Lyft (NASDAQ:LYFT) Price Target Lowered to $17.00 at Royal Bank of Canada

Lyft (NASDAQ:LYFT) had its price objective trimmed by Royal Bank of Canada from $24.00 to $17.00 in a report published on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the ride-sharing company’s stock.

A number of other research firms have also commented on LYFT. DA Davidson upped their price target on Lyft from $15.00 to $18.00 and gave the company a neutral rating in a research report on Wednesday, May 8th. Wedbush reduced their target price on Lyft from $19.00 to $12.00 and set a neutral rating on the stock in a report on Thursday. Wells Fargo & Company reduced their target price on Lyft from $17.00 to $12.00 and set an equal weight rating on the stock in a report on Thursday. Needham & Company LLC reiterated a hold rating on shares of Lyft in a report on Wednesday. Finally, Susquehanna reduced their target price on Lyft from $18.00 to $10.00 and set a neutral rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $16.03.

Lyft Trading Down 3.1 %

LYFT traded down $0.31 during midday trading on Thursday, reaching $9.76. 18,693,449 shares of the company’s stock traded hands, compared to its average volume of 15,903,942. The firm has a fifty day moving average of $13.14 and a two-hundred day moving average of $15.35. The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of -20.77 and a beta of 2.06. 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 has a 52 week low of $8.85 and a 52 week high of $20.82.

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

Insiders Place Their Bets

In other news, President Kristin Sverchek sold 3,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $13.81, for a total value of $41,430.00. Following the transaction, the president now directly owns 47,778 shares in the company, valued at approximately $659,814.18. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director John Patrick Zimmer sold 3,327 shares of Lyft stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $15.74, for a total transaction of $52,366.98. Following the transaction, the director now directly owns 921,294 shares in the company, valued at $14,501,167.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Kristin Sverchek sold 3,000 shares of Lyft stock in a transaction on Monday, July 1st. The shares were sold at an average price of $13.81, for a total value of $41,430.00. Following the transaction, the president now owns 47,778 shares in the company, valued at $659,814.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,333 shares of company stock valued at $518,714. Corporate insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Institutional investors and hedge funds have recently bought and sold shares of the business. FinTrust Capital Advisors LLC raised its holdings in 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 period. Allworth Financial LP raised its holdings in 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 period. a16z Perennial Management L.P. bought a new stake in shares of Lyft in the fourth quarter worth about $34,000. Kapitalo Investimentos Ltda bought a new stake in shares of Lyft in the fourth quarter worth about $34,000. Finally, International Assets Investment Management LLC bought a new stake in shares of Lyft in the second quarter worth about $35,000. 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.