Lyft (NASDAQ:LYFT) Given New $22.00 Price Target at Canaccord Genuity Group

Lyft (NASDAQ:LYFT) had its price objective increased by Canaccord Genuity Group from $18.00 to $22.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the ride-sharing company’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 24.43% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Morgan Stanley raised their price objective on shares of Lyft from $16.50 to $18.00 and gave the company an “equal weight” rating in a research report on Thursday. Piper Sandler restated an “overweight” rating and set a $23.00 target price (up from $17.00) on shares of Lyft in a report on Thursday. Melius Research started coverage on Lyft in a report on Monday, July 22nd. They issued a “hold” rating and a $15.00 price target on the stock. Nomura upgraded Lyft from a “reduce” rating to a “neutral” rating and decreased their target price for the stock from $15.00 to $13.00 in a report on Friday, August 23rd. Finally, JPMorgan Chase & Co. reduced their target price on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Twenty-eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $17.00.

Lyft Price Performance

Shares of LYFT stock traded up $3.28 during midday trading on Thursday, reaching $17.68. 57,644,090 shares of the company were exchanged, compared to its average volume of 14,982,723. The company’s 50 day moving average price is $12.71 and its two-hundred day moving average price is $13.50. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. The company has a market cap of $7.25 billion, a P/E ratio of -109.88 and a beta of 2.04. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82.

Lyft (NASDAQ:LYFT) last released its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the prior year, the firm posted ($0.14) earnings per share. The firm’s revenue for the quarter was up 40.6% compared to the same quarter last year. On average, sell-side analysts expect that Lyft will post -0.06 earnings per share for the current year.

Insider Buying and Selling at Lyft

In related news, Director John Patrick Zimmer sold 7,188 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total transaction of $81,943.20. Following the sale, the director now owns 932,062 shares in the company, valued at $10,625,506.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total value of $81,943.20. Following the completion of the sale, the director now directly owns 932,062 shares in the company, valued at $10,625,506.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Lindsay Catherine Llewellyn sold 4,243 shares of Lyft stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $12.00, for a total value of $50,916.00. Following the transaction, the insider now owns 760,089 shares of the company’s stock, valued at $9,121,068. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,664 shares of company stock valued at $380,048. 3.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lyft

Large investors have recently modified their holdings of the stock. International Assets Investment Management LLC bought a new stake in shares of Lyft in the second quarter valued at approximately $35,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Lyft in the second quarter worth about $35,000. Capital Performance Advisors LLP purchased a new stake in Lyft in the 3rd quarter worth approximately $38,000. Allspring Global Investments Holdings LLC bought a new position in Lyft in the 1st quarter valued at $41,000. Finally, Quarry LP grew its position in shares of Lyft by 4,032.6% during the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after purchasing an additional 3,468 shares in the last quarter. Hedge funds and other institutional investors 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.