Wedbush Reiterates Neutral Rating for Lyft (NASDAQ:LYFT)

Lyft (NASDAQ:LYFT)‘s stock had its “neutral” rating restated by stock analysts at Wedbush in a research report issued to clients and investors on Thursday,RTT News reports. They currently have a $20.00 price target on the ride-sharing company’s stock, up from their prior price target of $12.00. Wedbush’s target price would indicate a potential upside of 12.49% from the stock’s previous close.

LYFT has been the subject of several other reports. Melius initiated coverage on shares of Lyft in a report on Monday, July 22nd. They set a “hold” rating and a $15.00 price target for the company. Citigroup reduced their price target on Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Susquehanna cut their price target on shares of Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Cantor Fitzgerald upped their price target on Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, TD Cowen dropped their target price on shares of Lyft from $18.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 8th. Twenty-eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Lyft presently has an average rating of “Hold” and a consensus price target of $17.23.

Lyft Stock Performance

Shares of LYFT traded up $0.09 during midday trading on Thursday, reaching $17.78. 28,925,410 shares of the stock were exchanged, compared to its average volume of 13,179,118. Lyft has a twelve month low of $8.93 and a twelve month high of $20.82. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market capitalization of $7.29 billion, a price-to-earnings ratio of -111.13 and a beta of 2.04. The business’s 50-day moving average price is $12.96 and its 200 day moving average price is $13.54.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.05. The firm had revenue of $1.44 billion for 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 firm’s revenue for the quarter was up 40.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.14) EPS. On average, sell-side analysts expect that Lyft will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling at Lyft

In related news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 764,332 shares of the company’s stock, valued at approximately $8,988,544.32. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the firm’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 sale, the insider now directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $11.32, for a total transaction of $27,439.68. Following the completion of the transaction, the director now owns 929,638 shares in the company, valued at $10,523,502.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,664 shares of company stock valued at $380,048 over the last three months. 3.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lyft

A number of hedge funds have recently bought and sold shares of LYFT. Allspring Global Investments Holdings LLC purchased a new position in shares of Lyft during the 1st quarter valued at approximately $41,000. Brown Brothers Harriman & Co. bought a new position in Lyft during the 2nd quarter valued at $35,000. International Assets Investment Management LLC acquired a new position in Lyft during the 2nd quarter worth $35,000. Capital Performance Advisors LLP bought a new stake in shares of Lyft in the 3rd quarter worth about $38,000. Finally, Quarry LP raised its stake 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 valued at $50,000 after purchasing an additional 3,468 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.