Lyft’s (LYFT) “Overweight” Rating Reiterated at Piper Sandler

Lyft (NASDAQ:LYFT)‘s stock had its “overweight” rating reissued by analysts at Piper Sandler in a research note issued to investors on Thursday, Benzinga reports. They presently have a $23.00 price objective on the ride-sharing company’s stock, up from their previous price objective of $17.00. Piper Sandler’s target price suggests a potential upside of 25.14% from the company’s current price.

Several other research firms have also recently commented on LYFT. Truist Financial reduced their target price on Lyft from $18.00 to $13.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Susquehanna reduced their target price on Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Nomura Securities upgraded Lyft from a “strong sell” rating to a “hold” rating in a research report on Friday, August 23rd. UBS Group boosted their target price on Lyft from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, JPMorgan Chase & Co. reduced their target price on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, twenty-seven have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Lyft currently has a consensus rating of “Hold” and a consensus price target of $16.13.

Lyft Stock Performance

Shares of LYFT opened at $18.38 on Thursday. The firm has a market cap of $7.54 billion, a PE ratio of -114.88 and a beta of 2.04. The stock’s fifty day moving average price is $12.71 and its two-hundred day moving average price is $13.50. 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 1 year low of $8.93 and a 1 year high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.05. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same period in the previous year, the business earned ($0.14) earnings per share. The firm’s quarterly revenue was up 40.6% compared to the same quarter last year. On average, equities research analysts forecast that Lyft will post -0.06 EPS for the current year.

Insider Activity

In other news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction 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 transaction, the director now directly owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Lyft news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the stock in a transaction on 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 approximately $9,121,068. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction on Monday, September 16th. The stock was 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 of the company’s stock, valued at $10,523,502.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,664 shares of company stock valued at $380,048 in the last ninety days. 3.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LYFT. International Assets Investment Management LLC purchased a new position in shares of Lyft during the second quarter valued at about $35,000. Brown Brothers Harriman & Co. purchased a new position in Lyft in the second quarter worth about $35,000. Capital Performance Advisors LLP purchased a new position in Lyft in the third quarter worth about $38,000. Allspring Global Investments Holdings LLC purchased a new position in Lyft in the first quarter worth about $41,000. Finally, Quarry LP grew 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 acquiring an additional 3,468 shares in the last quarter. 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.