Lyft (NASDAQ:LYFT) Price Target Raised to $20.00

by · The Cerbat Gem

Lyft (NASDAQ:LYFT – Free Report) had its target price boosted by Truist Financial from $13.00 to $20.00 in a report released on Thursday morning,Benzinga reports. Truist Financial currently has a hold rating on the ride-sharing company’s stock.

LYFT has been the topic of a number of other research reports. Jefferies Financial Group boosted their price objective on shares of Lyft from $10.50 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. decreased their price objective on shares of Lyft from $18.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Wells Fargo & Company reaffirmed a “market perform” rating on shares of Lyft in a research note on Friday, October 18th. Benchmark reaffirmed a “hold” rating on shares of Lyft in a research note on Thursday. Finally, UBS Group lifted their target price on shares of Lyft from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Twenty-eight equities 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $17.23.

Read Our Latest Stock Report on LYFT

Lyft Price Performance

Shares of Lyft stock traded up $0.09 on Thursday, hitting $17.78. 28,925,410 shares of the company traded hands, compared to its average volume of 13,179,118. The firm’s 50-day simple moving average is $12.96 and its 200 day simple moving average is $13.54. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00. The company has a market cap of $7.29 billion, a P/E ratio of -111.13 and a beta of 2.04. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82.

Lyft (NASDAQ:LYFT – Get Free Report) last issued its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.39 billion. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.67%. The firm’s revenue was up 40.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.14) EPS. Analysts expect that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Logan Green sold 10,323 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total value of $119,953.26. Following the sale, the director now directly owns 330,790 shares in the company, valued at approximately $3,843,779.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Lindsay Catherine Llewellyn sold 8,486 shares of Lyft stock in a transaction that occurred 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 of the company’s stock, valued at $8,988,544.32. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Logan Green sold 10,323 shares of the business’s 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 directly owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,664 shares of company stock worth $380,048. Corporate 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 LYFT. Price T Rowe Associates Inc. MD boosted its position in shares of Lyft by 592.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company’s stock valued at $27,562,000 after acquiring an additional 1,218,620 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Lyft by 27,739.2% during the 2nd quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company’s stock valued at $16,665,000 after acquiring an additional 1,188,625 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Lyft by 39.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock valued at $40,475,000 after acquiring an additional 812,926 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Lyft by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after acquiring an additional 782,736 shares during the last quarter. Finally, Quadrature Capital Ltd boosted its position in shares of Lyft by 600.2% during the 1st quarter. Quadrature Capital Ltd now owns 608,430 shares of the ride-sharing company’s stock valued at $11,767,000 after acquiring an additional 521,537 shares during the last quarter. Institutional investors and hedge funds own 83.07% of the company’s stock.

About Lyft

(Get Free Report)

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.

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