Lyft (NASDAQ:LYFT) Shares Down 3% Following Analyst Downgrade

Shares of Lyft, Inc. (NASDAQ:LYFT) were down 3% during trading on Monday after Wells Fargo & Company lowered their price target on the stock from $18.00 to $17.00. Wells Fargo & Company currently has an equal weight rating on the stock. Lyft traded as low as $13.65 and last traded at $13.67. Approximately 1,148,740 shares traded hands during trading, a decline of 93% from the average daily volume of 15,568,890 shares. The stock had previously closed at $14.10.

A number of other brokerages have also weighed in on LYFT. TD Cowen raised their target price on Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, June 7th. Gordon Haskett upgraded Lyft from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $17.00 to $20.00 in a research report on Friday, June 7th. Truist Financial lifted their price objective on Lyft from $15.00 to $18.00 and gave the stock a “hold” rating in a research report on Wednesday, May 8th. DA Davidson raised their target price on Lyft from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $23.00 target price on shares of Lyft in a 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 given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $18.00.

Insider Buying and Selling at Lyft

In related news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $15.67, for a total transaction of $142,330.61. Following the completion of the transaction, the chief accounting officer now owns 351,853 shares in the company, valued at approximately $5,513,536.51. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. 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 in the company, valued at approximately $5,513,536.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Kristin Sverchek sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $13.81, for a total transaction 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 for this sale can be found here. Over the last three months, insiders have sold 43,333 shares of company stock valued at $680,974. 3.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Lyft by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock valued at $331,562,000 after purchasing an additional 1,135,036 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in Lyft during the third quarter valued at approximately $1,224,000. Corient Private Wealth LLC lifted its position in shares of Lyft by 163.9% during the fourth quarter. Corient Private Wealth LLC now owns 100,826 shares of the ride-sharing company’s stock worth $1,511,000 after purchasing an additional 62,623 shares in the last quarter. Range Financial Group LLC bought a new stake in shares of Lyft in the first quarter worth $470,000. Finally, Kodai Capital Management LP bought a new stake in Lyft during the fourth quarter valued at $26,069,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Lyft Trading Down 4.1 %

The firm’s 50 day simple moving average is $15.58 and its two-hundred day simple moving average is $15.74. The stock has a market cap of $5.41 billion, a P/E ratio of -28.51 and a beta of 2.06. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.92.

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

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.