Brokerages Set Lyft, Inc. (NASDAQ:LYFT) Target Price at $19.69

Shares of Lyft, Inc. (NASDAQ:LYFT) have received a consensus recommendation of “Hold” from the thirty-nine ratings firms that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, twenty-six have assigned a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $19.1034.

LYFT has been the topic of a number of research analyst reports. Morgan Stanley lifted their price target on Lyft from $17.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Scotiabank assumed coverage on shares of Lyft in a report on Wednesday, September 9th. They set a “sector perform” rating and a $17.00 price target on the stock. JPMorgan Chase & Co. upped their target price on Lyft from $18.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Cantor Fitzgerald upped their price target on shares of Lyft from $14.00 to $17.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $21.00 price target (up from $20.00) on shares of Lyft in a research report on Friday, August 7th.

Lyft Price Performance

Shares of NASDAQ:LYFT opened at $14.77 on Thursday. Lyft has a one year low of $12.46 and a one year high of $25.54. The company has a market capitalization of $5.59 billion, a PE ratio of 2.15, a price-to-earnings-growth ratio of 0.95 and a beta of 1.83. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.59 and a current ratio of 0.59. The stock has a fifty day moving average of $16.24 and a 200-day moving average of $14.80.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.01). The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. Lyft had a negative return on equity of 1.20% and a net margin of 42.32%.Lyft’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 EPS. As a group, equities analysts anticipate that Lyft will post 0.79 EPS for the current fiscal year.

Insider Transactions at Lyft

In other news, CAO Stephen W. Hope sold 5,982 shares of the business’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $17.34, for a total value of $103,727.88. Following the sale, the chief accounting officer owned 299,974 shares in the company, valued at approximately $5,201,549.16. The trade was a 1.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Lawee sold 4,613 shares of the company’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $17.33, for a total transaction of $79,943.29. Following the sale, the director directly owned 119,124 shares in the company, valued at $2,064,418.92. This represents a 3.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 97,020 shares of company stock worth $1,630,959. 0.92% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lyft

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. raised its position in shares of Lyft by 8.6% during the second quarter. QRG Capital Management Inc. now owns 16,658 shares of the ride-sharing company’s stock worth $243,000 after acquiring an additional 1,314 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Lyft during the 2nd quarter worth approximately $784,000. Junto Capital Management LP acquired a new stake in Lyft in the second quarter valued at about $36,926,000. WINTON GROUP Ltd bought a new stake in shares of Lyft during the second quarter worth $4,396,000. Finally, Engineers Gate Manager LP boosted its stake in shares of Lyft by 270.3% during the second quarter. Engineers Gate Manager LP now owns 457,534 shares of the ride-sharing company’s stock valued at $6,685,000 after purchasing an additional 333,977 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company’s stock.

Lyft Company Profile

Lyft, Inc is a transportation technology company that operates a digital platform connecting passengers with drivers. Its core service is app-based ridesharing, allowing users to request rides, receive estimated fares, track trips and pay electronically. Lyft also offers transportation options such as scheduled rides, airport services and premium ride categories.

In addition to ridesharing, Lyft provides access to bikes and scooters in select markets and offers transportation-management tools through Lyft Business.