Lyft (NASDAQ:LYFT) PT Lowered to $15.00

Lyft (NASDAQ:LYFT) had its price objective lowered by analysts at JPMorgan Chase & Co. from $18.00 to $15.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the ride-sharing company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 54.80% from the company’s previous close.

Several other analysts also recently weighed in on the company. Vertical Research upgraded Lyft to a “strong-buy” rating in a research report on Friday, June 7th. BMO Capital Markets increased their target price on shares of Lyft from $18.00 to $19.00 and gave the stock a “market perform” rating in a report on Friday, June 7th. Melius assumed coverage on shares of Lyft in a report on Monday, July 22nd. They set a “hold” rating and a $15.00 price target on the stock. Gordon Haskett upgraded shares of Lyft from a “hold” rating to a “buy” rating and upped their price objective for the stock from $17.00 to $20.00 in a research report on Friday, June 7th. Finally, TD Cowen raised their target price on shares of Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Lyft has an average rating of “Hold” and a consensus price target of $16.83.

Lyft Price Performance

Shares of NASDAQ LYFT traded up $0.61 during trading hours on Thursday, hitting $9.69. 11,276,475 shares of the stock were exchanged, compared to its average volume of 15,776,623. The company’s fifty day simple moving average is $13.37 and its two-hundred day simple moving average is $15.41. The company has a market cap of $3.91 billion, a PE ratio of -20.53 and a beta of 2.06. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.82 and a current ratio of 0.82. Lyft has a 1-year low of $8.85 and a 1-year high of $20.82.

Lyft (NASDAQ:LYFT) last released its earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.09. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.17 billion. On average, sell-side analysts predict that Lyft will post -0.18 EPS for the current year.

Insider Activity at Lyft

In other news, Director John Patrick Zimmer sold 7,923 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $16.54, for a total value of $131,046.42. Following the completion of the sale, the director now directly owns 924,621 shares of the company’s stock, valued at $15,293,231.34. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director John Patrick Zimmer sold 7,923 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $16.54, for a total transaction of $131,046.42. Following the completion of the sale, the director now owns 924,621 shares in the company, valued at $15,293,231.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 sale, the chief accounting officer now directly owns 351,853 shares of the company’s stock, valued at $5,513,536.51. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,333 shares of company stock valued at $518,714. 3.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lyft

Institutional investors have recently added to or reduced their stakes in the company. Main Street Financial Solutions LLC lifted its position in shares of Lyft by 9.4% during the 2nd quarter. Main Street Financial Solutions LLC now owns 29,217 shares of the ride-sharing company’s stock worth $412,000 after buying an additional 2,521 shares in the last quarter. Qsemble Capital Management LP purchased a new stake in shares of Lyft during the second quarter valued at approximately $152,000. ClariVest Asset Management LLC bought a new stake in Lyft during the second quarter worth $1,679,000. Headlands Technologies LLC boosted its position in Lyft by 41.7% in the second quarter. Headlands Technologies LLC now owns 170,438 shares of the ride-sharing company’s stock worth $2,403,000 after purchasing an additional 50,144 shares during the last quarter. Finally, Daiwa Securities Group Inc. bought a new position in Lyft in the 2nd quarter valued at $155,000. 83.07% of the stock is 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.