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

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

Other equities research analysts have also recently issued research reports about the stock. Nomura upgraded shares of Lyft from a “reduce” rating to a “neutral” rating and dropped their target price for the stock from $15.00 to $13.00 in a research report on Friday, August 23rd. Wells Fargo & Company reiterated a “market perform” rating on shares of Lyft in a research note on Friday, October 18th. Citigroup decreased their price target on Lyft from $18.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Loop Capital cut their price objective on Lyft from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, September 3rd. Finally, Wolfe Research initiated coverage on Lyft in a report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Twenty-eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $17.23.

Lyft Price Performance

LYFT traded up $0.07 during midday trading on Thursday, reaching $17.76. 20,328,092 shares of the company’s stock were exchanged, compared to its average volume of 15,082,551. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.00. The business has a 50-day simple moving average of $12.71 and a two-hundred day simple moving average of $13.50. The firm has a market capitalization of $7.28 billion, a price-to-earnings ratio of -110.81 and a beta of 2.04. Lyft has a one year low of $8.93 and a one year high of $20.82.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.19 by $0.05. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.39 billion. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. Lyft’s revenue was up 40.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.14) EPS. As a group, research analysts predict that Lyft will post -0.06 EPS for the current year.

Insider Activity

In other Lyft news, Director John Patrick Zimmer sold 7,188 shares of the business’s stock in a transaction that occurred 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 directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total transaction of $81,943.20. Following the completion of the transaction, the director now directly owns 932,062 shares of the company’s stock, valued at $10,625,506.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 4,243 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $12.00, for a total transaction of $50,916.00. Following the sale, the insider now directly owns 760,089 shares of the company’s stock, valued at $9,121,068. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,664 shares of company stock valued at $380,048. 3.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Lyft

Several large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Lyft during the first quarter worth approximately $41,000. Brown Brothers Harriman & Co. purchased a new position in shares of Lyft in the 2nd quarter worth approximately $35,000. International Assets Investment Management LLC bought a new position in Lyft in the 2nd quarter valued at $35,000. Capital Performance Advisors LLP bought a new stake in Lyft in the third quarter worth about $38,000. Finally, Quarry LP raised its holdings in shares of Lyft by 4,032.6% in the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after purchasing an additional 3,468 shares during the period. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.