Lyft (NASDAQ:LYFT) Announces Quarterly Earnings Results

Lyft (NASDAQ:LYFT) posted its quarterly earnings data on Wednesday. The ride-sharing company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.17), Zacks reports. Lyft had a return on equity of 18.29% and a net margin of 2.40%.The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the prior year, the company posted $0.29 EPS. The firm’s revenue was up 11.6% compared to the same quarter last year.

Lyft Trading Up 3.7%

NASDAQ:LYFT traded up $0.79 during mid-day trading on Friday, reaching $22.04. The company’s stock had a trading volume of 21,590,512 shares, compared to its average volume of 15,815,194. The company’s fifty day simple moving average is $20.29 and its two-hundred day simple moving average is $16.82. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.72 and a quick ratio of 0.70. Lyft has a twelve month low of $9.66 and a twelve month high of $23.50. The stock has a market cap of $8.96 billion, a P/E ratio of 58.00, a P/E/G ratio of 3.72 and a beta of 2.36.

Insider Transactions at Lyft

In related news, CFO Erin Brewer sold 15,000 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $17.24, for a total value of $258,600.00. Following the transaction, the chief financial officer directly owned 525,759 shares of the company’s stock, valued at approximately $9,064,085.16. This trade represents a 2.77% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John David Risher acquired 5,926 shares of Lyft stock in a transaction dated Wednesday, September 3rd. The stock was purchased at an average cost of $16.88 per share, for a total transaction of $100,030.88. Following the completion of the purchase, the chief executive officer directly owned 11,797,266 shares in the company, valued at approximately $199,137,850.08. This represents a 0.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 74,427 shares of company stock worth $1,252,686 in the last ninety days. Insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Several large investors have recently bought and sold shares of LYFT. Invesco Ltd. increased its stake in Lyft by 87.5% during the 2nd quarter. Invesco Ltd. now owns 1,064,930 shares of the ride-sharing company’s stock worth $16,783,000 after buying an additional 497,118 shares during the period. Shellback Capital LP bought a new position in Lyft during the second quarter worth $7,092,000. Par Capital Management Inc. boosted its holdings in shares of Lyft by 21.0% in the 2nd quarter. Par Capital Management Inc. now owns 1,905,000 shares of the ride-sharing company’s stock valued at $30,023,000 after buying an additional 330,000 shares during the period. Shaolin Capital Management LLC acquired a new position in Lyft in the second quarter valued at approximately $2,797,000. Finally, Canada Pension Plan Investment Board increased its position in Lyft by 10.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,688,200 shares of the ride-sharing company’s stock worth $26,606,000 after buying an additional 162,289 shares during the period. Institutional investors and hedge funds own 83.07% of the company’s stock.

Wall Street Analysts Forecast Growth

LYFT has been the subject of a number of recent analyst reports. Bank of America lifted their price target on Lyft from $12.00 to $14.00 and gave the stock an “underperform” rating in a report on Thursday, September 18th. Wells Fargo & Company increased their price objective on Lyft from $16.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Thursday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Lyft in a report on Wednesday, October 8th. Zephirin Group boosted their target price on shares of Lyft from $15.00 to $18.00 and gave the stock a “hold” rating in a research report on Thursday. Finally, Roth Capital set a $25.00 price target on shares of Lyft and gave the company a “buy” rating in a research report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lyft has a consensus rating of “Hold” and a consensus target price of $22.42.

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.