Lyft (NASDAQ:LYFT) Coverage Initiated by Analysts at Melius

Melius started coverage on shares of Lyft (NASDAQ:LYFT) in a research note published on Monday, Marketbeat Ratings reports. The firm issued a hold rating and a $15.00 price target on the ride-sharing company’s stock.

Other research analysts have also issued reports about the stock. Citigroup boosted their price objective on shares of Lyft from $15.00 to $18.00 and gave the stock a neutral rating in a research note on Wednesday, May 8th. Wolfe Research began coverage on shares of Lyft in a research note on Tuesday, July 16th. They issued a peer perform rating on the stock. Royal Bank of Canada reiterated an outperform rating and issued a $24.00 price target on shares of Lyft in a research note on Friday, June 7th. The Goldman Sachs Group upped their price target on shares of Lyft from $19.00 to $21.00 and gave the company a neutral rating in a research note on Friday, June 7th. Finally, Piper Sandler reiterated an overweight rating and issued a $24.00 price target (up previously from $23.00) on shares of Lyft in a research note on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $17.79.

Lyft Stock Down 1.7 %

Lyft stock opened at $12.38 on Monday. The firm has a market capitalization of $5.00 billion, a PE ratio of -26.34 and a beta of 2.06. The company’s 50-day moving average is $14.31 and its 200-day moving average is $15.53. Lyft has a fifty-two week low of $8.85 and a fifty-two week high of $20.82. The company has a debt-to-equity ratio of 1.92, a current ratio of 0.82 and a quick ratio of 0.82.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.09. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.17 billion. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. Sell-side analysts anticipate that Lyft will post -0.19 earnings per share for the current year.

Insider Transactions at Lyft

In other Lyft news, Director John Patrick Zimmer sold 7,923 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $16.54, for a total value of $131,046.42. Following the sale, the director now owns 924,621 shares in the company, valued at $15,293,231.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Lyft news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $15.67, for a total value of $142,330.61. Following the sale, the chief accounting officer now owns 351,853 shares in the company, valued at $5,513,536.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Patrick Zimmer sold 7,923 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $16.54, for a total transaction of $131,046.42. Following the completion of the sale, the director now owns 924,621 shares in the company, valued at approximately $15,293,231.34. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,333 shares of company stock valued at $680,974. Company insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

A number of hedge funds have recently added to or reduced their stakes in LYFT. FinTrust Capital Advisors LLC raised its stake in shares of Lyft by 277.8% during the first quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock valued at $26,000 after acquiring an additional 1,000 shares during the last quarter. Allworth Financial LP raised its stake in shares of Lyft by 685.2% during the fourth quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock valued at $29,000 after acquiring an additional 1,672 shares during the last quarter. a16z Perennial Management L.P. bought a new position in shares of Lyft during the fourth quarter valued at $34,000. Kapitalo Investimentos Ltda bought a new position in shares of Lyft during the fourth quarter valued at $34,000. Finally, C M Bidwell & Associates Ltd. bought a new position in shares of Lyft during the fourth quarter valued at $40,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

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.