Lyft (NASDAQ:LYFT) Stock Price Target Cut by Scotiabank

Lyft (NASDAQ:LYFT) had its price target dropped by equities research analysts at Scotiabank from $17.00 to $16.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the ride-sharing company’s stock. Scotiabank‘s price objective would indicate a potential downside of 4.68% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Cantor Fitzgerald lowered their price objective on Lyft from $17.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, October 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Lyft in a research note on Friday, October 30th. UBS Group lifted their price target on Lyft from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday. Piper Sandler reiterated an “overweight” rating and set a $21.00 price target (up from $20.00) on shares of Lyft in a report on Friday, August 7th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Lyft in a research report on Friday. Ten analysts have rated the stock with a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Lyft has an average rating of “Hold” and a consensus price target of $19.00.

Lyft Price Performance

LYFT traded down $1.05 during trading on Friday, reaching $16.79. The company’s stock had a trading volume of 11,525,463 shares, compared to its average volume of 13,714,425. The company has a market cap of $6.35 billion, a price-to-earnings ratio of 2.44, a PEG ratio of 1.16 and a beta of 2.06. The firm has a fifty day simple moving average of $16.20 and a two-hundred day simple moving average of $15.13. Lyft has a 1 year low of $12.46 and a 1 year high of $25.54. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.33.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Thursday, November 5th. The ride-sharing company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.23). Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.92 billion. During the same quarter last year, the company earned $0.11 earnings per share. Lyft’s revenue for the quarter was up 8.1% on a year-over-year basis. As a group, analysts anticipate that Lyft will post 0.81 EPS for the current year.

Insider Transactions at Lyft

In other Lyft news, Director Janey Whiteside sold 5,480 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $17.68, for a total transaction of $96,886.40. Following the completion of the sale, the director owned 60,704 shares of the company’s stock, valued at $1,073,246.72. This trade represents a 8.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 Lyft stock in a transaction on Monday, August 24th. The shares were sold at an average price of $17.63, for a total value of $264,450.00. Following the completion of the sale, the chief financial officer owned 852,303 shares in the company, valued at $15,026,101.89. This represents a 1.73% 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. Insiders sold a total of 61,586 shares of company stock valued at $1,024,326 in the last ninety days. 0.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lyft

Hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. increased its position in shares of Lyft by 17.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 104,121 shares of the ride-sharing company’s stock worth $1,563,000 after purchasing an additional 15,527 shares during the last quarter. Ariadne Wealth Management LP lifted its position in Lyft by 34.4% in the third quarter. Ariadne Wealth Management LP now owns 14,320 shares of the ride-sharing company’s stock valued at $215,000 after buying an additional 3,668 shares during the last quarter. Maryland State Retirement & Pension System lifted its position in Lyft by 38.0% in the third quarter. Maryland State Retirement & Pension System now owns 104,725 shares of the ride-sharing company’s stock valued at $1,572,000 after buying an additional 28,847 shares during the last quarter. Illinois Municipal Retirement Fund boosted its stake in Lyft by 5.4% during the third quarter. Illinois Municipal Retirement Fund now owns 704,564 shares of the ride-sharing company’s stock worth $10,576,000 after buying an additional 35,793 shares during the period. Finally, Fulcrum Asset Management LLP boosted its stake in Lyft by 546.2% during the third quarter. Fulcrum Asset Management LLP now owns 118,384 shares of the ride-sharing company’s stock worth $1,784,000 after buying an additional 100,063 shares during the period. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Lyft News Summary

Here are the key news stories impacting Lyft this week:

• Positive Sentiment: Lyft reported record rides and gross bookings, with rider growth extending to an eighth consecutive quarter of double-digit gains. Management also highlighted strong bookings and EBITDA, suggesting underlying business momentum. Article: Lyft CEO on Q3 results
• Positive Sentiment: Lyft introduced Lyft Go, a $9.99 monthly membership bundling DoorDash DashPass with 8% credits on Lyft rides and DoorDash orders. The company also plans to expand its Waymo robotaxi fleet in Nashville by year-end and says autonomous vehicles are not hurting its business. Article: Lyft and DoorDash membership Article: Waymo fleet expansion
• Neutral Sentiment: Rosenblatt Securities lowered its price target from $19 to $18 and maintained a neutral rating. The reduced target reflects tempered expectations, although it remains above the cited share price. Article: Rosenblatt Securities rating
• Negative Sentiment: Lyft’s reported third-quarter loss of $0.03 per share and $1.82 billion in revenue fell short of analyst estimates of $0.20 per share and $1.92 billion, respectively. Revenue still grew 8.1% year over year, but a roughly $117.9 million legal, tax and regulatory reserve charge weighed on results. The company’s in-line outlook did little to offset the earnings disappointment. Article: Lyft posts surprise loss

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.