Lyft (NASDAQ:LYFT) Price Target Cut to $19.00 by Analysts at Bank of America

Lyft (NASDAQ:LYFT) had its price target decreased by analysts at Bank of America from $21.00 to $19.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the ride-sharing company’s stock. Bank of America‘s price target points to a potential upside of 36.10% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Barclays lifted their price objective on shares of Lyft from $14.00 to $20.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. TD Cowen lifted their price target on Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research note on Thursday, November 7th. Jefferies Financial Group increased their price objective on Lyft from $10.50 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Wells Fargo & Company dropped their target price on Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, January 16th. Finally, Roth Mkm increased their price target on shares of Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $17.84.

Lyft Price Performance

NASDAQ:LYFT opened at $13.96 on Wednesday. The firm has a market capitalization of $5.79 billion, a price-to-earnings ratio of -87.25, a P/E/G ratio of 1.74 and a beta of 2.14. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a fifty day moving average of $14.69 and a 200 day moving average of $13.42. Lyft has a 52-week low of $8.93 and a 52-week high of $20.82.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.20 by $0.09. The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. Lyft’s revenue was up 31.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. On average, research analysts expect that Lyft will post 0.06 EPS for the current fiscal year.

Insider Buying and Selling

In other Lyft news, CAO Lisa Blackwood-Kapral sold 9,081 shares of Lyft stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $18.02, for a total value of $163,639.62. Following the completion of the sale, the chief accounting officer now owns 332,243 shares of the company’s stock, valued at approximately $5,987,018.86. This trade represents a 2.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $17.76, for a total value of $75,337.92. Following the completion of the transaction, the insider now directly owns 755,847 shares of the company’s stock, valued at approximately $13,423,842.72. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,242 shares of company stock valued at $427,330 over the last ninety days. Company insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Lyft by 0.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company’s stock worth $230,174,000 after purchasing an additional 80,675 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Lyft by 32.4% during the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock valued at $121,369,000 after acquiring an additional 2,302,248 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in Lyft by 27.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock valued at $103,456,000 after purchasing an additional 1,735,208 shares during the period. Primecap Management Co. CA boosted its position in shares of Lyft by 3.8% during the third quarter. Primecap Management Co. CA now owns 6,491,590 shares of the ride-sharing company’s stock worth $82,768,000 after acquiring an additional 235,510 shares during the last quarter. Finally, Maple Rock Capital Partners Inc. grew its position in shares of Lyft by 84.8% during the third quarter. Maple Rock Capital Partners Inc. now owns 6,186,000 shares of the ride-sharing company’s stock valued at $78,872,000 after purchasing an additional 2,838,000 shares in the last quarter. Hedge funds and other institutional investors 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.