Lyft (NASDAQ:LYFT) Price Target Raised to $16.00 at Cantor Fitzgerald

Lyft (NASDAQ:LYFT) had its target price increased by Cantor Fitzgerald from $13.00 to $16.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the ride-sharing company’s stock.

Several other brokerages have also recently commented on LYFT. Royal Bank of Canada reduced their target price on shares of Lyft from $24.00 to $17.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Barclays reduced their target price on shares of Lyft from $20.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Wolfe Research started coverage on shares of Lyft in a research note on Tuesday, July 16th. They issued a “peer perform” rating for the company. Nomura upgraded shares of Lyft from a “reduce” rating to a “neutral” rating and cut their price target for the company from $15.00 to $13.00 in a research note on Friday, August 23rd. Finally, JPMorgan Chase & Co. cut their price target on shares of Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $17.23.

Lyft Stock Up 0.5 %

Shares of LYFT stock traded up $0.09 during trading hours on Thursday, hitting $17.78. 26,956,051 shares of the company were exchanged, compared to its average volume of 15,113,094. The business has a 50 day moving average of $12.71 and a two-hundred day moving average of $13.50. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. The company has a market capitalization of $7.29 billion, a PE ratio of -110.81 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last announced its 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. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter in the prior year, the company posted ($0.14) earnings per share. The firm’s revenue was up 40.6% on a year-over-year basis. Analysts anticipate that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Transactions at Lyft

In other news, Director John Patrick Zimmer sold 7,188 shares of the business’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 transaction, the director now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $81,943.20. Following the transaction, the director now owns 932,062 shares in the company, valued at approximately $10,625,506.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Logan Green sold 10,323 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the sale, the director now owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,664 shares of company stock worth $380,048. Company insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in LYFT. Allspring Global Investments Holdings LLC bought a new position in shares of Lyft in the first quarter valued at approximately $41,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Lyft during the second quarter valued at approximately $35,000. International Assets Investment Management LLC purchased a new stake in Lyft in the second quarter worth $35,000. Capital Performance Advisors LLP purchased a new stake in Lyft in the third quarter worth $38,000. Finally, Quarry LP increased its position in Lyft by 4,032.6% in the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after buying an additional 3,468 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

Lyft Company Profile

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.