Lyft (NASDAQ:LYFT) Stock Gets Price Target Reduction from TD Cowen

Lyft (NASDAQ:LYFT) had its price target reduced by TD Cowen from $30.00 to $26.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the ride-sharing company’s stock.

A number of other research analysts also recently weighed in on LYFT. Susquehanna reissued a “neutral” rating and issued a $18.00 price target on shares of Lyft in a research note on Monday, August 10th. Cantor Fitzgerald decreased their price objective on Lyft from $17.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, October 19th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Lyft in a research note on Tuesday, August 18th. Morgan Stanley upped their price objective on Lyft from $17.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Finally, Roth Capital reissued a “buy” rating and issued a $25.00 target price (up from $23.00) on shares of Lyft in a research note on Monday, August 10th. Eleven analysts have rated the stock with a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $19.20.

Lyft Stock Down 2.8%

Shares of NASDAQ LYFT opened at $16.94 on Wednesday. The company’s 50 day simple moving average is $16.27 and its 200 day simple moving average is $15.21. Lyft has a fifty-two week low of $12.46 and a fifty-two week high of $25.54. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.59 and a current ratio of 0.59.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.81 billion. During the same period in the previous year, the business posted $0.10 earnings per share. Lyft’s revenue was up 16.1% compared to the same quarter last year. On average, research analysts anticipate that Lyft will post 0.81 earnings per share for the current fiscal year.

Insider Activity

In other Lyft news, Director Janey Whiteside sold 14,220 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $17.00, for a total value of $241,740.00. Following the completion of the sale, the director owned 66,184 shares of the company’s stock, valued at approximately $1,125,128. This represents a 17.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Erin Brewer sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $14.64, for a total transaction of $219,600.00. Following the completion of the sale, the chief financial officer directly owned 837,303 shares of the company’s stock, valued at $12,258,115.92. The trade was a 1.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 112,020 shares of company stock valued at $1,850,559. 0.92% of the stock is currently owned by company insiders.

Institutional Trading of Lyft

Large investors have recently made changes to their positions in the company. Altshuler Shaham Ltd lifted its holdings in Lyft by 51.6% during the first quarter. Altshuler Shaham Ltd now owns 7,662,027 shares of the ride-sharing company’s stock worth $101,905,000 after acquiring an additional 2,607,417 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Lyft by 58.0% in the first quarter. Dimensional Fund Advisors LP now owns 6,720,478 shares of the ride-sharing company’s stock valued at $89,360,000 after acquiring an additional 2,467,010 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Lyft by 250.0% in the first quarter. Principal Financial Group Inc. now owns 4,246,519 shares of the ride-sharing company’s stock worth $56,479,000 after acquiring an additional 3,033,333 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of Lyft by 62.2% in the first quarter. Pacer Advisors Inc. now owns 3,189,313 shares of the ride-sharing company’s stock worth $42,418,000 after acquiring an additional 1,223,536 shares in the last quarter. Finally, Junto Capital Management LP acquired a new stake in shares of Lyft during the second quarter worth about $36,926,000. Institutional investors own 83.07% of the company’s stock.

About Lyft

Lyft, Inc is a technology company that operates a transportation network platform in the United States and Canada. Its platform connects passengers with drivers through a mobile application and website, primarily offering on-demand rides in private vehicles, taxis and other transportation options.

The company also provides access to bicycles and scooters in select markets, as well as vehicle rentals and transportation solutions for businesses, healthcare organizations and other institutions.