Lyft (NASDAQ:LYFT) Earns Neutral Rating from Wedbush

Lyft (NASDAQ:LYFT)‘s stock had its “neutral” rating reaffirmed by equities research analysts at Wedbush in a note issued to investors on Thursday,RTT News reports. They currently have a $20.00 price target on the ride-sharing company’s stock, up from their previous price target of $12.00. Wedbush’s price objective would suggest a potential upside of 12.49% from the company’s previous close.

Several other analysts have also weighed in on LYFT. Benchmark restated a “hold” rating on shares of Lyft in a report on Thursday. Jefferies Financial Group increased their target price on shares of Lyft from $10.50 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Raymond James assumed coverage on shares of Lyft in a research note on Tuesday, September 24th. They set a “market perform” rating for the company. Nomura Securities raised shares of Lyft from a “strong sell” rating to a “hold” rating in a research report on Friday, August 23rd. Finally, Nomura upgraded Lyft from a “reduce” rating to a “neutral” rating and dropped their target price for the company from $15.00 to $13.00 in a research report on Friday, August 23rd. Twenty-eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $17.23.

Lyft Price Performance

Shares of NASDAQ:LYFT traded up $0.09 on Thursday, reaching $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 company has a 50-day simple moving average of $12.96 and a 200 day simple moving average of $13.54. 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 company has a market cap of $7.29 billion, a P/E ratio of -111.13 and a beta of 2.04. Lyft has a 52-week low of $8.93 and a 52-week high of $20.82.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.05. The company 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 1.67% and a negative net margin of 1.19%. The firm’s revenue for the quarter was up 40.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.14) earnings per share. As a group, equities research analysts anticipate that Lyft will post -0.06 EPS for the current fiscal year.

Insider Transactions at Lyft

In other news, Director John Patrick Zimmer sold 7,188 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total value of $81,943.20. Following the completion of the sale, the director now directly owns 932,062 shares in the company, valued at $10,625,506.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were 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 of the company’s stock, valued at $9,121,068. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total value of $81,943.20. Following the sale, the director now directly owns 932,062 shares of the company’s stock, valued at approximately $10,625,506.80. This trade represents 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 worth $380,048 over the last quarter. 3.07% of the stock is currently owned by insiders.

Institutional Trading of Lyft

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LYFT. Allspring Global Investments Holdings LLC purchased a new stake in Lyft during the 1st quarter worth approximately $41,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Lyft during the second quarter worth $35,000. International Assets Investment Management LLC acquired a new stake in shares of Lyft in the second quarter valued at $35,000. Capital Performance Advisors LLP purchased a new position in Lyft in the third quarter valued at $38,000. Finally, Quarry LP grew its stake in Lyft by 4,032.6% during the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after purchasing 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.