Lyft (NASDAQ:LYFT) PT Lowered to $65.00 at Royal Bank of Canada

Lyft (NASDAQ:LYFT) had its price target decreased by Royal Bank of Canada from $70.00 to $65.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the ride-sharing company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 22.09% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Gordon Haskett began coverage on Lyft in a report on Monday, August 2nd. They issued a “hold” rating and a $59.00 price target on the stock. Northcoast Research upgraded Lyft from a “neutral” rating to a “buy” rating and set a $65.00 price target on the stock in a report on Thursday, August 12th. Wedbush reiterated a “buy” rating and issued a $85.00 price target on shares of Lyft in a report on Wednesday, August 4th. Citigroup increased their price target on Lyft from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 5th. Finally, BTIG Research dropped their price objective on Lyft from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, August 4th. Seven research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $70.49.

NASDAQ:LYFT opened at $53.24 on Thursday. The stock has a 50-day simple moving average of $51.53 and a two-hundred day simple moving average of $55.41. Lyft has a 52-week low of $21.34 and a 52-week high of $68.28. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a market capitalization of $17.85 billion, a PE ratio of -10.73 and a beta of 2.06.

Lyft (NASDAQ:LYFT) last posted its earnings results on Tuesday, August 3rd. The ride-sharing company reported ($0.68) EPS for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.02. The company had revenue of $765.03 million for the quarter, compared to the consensus estimate of $701.24 million. Lyft had a negative return on equity of 79.27% and a negative net margin of 65.35%. Equities analysts forecast that Lyft will post -2.53 earnings per share for the current fiscal year.

In other Lyft news, General Counsel Kristin Sverchek sold 6,000 shares of Lyft stock in a transaction dated Monday, September 20th. The stock was sold at an average price of $51.24, for a total transaction of $307,440.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Logan Green sold 36,000 shares of Lyft stock in a transaction dated Wednesday, September 1st. The shares were sold at an average price of $48.70, for a total value of $1,753,200.00. The disclosure for this sale can be found here. Insiders sold a total of 57,977 shares of company stock valued at $2,838,880 in the last 90 days. 5.77% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SRS Capital Advisors Inc. purchased a new position in shares of Lyft during the 2nd quarter valued at about $30,000. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Lyft during the 1st quarter valued at about $39,000. McCarthy Asset Management Inc. purchased a new position in shares of Lyft during the 2nd quarter valued at about $39,000. Shell Asset Management Co. acquired a new stake in shares of Lyft during the 2nd quarter valued at about $71,000. Finally, Advisory Services Network LLC acquired a new stake in shares of Lyft during the 2nd quarter valued at about $74,000. Institutional investors and hedge funds own 83.01% of the company’s stock.

About Lyft

Lyft, Inc engages in the provision and management of online social rideshare community platform. It provides access to a network of shared bikes and scooters for shorter rides and first-mile and last-mile legs of multimodal trips, information about nearby public transit routes, and Lyft Rentals to offer riders a view of transportation options when planning any trip.

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