Wells Fargo & Company Issues Pessimistic Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price target dropped by equities research analysts at Wells Fargo & Company from $17.00 to $14.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the ride-sharing company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 4.48% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Benchmark upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Monday, January 6th. Piper Sandler restated an “overweight” rating and issued a $23.00 price objective (up from $17.00) on shares of Lyft in a research note on Thursday, November 7th. Bank of America lifted their price objective on shares of Lyft from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Cantor Fitzgerald increased their price objective on shares of Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Truist Financial upped their price target on shares of Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a report on Thursday, November 7th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.84.

Lyft Price Performance

Lyft stock remained flat at $13.40 during midday trading on Thursday. The company’s stock had a trading volume of 1,810,088 shares, compared to its average volume of 14,520,462. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. The firm has a market capitalization of $5.56 billion, a PE ratio of -83.75, a P/E/G ratio of 1.72 and a beta of 2.14. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. The stock’s 50-day simple moving average is $15.40 and its 200-day simple moving average is $13.41.

Lyft (NASDAQ:LYFT) last released its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period last year, the business earned ($0.02) EPS. Lyft’s revenue for the quarter was up 31.6% on a year-over-year basis. As a group, equities research analysts expect that Lyft will post 0.06 earnings per share for the current fiscal year.

Insider Activity at Lyft

In related news, CAO Lisa Blackwood-Kapral sold 9,081 shares of Lyft stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $18.02, for a total value of $163,639.62. Following the completion of the transaction, the chief accounting officer now owns 332,243 shares in the company, valued at $5,987,018.86. The trade was a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Logan Green sold 10,919 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the completion of the sale, the director now directly owns 314,492 shares in the company, valued at approximately $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,242 shares of company stock worth $427,330. Insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Hedge funds and other institutional investors have recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Lyft by 0.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company’s stock worth $230,174,000 after purchasing an additional 80,675 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Lyft by 27.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock valued at $103,456,000 after buying an additional 1,735,208 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in Lyft during the 3rd quarter worth $90,604,000. Primecap Management Co. CA lifted its position in Lyft by 3.8% in the third quarter. Primecap Management Co. CA now owns 6,491,590 shares of the ride-sharing company’s stock valued at $82,768,000 after acquiring an additional 235,510 shares during the last quarter. Finally, Maple Rock Capital Partners Inc. boosted its stake 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 valued at $78,872,000 after acquiring an additional 2,838,000 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.