Lyft (NASDAQ:LYFT) Rating Increased to Buy at Benchmark

Benchmark upgraded shares of Lyft (NASDAQ:LYFTFree Report) from a hold rating to a buy rating in a research note released on Monday morning, MarketBeat Ratings reports. Benchmark currently has $20.00 price objective on the ride-sharing company’s stock.

LYFT has been the subject of a number of other research reports. Truist Financial lifted their price objective on shares of Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a report on Thursday, November 7th. Cantor Fitzgerald upped their price objective on Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Susquehanna lifted their target price on Lyft from $10.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Raymond James initiated coverage on Lyft in a report on Tuesday, September 24th. They set a “market perform” rating on the stock. Finally, Piper Sandler reiterated an “overweight” rating and issued a $23.00 price objective (up previously from $17.00) on shares of Lyft in a research note on Thursday, November 7th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $17.78.

Check Out Our Latest Stock Report on Lyft

Lyft Stock Up 0.8 %

NASDAQ:LYFT opened at $14.39 on Monday. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. The stock’s fifty day moving average is $15.43 and its two-hundred day moving average is $13.42. The stock has a market capitalization of $5.97 billion, a price-to-earnings ratio of -89.94, a price-to-earnings-growth ratio of 4.10 and a beta of 2.14. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88.

Lyft (NASDAQ:LYFTGet Free Report) last posted its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.09. The firm had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. Lyft’s revenue was up 31.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.02) EPS. Research analysts anticipate that Lyft will post 0.08 EPS for the current year.

Insider Buying and Selling at Lyft

In related news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the transaction, the director now directly owns 314,492 shares in the company, valued at $5,424,987. This trade represents a 3.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $17.76, for a total transaction of $75,337.92. Following the transaction, the insider now owns 755,847 shares of the company’s stock, valued at approximately $13,423,842.72. The trade was a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,242 shares of company stock valued at $427,330 in the last ninety days. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. acquired a new stake in shares of Lyft in the 3rd quarter valued at approximately $90,604,000. Maple Rock Capital Partners Inc. raised its position in Lyft by 84.8% in the third quarter. Maple Rock Capital Partners Inc. now owns 6,186,000 shares of the ride-sharing company’s stock worth $78,872,000 after acquiring an additional 2,838,000 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in Lyft by 27.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock worth $103,456,000 after acquiring an additional 1,735,208 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Lyft in the third quarter valued at $13,430,000. Finally, Huber Capital Management LLC boosted its position in shares of Lyft by 62.1% during the 2nd quarter. Huber Capital Management LLC now owns 631,189 shares of the ride-sharing company’s stock worth $8,900,000 after purchasing an additional 241,814 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

About Lyft

(Get Free Report)

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.

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Analyst Recommendations for Lyft (NASDAQ:LYFT)

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