $42,175,000. Zevenbergen Capital Investments LLC acquired a new position in LYFT during the first quarter worth about $17,984,000. Kayne Anderson Rudnick Investment Management LLC acquired a new position in LYFT during the first quarter worth about $2,346,000. Bluestein R H & Co. acquired a new position in LYFT during the second quarter worth about $591,000. Finally, OZ Management LP acquired a new position in LYFT during the first quarter worth about $64,589,000. 34.55% of the stock is currently owned by hedge funds and other institutional investors.

LYFT Company Profile (NASDAQ:LYFT)

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders.

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