Lyft (NASDAQ:LYFT) Trading Up 3.3% – Here’s What Happened

Lyft, Inc. (NASDAQ:LYFT) rose 3.3% during trading on Friday . The stock traded as high as $18.54 and last traded at $18.51. Approximately 1,920,470 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 15,069,757 shares. The stock had previously closed at $17.92.

Wall Street Analyst Weigh In

Several research firms have issued reports on LYFT. Canaccord Genuity Group increased their target price on shares of Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Melius initiated coverage on Lyft in a research report on Monday, July 22nd. They set a “hold” rating and a $15.00 price target for the company. Piper Sandler reissued an “overweight” rating and set a $23.00 price objective (up previously from $17.00) on shares of Lyft in a report on Thursday, November 7th. Citigroup dropped their target price on shares of Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lyft in a report on Thursday, November 7th. Twenty-eight investment 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 company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $17.48.

Lyft Stock Performance

The business’s 50 day moving average is $13.50 and its 200 day moving average is $13.58. The stock has a market capitalization of $7.41 billion, a PE ratio of -114.81, a PEG ratio of 5.16 and a beta of 2.04. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the previous year, the business earned ($0.02) EPS. Lyft’s revenue was up 31.6% compared to the same quarter last year. On average, equities research analysts predict that Lyft, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Activity at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $11.32, for a total value of $27,439.68. Following the completion of the sale, the director now owns 929,638 shares in the company, valued at approximately $10,523,502.16. The trade was a 0.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of Lyft stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.76, for a total transaction of $99,795.36. Following the completion of the transaction, the insider now directly owns 764,332 shares in the company, valued at $8,988,544.32. This represents a 1.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,987 shares of company stock worth $619,025 in the last 90 days. 3.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lyft

A number of large investors have recently modified their holdings of LYFT. Allspring Global Investments Holdings LLC acquired a new stake in Lyft in the 1st quarter worth approximately $41,000. Empowered Funds LLC increased its position in shares of Lyft by 24.4% in the 1st quarter. Empowered Funds LLC now owns 16,557 shares of the ride-sharing company’s stock valued at $320,000 after acquiring an additional 3,247 shares during the period. SG Americas Securities LLC purchased a new position in Lyft in the 1st quarter worth $1,262,000. Swiss National Bank lifted its position in Lyft by 2.0% during the 1st quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock worth $13,218,000 after acquiring an additional 13,300 shares during the period. Finally, Sei Investments Co. increased its holdings in shares of Lyft by 55.3% in the first quarter. Sei Investments Co. now owns 98,676 shares of the ride-sharing company’s stock valued at $1,909,000 after purchasing an additional 35,146 shares during the period. Hedge funds and other 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.