Lyft (NASDAQ:LYFT – Free Report) Wedbush cut its price target from $19.00 to $12.00 in a report published Thursday morning, Benzinga reports. The brokerage currently rates the ride-sharing company’s stock as “neutral.”
LYFT has been the subject of several other reports. BMO Capital Markets raised their price target on shares of Lyft from $18.00 to $19.00 and gave the company a market perform rating in a report on Friday, June 7th. TD Cowen increased their price target on Lyft from $16.00 to $18.00 and gave the company a hold rating in a research note on Friday, June 7th. Susquehanna lowered their price target on Lyft from $18.00 to $10.00 and gave the company a neutral rating in a research note on Thursday. Canaccord Genuity Group reduced their price target on Lyft shares from $23.00 to $18.00 and gave the company a buy rating in a research note on Thursday. Finally, Melius Research began coverage on Lyft shares in a research report on Monday, July 22. They gave the company a hold rating and a price target of $15.00. One research analyst has rated the stock a sell, 22 have “hold,” nine have “buy” and one has given the stock a “strong buy.” Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $15.97.
Read our latest research report on LYFT
Price development of Lyft shares
LYFT shares traded $0.31 lower on Thursday afternoon, reaching $9.76. The stock had a trading volume of 18,735,444 shares, compared to its average volume of 15,903,942. The company has a market cap of $3.94 billion, a P/E ratio of -20.77 and a beta of 2.06. The company has a 50-day moving average of $13.14 and a 200-day moving average of $15.37. Lyft has a one year low of $8.85 and a one year high of $20.82. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.92.
Lyft (NASDAQ:LYFT – Get Free Report) last announced its quarterly earnings results on Wednesday, August 7. The ride-sharing company reported earnings per share of $0.24 for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. Lyft’s quarterly revenue grew 40.6% year-over-year. During the same quarter last year, the company generated earnings per share of -$0.14. As a group, sell-side analysts expect Lyft to report earnings per share of -$0.18 for the current year.
Insiders place their bets
In other news, President Kristin Sverchek sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, July 1. The shares were sold at an average price of $13.81, for a total transaction of $41,430.00. Following the completion of the transaction, the president now directly owns 47,778 shares of the company’s stock, valued at approximately $659,814.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the company’s stock in a transaction that occurred on Tuesday, May 28. The shares were sold at an average price of $15.67, for a total transaction of $142,330.61. Following the completion of the sale, the Chief Accounting Officer now owns 351,853 shares of the company’s stock, valued at $5,513,536.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, available at this hyperlink. Also, President Kristin Sverchek sold 3,000 shares of the company’s stock in a transaction dated Monday, July 1. The shares were sold at an average price of $13.81, for a total value of $41,430.00. Following the sale, the President now owns 47,778 shares of the company’s stock, valued at approximately $659,814.18. The disclosure regarding this sale can be found here. Insiders have sold 33,333 shares of the company’s stock, valued at $518,714, in the last three months. 3.07% of the shares are owned by company insiders.
Institutional investors comment on Lyft
Large investors have recently been buying and selling shares of the company. FinTrust Capital Advisors LLC increased its stake in Lyft by 277.8% in the first quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock worth $26,000 after buying an additional 1,000 shares during the same period. Allworth Financial LP increased its stake in Lyft by 685.2% in the fourth quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock worth $29,000 after buying an additional 1,672 shares during the same period. a16z Perennial Management LP acquired a new stake in Lyft in the fourth quarter valued at about $34,000. Kapitalo Investimentos Ltda acquired a new stake in Lyft in the fourth quarter valued at $34,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Lyft in the second quarter valued at about $35,000. Hedge funds and other institutional investors own 83.07% of the company’s shares.
Lyft Company Profile
(Get free report)
Lyft, Inc. operates a peer-to-peer on-demand ridesharing marketplace in the United States and Canada. The company operates multimodal transportation networks that provide access to various transportation options through the Lyft platform and mobile applications. The company’s platform offers a ridesharing marketplace that connects drivers with riders; Express Drive, a car rental program for drivers; and a network of shared bikes and scooters in various cities to meet riders’ needs for short-distance travel.
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