Lyft (NASDAQ:LYFT) Price Target Raised to $18.00

Lyft (NASDAQ:LYFT) had its price target hoisted by Morgan Stanley from $16.50 to $18.00 in a research note issued to investors on Thursday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the ride-sharing company’s stock.

Other equities research analysts have also issued research reports about the stock. Melius began coverage on shares of Lyft in a report on Monday, July 22nd. They issued a “hold” rating and a $15.00 price target on the stock. Wedbush restated a “neutral” rating and set a $20.00 price target (up previously from $12.00) on shares of Lyft in a report on Thursday. TD Cowen lowered their price target on Lyft from $18.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. BMO Capital Markets lifted their target price on shares of Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a research note on Thursday. Finally, Jefferies Financial Group upped their price target on Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.23.

Lyft Trading Up 0.5 %

Lyft stock traded up $0.09 during mid-day trading on Thursday, hitting $17.78. The company’s stock had a trading volume of 28,925,410 shares, compared to its average volume of 13,179,118. The business has a 50 day moving average price of $12.96 and a 200-day moving average price of $13.54. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The stock has a market cap of $7.29 billion, a price-to-earnings ratio of -111.13 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last released its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. Lyft had a negative return on equity of 1.67% and a negative net margin of 1.19%. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the previous year, the company posted ($0.14) EPS. Lyft’s revenue for the quarter was up 40.6% on a year-over-year basis. As a group, analysts forecast that Lyft will post -0.06 EPS for the current year.

Insider Buying and Selling at Lyft

In other news, Director Logan Green sold 10,323 shares of Lyft 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 in the company, valued at $3,843,779.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Logan Green sold 10,323 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total transaction of $119,953.26. Following the completion of the transaction, the director now owns 330,790 shares in the company, valued at $3,843,779.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Lindsay Catherine Llewellyn sold 4,243 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.00, for a total value of $50,916.00. Following the completion of the sale, the insider now owns 760,089 shares in the company, valued at $9,121,068. This represents 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 valued at $380,048 over the last ninety days. 3.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LYFT. Crossmark Global Holdings Inc. lifted its position in Lyft by 4.4% during the second quarter. Crossmark Global Holdings Inc. now owns 23,460 shares of the ride-sharing company’s stock valued at $330,000 after purchasing an additional 993 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Lyft by 9.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 13,894 shares of the ride-sharing company’s stock valued at $196,000 after acquiring an additional 1,160 shares during the last quarter. QRG Capital Management Inc. grew its position in Lyft by 6.1% in the second quarter. QRG Capital Management Inc. now owns 24,854 shares of the ride-sharing company’s stock worth $350,000 after acquiring an additional 1,437 shares in the last quarter. CWM LLC increased its stake in Lyft by 26.4% during the second quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock worth $98,000 after acquiring an additional 1,457 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Lyft by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 185,280 shares of the ride-sharing company’s stock valued at $2,612,000 after purchasing an additional 1,477 shares during the period. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.