Lyft (NASDAQ:LYFT) Now Covered by Analysts at Raymond James

Equities research analysts at Raymond James assumed coverage on shares of Lyft (NASDAQ:LYFT) in a research note issued on Tuesday, Marketbeat reports. The brokerage set a “market perform” rating on the ride-sharing company’s stock.

A number of other research analysts have also recently weighed in on the stock. Melius assumed coverage on shares of Lyft in a report on Monday, July 22nd. They issued a “hold” rating and a $15.00 price objective for the company. Nomura Securities upgraded shares of Lyft from a “strong sell” rating to a “hold” rating in a research note on Friday, August 23rd. The Goldman Sachs Group increased their price objective on Lyft from $19.00 to $21.00 and gave the company a “neutral” rating in a research note on Friday, June 7th. Royal Bank of Canada lowered their target price on Lyft from $24.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Lyft from $15.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Twenty-seven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $15.65.

Lyft Stock Up 0.2 %

NASDAQ:LYFT opened at $13.35 on Tuesday. Lyft has a 52 week low of $8.85 and a 52 week high of $20.82. The stock’s fifty day moving average is $11.54 and its two-hundred day moving average is $14.59. The stock has a market capitalization of $5.48 billion, a price-to-earnings ratio of -28.40 and a beta of 2.04. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.00.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.05. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. Lyft’s revenue was up 40.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.14) EPS. Research analysts anticipate that Lyft will post -0.16 EPS for the current year.

Insiders Place Their Bets

In other news, Director John Patrick Zimmer sold 7,188 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total value of $81,943.20. Following the completion of the sale, the director now directly owns 932,062 shares of the company’s stock, valued at $10,625,506.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Lyft news, Director John Patrick Zimmer sold 7,188 shares of Lyft stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total value of $81,943.20. Following the transaction, the director now directly owns 932,062 shares in the company, valued at approximately $10,625,506.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Kristin Sverchek sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $14.01, for a total value of $49,035.00. Following the sale, the president now owns 50,778 shares of the company’s stock, valued at approximately $711,399.78. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,164 shares of company stock valued at $470,513. Insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Hedge funds have recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Lyft by 251.0% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 87,800 shares of the ride-sharing company’s stock worth $1,238,000 after purchasing an additional 62,786 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Lyft during the 2nd quarter worth approximately $388,000. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Lyft by 40.9% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 33,514 shares of the ride-sharing company’s stock valued at $473,000 after buying an additional 9,731 shares during the period. Quarry LP boosted its stake in shares of Lyft by 4,032.6% in the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after buying an additional 3,468 shares in the last quarter. Finally, Algert Global LLC grew its holdings in Lyft by 92.0% during the second quarter. Algert Global LLC now owns 213,039 shares of the ride-sharing company’s stock worth $3,004,000 after acquiring an additional 102,109 shares during the period. 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.