Roth Mkm Boosts Lyft (NASDAQ:LYFT) Price Target to $16.00

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

A number of other brokerages have also recently commented on LYFT. Wedbush reaffirmed a “neutral” rating and set a $20.00 target price (up from $12.00) on shares of Lyft in a report on Thursday. Wells Fargo & Company reaffirmed a “market perform” rating on shares of Lyft in a report on Friday, October 18th. Cantor Fitzgerald upped their target price on shares of Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday. Melius began coverage on shares of Lyft in a report on Monday, July 22nd. They set a “hold” rating and a $15.00 target price for the company. Finally, Canaccord Genuity Group reduced their price objective on shares of Lyft from $23.00 to $18.00 and set a “buy” 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 given a strong buy rating to the company. According to data from MarketBeat.com, Lyft has an average rating of “Hold” and a consensus price target of $17.23.

Lyft Stock Performance

Shares of LYFT traded down $0.16 during mid-day trading on Thursday, hitting $17.53. 16,503,703 shares of the company traded hands, compared to its average volume of 15,064,927. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. The stock has a 50-day moving average price of $12.71 and a two-hundred day moving average price of $13.50. Lyft has a 1 year low of $8.93 and a 1 year high of $20.82. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of -110.81 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data 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 net margin of 1.27% and a negative return on equity of 8.57%. The firm 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 company earned ($0.14) earnings per share. The firm’s quarterly revenue was up 40.6% on a year-over-year basis. Equities analysts anticipate that Lyft will post -0.06 earnings per share for the current year.

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 7,188 shares of Lyft stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total transaction of $81,943.20. Following the completion of the sale, the director now owns 932,062 shares of the company’s stock, valued at approximately $10,625,506.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Lyft news, insider Lindsay Catherine Llewellyn sold 4,243 shares of Lyft stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.00, for a total transaction of $50,916.00. Following the completion of the sale, the insider now owns 760,089 shares of the company’s stock, valued at approximately $9,121,068. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Patrick Zimmer sold 7,188 shares of Lyft stock in a transaction dated 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 of the company’s stock, valued at $10,625,506.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,664 shares of company stock valued at $380,048. 3.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lyft

Institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC purchased a new position in shares of Lyft during the 2nd quarter valued at about $35,000. Brown Brothers Harriman & Co. purchased a new position in shares of Lyft during the 2nd quarter valued at about $35,000. Capital Performance Advisors LLP purchased a new position in shares of Lyft during the 3rd quarter valued at about $38,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Lyft during the 1st quarter valued at about $41,000. Finally, Quarry LP raised its stake in shares of Lyft by 4,032.6% during the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after buying an additional 3,468 shares during 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.