Wells Fargo & Company Has Lowered Expectations for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price objective trimmed by Wells Fargo & Company from $17.00 to $14.00 in a report published on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the ride-sharing company’s stock.

A number of other brokerages have also issued reports on LYFT. Tigress Financial increased their price objective on shares of Lyft from $24.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Loop Capital lifted their price target on shares of Lyft from $16.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Roth Mkm increased their price objective on shares of Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Morgan Stanley lifted their target price on Lyft from $16.50 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lyft in a research note on Thursday, November 7th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $17.84.

Lyft Trading Up 1.5 %

LYFT opened at $13.60 on Thursday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The firm’s fifty day moving average is $15.38 and its 200 day moving average is $13.41. Lyft has a fifty-two week low of $8.93 and a fifty-two week high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, beating the consensus estimate 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 business 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) earnings per share. The business’s revenue was up 31.6% on a year-over-year basis. Research analysts forecast that Lyft will post 0.06 EPS for the current fiscal year.

Insider Transactions at Lyft

In other news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the completion of the sale, the director now owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $17.76, for a total value of $75,337.92. Following the completion of the sale, 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. Over the last ninety days, insiders sold 24,242 shares of company stock worth $427,330. 3.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lyft

Several institutional investors have recently made changes to their positions in LYFT. True Wealth Design LLC purchased a new stake in Lyft in the third quarter worth about $27,000. ORG Wealth Partners LLC bought a new stake in shares of Lyft in the 4th quarter valued at about $31,000. Brown Brothers Harriman & Co. bought a new stake in shares of Lyft in the 2nd quarter valued at about $35,000. Capital Performance Advisors LLP purchased a new stake in shares of Lyft in the 3rd quarter worth approximately $38,000. Finally, Quarry LP boosted its stake in shares of Lyft by 4,032.6% during the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $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.