Lyft (NASDAQ:LYFT) Shares Gap Up After Analyst Upgrade

Lyft, Inc. (NASDAQ:LYFT)’s share price gapped up before the market opened on Thursday after Truist Financial raised their price target on the stock from $13.00 to $20.00. The stock had previously closed at $14.40, but opened at $17.78. Truist Financial currently has a hold rating on the stock. Lyft shares last traded at $18.74, with a volume of 20,496,783 shares changing hands.

LYFT has been the topic of several other reports. Benchmark reiterated a “hold” rating on shares of Lyft in a research report on Thursday. Jefferies Financial Group upped their price target on Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. UBS Group boosted their target price on shares of Lyft from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. TD Cowen cut their target price on shares of Lyft from $18.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Finally, Evercore ISI increased their price objective on shares of Lyft from $17.00 to $19.00 and gave the company an “in-line” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $16.13.

Insider Transactions at Lyft

In other 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 completion of the sale, the director now owns 330,790 shares in the company, valued at approximately $3,843,779.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were 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 directly owns 764,332 shares in the company, valued at $8,988,544.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Logan Green sold 10,323 shares of Lyft stock in a transaction that occurred on Tuesday, August 27th. The shares were 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 of the company’s stock, valued at approximately $3,843,779.80. This 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. Insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new stake in shares of Lyft in the second quarter valued at approximately $35,000. Brown Brothers Harriman & Co. purchased a new position in Lyft during the second quarter valued at $35,000. Capital Performance Advisors LLP acquired a new stake in shares of Lyft in the third quarter valued at about $38,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Lyft during the 1st quarter worth about $41,000. Finally, Quarry LP lifted its stake 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 buying an additional 3,468 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company’s stock.

Lyft Trading Up 30.1 %

The company has a fifty day moving average of $12.71 and a 200-day moving average of $13.50. The company has a market capitalization of $7.69 billion, a price-to-earnings ratio of -114.88 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 data 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. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the prior year, the company earned ($0.14) EPS. The firm’s revenue was up 40.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Lyft, Inc. will post -0.06 earnings per share for the current fiscal year.

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.