Lyft (NASDAQ:LYFT) Shares Gap Down to $16.92

Lyft, Inc. (NASDAQ:LYFT)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $16.92, but opened at $16.50. Lyft shares last traded at $16.60, with a volume of 2,435,604 shares.

Analyst Ratings Changes

Several equities research analysts have commented on LYFT shares. TD Cowen boosted their price target on shares of Lyft from $10.00 to $12.00 and gave the stock a “market perform” rating in a research report on Monday, January 22nd. Tigress Financial boosted their price target on shares of Lyft from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. UBS Group boosted their price target on shares of Lyft from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Wells Fargo & Company boosted their price target on shares of Lyft from $15.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Monday, April 8th. Finally, Nomura cut shares of Lyft from a “neutral” rating to a “reduce” rating and boosted their price target for the stock from $11.70 to $13.00 in a research report on Friday, December 29th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $14.60.

Lyft Stock Performance

The stock’s 50-day moving average price is $17.83 and its 200-day moving average price is $14.17. The company has a market cap of $6.56 billion, a P/E ratio of -17.88 and a beta of 1.98. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.87 and a quick ratio of 0.87.

Lyft (NASDAQ:LYFT) last announced its earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.14. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Lyft had a negative net margin of 7.73% and a negative return on equity of 54.80%. Equities analysts anticipate that Lyft, Inc. will post -0.35 EPS for the current year.

Insider Activity

In related news, President Kristin Sverchek sold 5,670 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total value of $85,163.40. Following the completion of the transaction, the president now owns 633,950 shares of the company’s stock, valued at $9,521,929. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Lyft news, Director Logan Green sold 11,867 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $15.69, for a total transaction of $186,193.23. Following the completion of the transaction, the director now owns 346,341 shares of the company’s stock, valued at $5,434,090.29. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Kristin Sverchek sold 5,670 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total value of $85,163.40. Following the transaction, the president now directly owns 633,950 shares of the company’s stock, valued at approximately $9,521,929. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 270,526 shares of company stock valued at $5,195,771. 3.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of LYFT. Norges Bank acquired a new position in Lyft during the fourth quarter worth about $94,687,000. Kodai Capital Management LP acquired a new position in shares of Lyft in the fourth quarter valued at approximately $26,069,000. Bank of Nova Scotia acquired a new position in shares of Lyft in the fourth quarter valued at approximately $21,433,000. Vanguard Group Inc. increased its stake in shares of Lyft by 3.7% in the third quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock valued at $331,562,000 after buying an additional 1,135,036 shares during the period. Finally, BNP Paribas Financial Markets increased its stake in shares of Lyft by 126.0% in the fourth quarter. BNP Paribas Financial Markets now owns 1,937,357 shares of the ride-sharing company’s stock valued at $29,041,000 after buying an additional 1,080,009 shares during the period. Institutional investors and hedge funds 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.