Lyft (NASDAQ:LYFT) Price Target Raised to $18.00

Lyft (NASDAQ:LYFT) had its price target boosted by TD Cowen from $16.00 to $18.00 in a research report released on Thursday,Benzinga reports. TD Cowen currently has a hold rating on the ride-sharing company’s stock.

A number of other equities research analysts have also recently commented on LYFT. Benchmark reiterated a “hold” rating on shares of Lyft in a report on Thursday. Jefferies Financial Group lifted their target price on Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft lowered their price target on Lyft from $15.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Canaccord Genuity Group lifted their price objective on Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Bank of America upped their target price on shares of Lyft from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday. Twenty-eight 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $17.23.

Lyft Stock Up 0.5 %

Lyft stock traded up $0.09 during mid-day trading on Thursday, hitting $17.78. The company had a trading volume of 28,925,410 shares, compared to its average volume of 13,179,118. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00. The stock’s 50 day moving average price is $12.96 and its two-hundred day moving average price is $13.54. The company has a market capitalization of $7.29 billion, a PE ratio of -111.13 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.19 by $0.05. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.39 billion. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.67%. Lyft’s revenue for the quarter was up 40.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.14) EPS. As a group, sell-side analysts anticipate that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 929,638 shares of the company’s stock, valued at approximately $10,523,502.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $11.32, for a total value of $27,439.68. Following the sale, the director now owns 929,638 shares in the company, valued at $10,523,502.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total value of $99,795.36. Following the transaction, the insider now owns 764,332 shares of the company’s stock, valued at approximately $8,988,544.32. The trade was a 0.00 % decrease in their position. 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 corporate insiders.

Institutional Trading of Lyft

Hedge funds have recently modified their holdings of the company. Swiss National Bank increased its position in Lyft by 2.0% in the first quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock worth $13,218,000 after purchasing an additional 13,300 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Lyft in the 1st quarter worth $41,000. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Lyft by 430.9% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,886 shares of the ride-sharing company’s stock worth $75,000 after buying an additional 3,154 shares during the last quarter. CWM LLC raised its position in shares of Lyft by 26.4% during the 2nd quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock valued at $98,000 after buying an additional 1,457 shares in the last quarter. Finally, Comerica Bank lifted its holdings in shares of Lyft by 310.3% in the 1st quarter. Comerica Bank now owns 102,576 shares of the ride-sharing company’s stock valued at $1,985,000 after acquiring an additional 77,578 shares during the last quarter. 83.07% of the stock is owned by hedge funds and other 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.