Barclays Forecasts Strong Price Appreciation for Lyft (NASDAQ:LYFT) Stock

Lyft (NASDAQ:LYFT) had its target price lifted by Barclays from $14.00 to $20.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the ride-sharing company’s stock. Barclays‘s target price points to a potential upside of 13.44% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. Wells Fargo & Company restated a “market perform” rating on shares of Lyft in a research note on Friday, October 18th. Evercore ISI upped their price target on shares of Lyft from $17.00 to $19.00 and gave the company an “in-line” rating in a research report on Thursday. Wedbush restated a “neutral” rating and issued a $20.00 price objective (up from $12.00) on shares of Lyft in a research note on Thursday. Raymond James initiated coverage on Lyft in a research note on Tuesday, September 24th. They set a “market perform” rating for the company. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Lyft from $15.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Twenty-eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Lyft has a consensus rating of “Hold” and an average price target of $17.23.

Lyft Trading Down 0.3 %

Shares of LYFT stock traded down $0.06 on Friday, hitting $17.63. 15,765,524 shares of the stock traded hands, compared to its average volume of 15,061,525. The firm’s 50-day moving average price is $12.71 and its two-hundred day moving average price is $13.50. The stock has a market capitalization of $7.23 billion, a PE ratio of -110.81 and a beta of 2.04. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. Lyft has a twelve month low of $8.93 and a twelve month high of $20.82.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.19 by $0.05. The business had revenue of $1.44 billion during 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%. The company’s quarterly revenue was up 40.6% on a year-over-year basis. During the same period last year, the business posted ($0.14) earnings per share. As a group, analysts anticipate that Lyft will post -0.06 EPS for the current year.

Insider Activity at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $11.32, for a total transaction of $27,439.68. Following the transaction, the director now owns 929,638 shares of the company’s stock, valued at approximately $10,523,502.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Logan Green sold 10,323 shares of the business’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 value of $119,953.26. Following the sale, the director now directly owns 330,790 shares in the company, valued at $3,843,779.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $11.32, for a total transaction of $27,439.68. Following the sale, the director now owns 929,638 shares of the company’s stock, valued at $10,523,502.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,664 shares of company stock worth $380,048 over the last ninety days. 3.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new position in Lyft in the 2nd quarter worth approximately $35,000. Brown Brothers Harriman & Co. purchased a new position in Lyft during the 2nd quarter valued at about $35,000. Capital Performance Advisors LLP acquired a new position in shares of Lyft in the 3rd quarter valued at about $38,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Lyft in the first quarter worth approximately $41,000. Finally, Quarry LP boosted its holdings in shares of Lyft by 4,032.6% during the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after purchasing an additional 3,468 shares during the period. 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.