Lyft (NASDAQ:LYFT) Stock Price Expected to Rise, DA Davidson Analyst Says

Lyft (NASDAQ:LYFT) had its price target upped by DA Davidson from $11.00 to $16.00 in a report released on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the ride-sharing company’s stock.

LYFT has been the topic of several other reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a research note on Thursday. Loop Capital dropped their price target on Lyft from $20.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, September 3rd. Barclays cut their price objective on Lyft from $20.00 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. TD Cowen increased their target price on Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday. Finally, Benchmark reaffirmed a “hold” rating on shares of Lyft in a report on Thursday. 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $17.23.

Lyft Price Performance

LYFT stock traded up $0.09 during trading on Thursday, hitting $17.78. The company had a trading volume of 28,803,876 shares, compared to its average volume of 15,121,569. The company has a fifty day moving average price of $12.71 and a two-hundred day moving average price of $13.50. Lyft has a fifty-two week low of $8.93 and a fifty-two week high of $20.82. The company has a market cap of $7.29 billion, a P/E ratio of -110.81 and a beta of 2.04. 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 (NASDAQ:LYFT) last issued its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.19 by $0.05. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.39 billion. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The firm’s revenue for the quarter was up 40.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.14) EPS. Equities research analysts expect that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Activity

In related news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction 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 owns 932,062 shares of the company’s stock, valued at approximately $10,625,506.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total value of $99,795.36. Following the completion of the transaction, the insider now owns 764,332 shares in the company, valued at $8,988,544.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction 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 owns 932,062 shares in the company, valued at approximately $10,625,506.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,664 shares of company stock valued at $380,048 in the last quarter. Company insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Large investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new position in shares of Lyft during the second quarter worth about $35,000. Brown Brothers Harriman & Co. bought a new stake in Lyft in the 2nd quarter valued at approximately $35,000. Capital Performance Advisors LLP acquired a new position in Lyft during the 3rd quarter worth approximately $38,000. Allspring Global Investments Holdings LLC bought a new position in shares of Lyft during the 1st quarter worth approximately $41,000. Finally, Quarry LP raised its holdings 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 purchasing 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.