Lyft (NASDAQ:LYFT) Price Target Raised to $18.00

Lyft (NASDAQ:LYFT) had its price target lifted by TD Cowen from $16.00 to $18.00 in a report published on Thursday,Benzinga reports. TD Cowen currently has a hold rating on the ride-sharing company’s stock.

A number of other analysts have also issued reports on LYFT. Piper Sandler reissued an “overweight” rating and set a $23.00 target price (up from $17.00) on shares of Lyft in a research note on Thursday. Loop Capital dropped their target price 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. Barclays decreased their price target on shares of Lyft from $20.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Nomura raised Lyft from a “reduce” rating to a “neutral” rating and dropped their price objective for the stock from $15.00 to $13.00 in a research note on Friday, August 23rd. Finally, Melius assumed coverage on Lyft in a research report on Monday, July 22nd. They set a “hold” rating and a $15.00 target price for the company. Twenty-eight 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $17.23.

Lyft Trading Up 0.5 %

Shares of LYFT traded up $0.09 during midday trading on Thursday, hitting $17.78. The stock had a trading volume of 28,925,410 shares, compared to its average volume of 13,179,118. Lyft has a 1 year low of $8.93 and a 1 year 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 stock’s 50 day moving average is $12.96 and its 200 day moving average is $13.54. The firm has a market cap of $7.29 billion, a PE ratio of -111.13 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last released its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. Lyft had a negative return on equity of 1.67% and a negative net margin of 1.19%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter in the prior year, the firm posted ($0.14) earnings per share. The company’s quarterly revenue was up 40.6% on a year-over-year basis. As a group, analysts forecast that Lyft will post -0.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director John Patrick Zimmer sold 7,188 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total value of $81,943.20. Following the transaction, the director now directly owns 932,062 shares of the company’s stock, valued at approximately $10,625,506.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now directly owns 760,089 shares in the company, valued at $9,121,068. 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 John Patrick Zimmer sold 7,188 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total value of $81,943.20. Following the sale, the director now directly owns 932,062 shares in the company, valued at $10,625,506.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,664 shares of company stock valued at $380,048. 3.07% of the stock is owned by company insiders.

Institutional Trading of Lyft

Hedge funds have recently modified their holdings of the stock. Swiss National Bank lifted its stake in shares of Lyft by 2.0% in the 1st quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock valued at $13,218,000 after purchasing an additional 13,300 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Lyft in the 1st quarter valued at about $41,000. Mitsubishi UFJ Trust & Banking Corp boosted its position in Lyft by 430.9% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,886 shares of the ride-sharing company’s stock worth $75,000 after purchasing an additional 3,154 shares in the last quarter. CWM LLC grew its holdings in Lyft by 26.4% in the second quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock valued at $98,000 after purchasing an additional 1,457 shares during the period. Finally, Comerica Bank increased its position in shares of Lyft by 310.3% in the first quarter. Comerica Bank now owns 102,576 shares of the ride-sharing company’s stock valued at $1,985,000 after buying an additional 77,578 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

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.