Lyft (NASDAQ:LYFT) Price Target Lowered to $17.00 at Wells Fargo & Company

Lyft (NASDAQ:LYFT) had its price objective trimmed by Wells Fargo & Company from $18.00 to $17.00 in a research report sent to investors on Friday, Benzinga reports. The firm currently has an equal weight rating on the ride-sharing company’s stock.

A number of other equities analysts also recently weighed in on the company. DA Davidson boosted their price target on Lyft from $15.00 to $18.00 and gave the stock a neutral rating in a research report on Wednesday, May 8th. Truist Financial boosted their price target on Lyft from $15.00 to $18.00 and gave the stock a hold rating in a research report on Wednesday, May 8th. Royal Bank of Canada reaffirmed an outperform rating and issued a $24.00 target price on shares of Lyft in a research report on Friday, June 7th. Canaccord Genuity Group reaffirmed a buy rating and issued a $23.00 target price on shares of Lyft in a research report on Friday, June 7th. Finally, Wedbush upped their target price on Lyft from $18.00 to $19.00 and gave the company a neutral rating in a research report on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $18.00.

Lyft Stock Performance

LYFT opened at $14.10 on Friday. Lyft has a 52-week low of $8.85 and a 52-week high of $20.82. The firm has a market capitalization of $5.69 billion, a PE ratio of -30.00 and a beta of 2.09. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.82 and a current ratio of 0.82. The business’s 50-day simple moving average is $15.63 and its 200 day simple moving average is $15.75.

Lyft (NASDAQ:LYFT) last released its earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.09. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.17 billion. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. As a group, sell-side analysts expect that Lyft will post -0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Lyft news, President Kristin Sverchek sold 6,500 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $15.77, for a total transaction of $102,505.00. Following the completion of the sale, the president now directly owns 54,278 shares in the company, valued at $855,964.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, President Kristin Sverchek sold 6,500 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $15.77, for a total value of $102,505.00. Following the completion of the transaction, the president now directly owns 54,278 shares in the company, valued at approximately $855,964.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,083 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $15.67, for a total value of $142,330.61. Following the completion of the transaction, the chief accounting officer now owns 351,853 shares of the company’s stock, valued at $5,513,536.51. The disclosure for this sale can be found here. Insiders sold 36,833 shares of company stock worth $590,509 over the last three months. Insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. FinTrust Capital Advisors LLC lifted its stake in shares of 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 acquiring an additional 1,000 shares during the last quarter. Allworth Financial LP increased its holdings in Lyft by 685.2% in the fourth quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock valued at $29,000 after purchasing an additional 1,672 shares during the period. a16z Perennial Management L.P. acquired a new stake in Lyft in the fourth quarter valued at $34,000. Kapitalo Investimentos Ltda acquired a new stake in Lyft in the fourth quarter valued at $34,000. Finally, C M Bidwell & Associates Ltd. acquired a new stake in Lyft in the fourth quarter valued at $40,000. 83.07% of the stock is currently owned by institutional investors.

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.