Lyft (NASDAQ:LYFT) Trading Down 5.1%

Lyft, Inc. (NASDAQ:LYFT) shares dropped 5.1% during trading on Wednesday . The company traded as low as $17.25 and last traded at $17.33. Approximately 5,810,864 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 16,777,115 shares. The stock had previously closed at $18.27.

Analyst Upgrades and Downgrades

LYFT has been the topic of a number of research reports. Piper Sandler upped their price target on shares of Lyft from $17.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. TD Cowen upped their price target on shares of Lyft from $10.00 to $12.00 and gave the company a “market perform” rating in a research note on Monday, January 22nd. UBS Group increased their target price on shares of Lyft from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Moffett Nathanson upgraded shares of Lyft from a “sell” rating to a “neutral” rating in a research report on Wednesday, February 14th. Finally, Citigroup increased their target price on shares of Lyft from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $14.60.

Lyft Price Performance

The business’s 50 day moving average is $17.58 and its two-hundred day moving average is $13.99. The firm has a market cap of $6.46 billion, a P/E ratio of -18.22 and a beta of 1.98. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.14. Lyft had a negative net margin of 7.73% and a negative return on equity of 54.80%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. As a group, analysts anticipate that Lyft, Inc. will post -0.35 earnings per share for the current year.

Insider Buying and Selling at Lyft

In other Lyft news, Director Logan Green sold 11,867 shares of Lyft stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $15.69, for a total value of $186,193.23. Following the completion of the sale, the director now directly owns 346,341 shares of the company’s stock, valued at $5,434,090.29. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Lisa Blackwood-Kapral sold 18,065 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $16.06, for a total transaction of $290,123.90. Following the completion of the sale, the chief accounting officer now directly owns 255,817 shares of the company’s stock, valued at $4,108,421.02. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Logan Green sold 11,867 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $15.69, for a total transaction of $186,193.23. Following the sale, the director now directly owns 346,341 shares of the company’s stock, valued at $5,434,090.29. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 270,526 shares of company stock valued at $5,195,771. Corporate insiders own 3.16% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Lyft by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 32,116,655 shares of the ride-sharing company’s stock worth $481,429,000 after acquiring an additional 659,133 shares in the last quarter. Norges Bank purchased a new position in Lyft during the fourth quarter worth about $73,660,000. Clearbridge Investments LLC boosted its stake in Lyft by 46.4% in the first quarter. Clearbridge Investments LLC now owns 6,470,972 shares of the ride-sharing company’s stock valued at $248,485,000 after acquiring an additional 2,050,430 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Lyft by 5.7% in the third quarter. Jacobs Levy Equity Management Inc. now owns 5,619,470 shares of the ride-sharing company’s stock valued at $59,229,000 after acquiring an additional 300,982 shares during the last quarter. Finally, Morgan Stanley boosted its stake in Lyft by 29.1% in the third quarter. Morgan Stanley now owns 5,616,086 shares of the ride-sharing company’s stock valued at $59,194,000 after acquiring an additional 1,267,124 shares during the last quarter. 83.07% of the stock is owned by institutional investors.

About Lyft

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.