Jefferies Financial Group Raises Lyft (NASDAQ:LYFT) Price Target to $13.00

Lyft (NASDAQ:LYFT) had its price objective lifted by Jefferies Financial Group from $10.50 to $13.00 in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a hold rating on the ride-sharing company’s stock.

Several other research firms have also recently issued reports on LYFT. Loop Capital cut their price objective on shares of Lyft from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, September 3rd. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research report on Wednesday, August 7th. Canaccord Genuity Group cut their price objective on shares of Lyft from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Evercore ISI cut their price objective on shares of Lyft from $18.00 to $17.00 and set an “in-line” rating for the company in a research report on Thursday, August 8th. Finally, Wedbush reaffirmed an “underperform” rating on shares of Lyft in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, twenty-six have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $15.59.

Lyft Price Performance

Shares of NASDAQ LYFT opened at $13.78 on Tuesday. The firm has a 50-day simple moving average of $12.27 and a 200-day simple moving average of $13.80. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of -29.32 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 has a 52 week low of $8.85 and a 52 week high of $20.82.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data 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. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same period last year, the business earned ($0.14) earnings per share. Lyft’s revenue was up 40.6% compared to the same quarter last year. On average, equities analysts predict that Lyft will post -0.09 earnings per share for the current fiscal year.

Insider Activity at Lyft

In related news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total value of $81,943.20. Following the sale, the director now owns 932,062 shares of the company’s stock, valued at $10,625,506.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Lyft news, Director Logan Green sold 10,323 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total transaction of $119,953.26. Following the sale, the director now owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total transaction of $81,943.20. Following the sale, the director now directly owns 932,062 shares in the company, valued at approximately $10,625,506.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,664 shares of company stock valued at $380,048 over the last 90 days. 3.07% of the stock is owned by corporate insiders.

Institutional Trading of Lyft

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Lyft by 2.4% during the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock worth $636,603,000 after purchasing an additional 782,736 shares in the last quarter. Primecap Management Co. CA raised its holdings in Lyft by 1.5% during the second quarter. Primecap Management Co. CA now owns 6,256,080 shares of the ride-sharing company’s stock worth $88,211,000 after purchasing an additional 94,710 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Lyft by 1.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 5,846,287 shares of the ride-sharing company’s stock valued at $113,126,000 after acquiring an additional 63,461 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Lyft by 39.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock valued at $40,475,000 after acquiring an additional 812,926 shares during the period. Finally, Canada Pension Plan Investment Board increased its holdings in shares of Lyft by 11.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,601,400 shares of the ride-sharing company’s stock valued at $22,580,000 after acquiring an additional 167,400 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.