Lyft (NASDAQ:LYFT) Price Target Cut to $17.00 by Analysts at Evercore ISI

Lyft (NASDAQ:LYFT) had its target price reduced by Evercore ISI from $18.00 to $17.00 in a report issued on Thursday morning, Benzinga reports. They currently have an in-line rating on the ride-sharing company’s stock.

Several other equities research analysts have also commented on LYFT. Fox Advisors upgraded shares of Lyft from an equal weight rating to an overweight rating and set a $20.00 price target for the company in a report on Friday, June 7th. Wolfe Research initiated coverage on shares of Lyft in a research note on Tuesday, July 16th. They issued a peer perform rating for the company. Melius initiated coverage on Lyft in a research report on Monday, July 22nd. They set a hold rating and a $15.00 target price on the stock. Melius Research began coverage on Lyft in a research note on Monday, July 22nd. They set a hold rating and a $15.00 price objective for the company. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $24.00 price objective on shares of Lyft in a research report on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $15.97.

Lyft Trading Down 3.1 %

NASDAQ:LYFT traded down $0.31 during midday trading on Thursday, hitting $9.76. The stock had a trading volume of 18,735,444 shares, compared to its average volume of 15,903,942. The stock has a 50-day moving average of $13.14 and a 200 day moving average of $15.37. The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of -20.77 and a beta of 2.06. Lyft has a one year low of $8.85 and a one year high of $20.82. 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 (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.39 billion. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. The business’s revenue was up 40.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.14) EPS. As a group, sell-side analysts forecast that Lyft will post -0.18 EPS for the current year.

Insider Activity at Lyft

In other Lyft news, Director John Patrick Zimmer sold 7,923 shares of the stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $16.54, for a total transaction of $131,046.42. Following the sale, the director now directly owns 924,621 shares of the company’s stock, valued at approximately $15,293,231.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director John Patrick Zimmer sold 7,923 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $16.54, for a total value of $131,046.42. Following the completion of the transaction, the director now owns 924,621 shares of the company’s stock, valued at approximately $15,293,231.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Kristin Sverchek sold 3,000 shares of Lyft stock in a transaction that occurred 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 of the company’s stock, valued at $659,814.18. The disclosure for this sale can be found here. Insiders sold 33,333 shares of company stock worth $518,714 over the last three months. Company insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. FinTrust Capital Advisors LLC increased its stake in shares of Lyft by 277.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock valued at $26,000 after purchasing an additional 1,000 shares in the last quarter. Allworth Financial LP increased its position in shares of Lyft by 685.2% in the fourth quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock valued at $29,000 after buying an additional 1,672 shares in the last quarter. a16z Perennial Management L.P. acquired a new position in shares of Lyft during the 4th quarter worth approximately $34,000. Kapitalo Investimentos Ltda purchased a new position in shares of Lyft during the 4th quarter valued at approximately $34,000. Finally, International Assets Investment Management LLC acquired a new stake in Lyft in the 2nd quarter valued at $35,000. 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.