Evercore ISI Issues Positive Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price target boosted by Evercore ISI from $17.00 to $19.00 in a report released on Thursday,Benzinga reports. The firm currently has an in-line rating on the ride-sharing company’s stock.

Several other brokerages have also issued reports on LYFT. Deutsche Bank Aktiengesellschaft cut their target price on Lyft from $15.00 to $11.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Roth Mkm dropped their price target on shares of Lyft from $19.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, August 14th. Barclays lowered their price target 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 cut their price objective on Lyft from $18.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Finally, Melius Research began coverage on Lyft in a research note on Monday, July 22nd. They issued a “hold” rating and a $15.00 price target for the company. Twenty-eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $17.23.

Lyft Price Performance

LYFT stock traded up $0.09 during midday trading on Thursday, reaching $17.78. The company had a trading volume of 28,803,876 shares, compared to its average volume of 15,121,569. The firm has a 50-day moving average price of $12.71 and a 200-day moving average price of $13.50. The company has a market capitalization of $7.29 billion, a P/E ratio of -110.81 and a beta of 2.04. Lyft has a 1 year low of $8.93 and a 1 year high of $20.82. 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 (NASDAQ:LYFT) last released its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.39 billion. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The firm’s revenue was up 40.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.14) earnings per share. On average, research analysts anticipate that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Activity at Lyft

In other news, Director Logan Green sold 10,323 shares of Lyft stock in a transaction 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 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the 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 in the company, valued at approximately $9,121,068. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Logan Green sold 10,323 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the transaction, the director now owns 330,790 shares of the company’s stock, valued at $3,843,779.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,664 shares of company stock worth $380,048. 3.07% of the stock is owned by insiders.

Hedge Funds Weigh In On Lyft

A number of hedge funds and other institutional investors have recently modified their holdings of LYFT. SouthState Corp lifted its stake in Lyft by 13.0% in the 3rd quarter. SouthState Corp now owns 23,972 shares of the ride-sharing company’s stock worth $306,000 after purchasing an additional 2,765 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Lyft by 2.1% during the third quarter. Victory Capital Management Inc. now owns 120,443 shares of the ride-sharing company’s stock valued at $1,536,000 after buying an additional 2,476 shares during the last quarter. GSA Capital Partners LLP grew its holdings in Lyft by 13.9% during the 3rd quarter. GSA Capital Partners LLP now owns 100,615 shares of the ride-sharing company’s stock valued at $1,283,000 after buying an additional 12,252 shares in the last quarter. Venturi Wealth Management LLC bought a new stake in Lyft in the 3rd quarter worth approximately $716,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Lyft during the 3rd quarter worth approximately $310,000. Institutional investors own 83.07% of the company’s stock.

About Lyft

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.