Lyft (NASDAQ:LYFT) Price Target Cut to $19.00 by Analysts at Bank of America

Lyft (NASDAQ:LYFT) had its target price lowered by research analysts at Bank of America from $21.00 to $19.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the ride-sharing company’s stock. Bank of America‘s target price would indicate a potential upside of 36.10% from the company’s current price.

Several other analysts have also weighed in on LYFT. Cantor Fitzgerald lifted their price objective on shares of Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Truist Financial lifted their price target on shares of Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. Tigress Financial increased their price objective on shares of Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. BMO Capital Markets boosted their target price on Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley increased their price target on Lyft from $16.50 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Lyft presently has an average rating of “Hold” and a consensus price target of $17.84.

Lyft Trading Up 0.7 %

LYFT opened at $13.96 on Wednesday. Lyft has a twelve month low of $8.93 and a twelve month high of $20.82. The company has a fifty day moving average of $14.69 and a 200-day moving average of $13.42. The stock has a market cap of $5.79 billion, a PE ratio of -87.25, a price-to-earnings-growth ratio of 1.74 and a beta of 2.14. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88.

Lyft (NASDAQ:LYFT) last announced 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 for the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the business earned ($0.02) EPS. The firm’s revenue was up 31.6% compared to the same quarter last year. On average, sell-side analysts predict that Lyft will post 0.06 EPS for the current year.

Insider Transactions at Lyft

In other Lyft news, CAO Lisa Blackwood-Kapral sold 9,081 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $18.02, for a total transaction of $163,639.62. Following the completion of the transaction, the chief accounting officer now owns 332,243 shares in the company, valued at $5,987,018.86. This trade represents a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of Lyft stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $17.76, for a total transaction of $75,337.92. Following the completion of the transaction, the insider now owns 755,847 shares of the company’s stock, valued at $13,423,842.72. The trade was a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,242 shares of company stock worth $427,330 in the last quarter. Insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. lifted its position in shares of Lyft by 32.4% during the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after acquiring an additional 2,302,248 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Lyft by 59.6% during the 4th quarter. Nordea Investment Management AB now owns 382,463 shares of the ride-sharing company’s stock valued at $5,006,000 after purchasing an additional 142,880 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Lyft by 10,225.6% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 424,384 shares of the ride-sharing company’s stock worth $5,475,000 after purchasing an additional 420,274 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Lyft in the 2nd quarter worth about $388,000. Finally, Park Avenue Securities LLC purchased a new position in Lyft during the 4th quarter valued at about $388,000. 83.07% of the stock is owned by institutional investors.

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.