Lyft, Inc. (NASDAQ:LYFT) Receives $15.65 Consensus PT from Brokerages

Lyft, Inc. (NASDAQ:LYFT) has been given an average recommendation of “Hold” by the thirty-six research firms that are presently covering the firm, Marketbeat Ratings reports. Twenty-six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $15.65.

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. cut their price target on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. UBS Group reduced their target price on shares of Lyft from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Wells Fargo & Company lowered their price target on shares of Lyft from $17.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Piper Sandler reaffirmed an “overweight” rating and issued a $24.00 price objective (up from $23.00) on shares of Lyft in a report on Friday, June 7th. Finally, Vertical Research raised shares of Lyft to a “strong-buy” rating in a report on Friday, June 7th.

Lyft Price Performance

LYFT opened at $12.84 on Friday. The firm has a market cap of $5.18 billion, a P/E ratio of -27.32 and a beta of 2.04. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. Lyft has a fifty-two week low of $8.85 and a fifty-two week high of $20.82. The firm has a 50-day moving average of $11.57 and a 200 day moving average of $14.54.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.05. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the business posted ($0.14) EPS. Lyft’s quarterly revenue was up 40.6% compared to the same quarter last year. On average, research analysts expect that Lyft will post -0.16 EPS for the current year.

Insider Activity

In related news, Director John Patrick Zimmer sold 7,188 shares of the business’s stock in a transaction that occurred on 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 owns 932,062 shares in the company, valued at approximately $10,625,506.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director John Patrick Zimmer sold 7,188 shares of Lyft stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total value of $81,943.20. Following the transaction, the director now owns 932,062 shares in the company, valued at approximately $10,625,506.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Kristin Sverchek sold 3,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $13.81, for a total transaction of $41,430.00. Following the sale, the president now owns 47,778 shares of the company’s stock, valued at $659,814.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,664 shares of company stock worth $421,478. 3.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lyft

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Lyft by 2.4% in the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock worth $636,603,000 after purchasing an additional 782,736 shares during the last quarter. Norges Bank purchased a new stake in Lyft during the 4th quarter valued at $94,687,000. Primecap Management Co. CA grew its holdings in Lyft by 1.5% in the 2nd quarter. Primecap Management Co. CA now owns 6,256,080 shares of the ride-sharing company’s stock worth $88,211,000 after acquiring an additional 94,710 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Lyft by 1.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 5,846,287 shares of the ride-sharing company’s stock valued at $113,126,000 after acquiring an additional 63,461 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Lyft by 39.5% during the second quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock valued at $40,475,000 after acquiring an additional 812,926 shares during the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.