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

Lyft (NASDAQ:LYFT) had its price objective upped by investment analysts at Truist Financial from $15.00 to $18.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the ride-sharing company’s stock. Truist Financial’s target price points to a potential downside of 0.72% from the company’s current price.

A number of other research analysts also recently issued reports on LYFT. Piper Sandler lifted their price target on shares of Lyft from $17.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, March 15th. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research report on Wednesday. The Goldman Sachs Group downgraded shares of Lyft from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $12.00 to $15.00 in a research report on Thursday, January 11th. BMO Capital Markets initiated coverage on shares of Lyft in a research report on Tuesday, January 9th. They set a “market perform” rating and a $15.00 price objective for the company. Finally, Barclays boosted their price objective on shares of Lyft from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 15th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $15.59.

Lyft Trading Up 9.2 %

LYFT stock traded up $1.53 during mid-day trading on Wednesday, hitting $18.13. 7,691,233 shares of the company were exchanged, compared to its average volume of 16,210,817. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55. The firm has a market capitalization of $7.25 billion, a P/E ratio of -20.37 and a beta of 2.05. The business has a fifty day simple moving average of $17.75 and a 200-day simple moving average of $14.58. Lyft has a 12-month low of $7.85 and a 12-month high of $20.82.

Lyft (NASDAQ:LYFT) last announced its earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.14. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Lyft had a negative net margin of 7.73% and a negative return on equity of 54.80%. On average, equities research analysts predict that Lyft will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Lyft

In related news, President Kristin Sverchek sold 3,500 shares of Lyft stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $17.50, for a total transaction of $61,250.00. Following the completion of the sale, the president now owns 60,778 shares in the company, valued at approximately $1,063,615. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director John Patrick Zimmer sold 15,724 shares of Lyft stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $17.51, for a total transaction of $275,327.24. Following the completion of the sale, the director now owns 1,204,071 shares in the company, valued at approximately $21,083,283.21. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Kristin Sverchek sold 3,500 shares of Lyft stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $17.50, for a total value of $61,250.00. Following the completion of the sale, the president now owns 60,778 shares of the company’s stock, valued at approximately $1,063,615. The disclosure for this sale can be found here. Insiders sold 280,526 shares of company stock valued at $5,358,031 in the last 90 days. 3.16% of the stock is currently owned by insiders.

Institutional Trading of Lyft

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FinTrust Capital Advisors LLC grew its holdings in Lyft by 277.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock valued at $26,000 after buying an additional 1,000 shares during the period. Allworth Financial LP grew its holdings in Lyft by 685.2% in the 4th quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock valued at $29,000 after buying an additional 1,672 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Lyft in the 1st quarter valued at about $41,000. GAMMA Investing LLC grew its holdings in Lyft by 42.9% in the 1st quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company’s stock valued at $43,000 after buying an additional 664 shares during the period. Finally, a16z Perennial Management L.P. purchased a new stake in Lyft in the 4th quarter valued at about $34,000. 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.