Lyft (NASDAQ:LYFT) Receives New Coverage from Analysts at Melius Research

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

A number of other equities analysts have also issued reports on the company. Gordon Haskett raised Lyft from a hold rating to a buy rating and raised their price target for the stock from $17.00 to $20.00 in a report on Friday, June 7th. Needham & Company LLC reissued a hold rating on shares of Lyft in a report on Monday, July 15th. Morgan Stanley lifted their price objective on Lyft from $17.00 to $18.00 and gave the company an equal weight rating in a report on Friday, June 7th. Sanford C. Bernstein lifted their price objective on Lyft from $15.00 to $19.00 and gave the company a market perform rating in a report on Wednesday, May 8th. Finally, Royal Bank of Canada reaffirmed an outperform rating and issued a $24.00 price objective on shares of Lyft in a report on Friday, June 7th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $18.04.

Lyft Stock Performance

NASDAQ LYFT opened at $12.21 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.92. Lyft has a 52-week low of $8.85 and a 52-week high of $20.82. The business’s 50-day moving average price is $14.21 and its 200 day moving average price is $15.51. The firm has a market cap of $4.93 billion, a P/E ratio of -25.98 and a beta of 2.06.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.17 billion. On average, equities research analysts expect that Lyft will post -0.18 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of Lyft

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Lyft by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock valued at $331,562,000 after buying an additional 1,135,036 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of Lyft by 15.1% during the 1st quarter. Commonwealth Equity Services LLC now owns 39,613 shares of the ride-sharing company’s stock valued at $767,000 after buying an additional 5,184 shares during the period. Swiss National Bank grew its stake in shares of Lyft by 2.0% during the 1st quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock valued at $13,218,000 after buying an additional 13,300 shares during the period. Corient Private Wealth LLC grew its stake in shares of Lyft by 163.9% during the 4th quarter. Corient Private Wealth LLC now owns 100,826 shares of the ride-sharing company’s stock valued at $1,511,000 after buying an additional 62,623 shares during the period. Finally, Range Financial Group LLC purchased a new stake in shares of Lyft during the 1st quarter valued at $470,000. 83.07% of the stock is owned by hedge funds and other 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.