Equities Analysts Issue Forecasts for Lyft, Inc.’s Q3 2024 Earnings (NASDAQ:LYFT)

Lyft, Inc. (NASDAQ:LYFT) – Stock analysts at Roth Capital reduced their Q3 2024 earnings estimates for Lyft in a research note issued on Wednesday, August 14th. Roth Capital analyst R. Kulkarni now expects that the ride-sharing company will post earnings per share of ($0.09) for the quarter, down from their previous estimate of ($0.07). The consensus estimate for Lyft’s current full-year earnings is ($0.18) per share. Roth Capital also issued estimates for Lyft’s Q4 2024 earnings at ($0.03) EPS, FY2024 earnings at ($0.17) EPS, Q1 2025 earnings at ($0.06) EPS, Q2 2025 earnings at ($0.05) EPS, Q3 2025 earnings at ($0.02) EPS, Q4 2025 earnings at ($0.05) EPS and FY2025 earnings at ($0.18) EPS.

LYFT has been the topic of several other reports. Melius started coverage on Lyft in a research note on Monday, July 22nd. They set a “hold” rating and a $15.00 target price on the stock. Fox Advisors raised shares of Lyft from an “equal weight” rating to an “overweight” rating and set a $20.00 price objective on the stock in a research report on Friday, June 7th. Royal Bank of Canada dropped their target price on shares of Lyft from $24.00 to $17.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. The Goldman Sachs Group boosted their price target on shares of Lyft from $19.00 to $21.00 and gave the company a “neutral” rating in a research report on Friday, June 7th. Finally, BMO Capital Markets lowered their price objective on shares of Lyft from $19.00 to $13.00 and set a “market perform” rating for the company in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $15.87.

Lyft Stock Up 3.6 %

Shares of NASDAQ:LYFT opened at $11.20 on Friday. The stock’s 50-day moving average is $12.62 and its 200 day moving average is $15.29. The company has a market cap of $4.52 billion, a PE ratio of -23.83 and a beta of 2.06. The company has a debt-to-equity ratio of 1.92, a current ratio of 0.82 and a quick ratio of 0.82. Lyft has a 1 year low of $8.85 and a 1 year high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. The company’s revenue was up 40.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.14) EPS.

Insider Buying and Selling at Lyft

In other news, Director John Patrick Zimmer sold 7,923 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $16.54, for a total transaction of $131,046.42. Following the transaction, the director now directly owns 924,621 shares of the company’s stock, valued at $15,293,231.34. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director John Patrick Zimmer sold 7,923 shares of Lyft stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $16.54, for a total value of $131,046.42. Following the completion of the sale, the director now directly owns 924,621 shares in the company, valued at $15,293,231.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Kristin Sverchek sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $13.81, for a total transaction of $41,430.00. Following the transaction, the president now directly owns 47,778 shares of the company’s stock, valued at $659,814.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,333 shares of company stock worth $518,714. Insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Several large investors have recently modified their holdings of LYFT. Quarry LP grew its stake in shares of Lyft by 4,032.6% during the 2nd 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 during the period. Algert Global LLC grew its position in Lyft by 92.0% during the second quarter. Algert Global LLC now owns 213,039 shares of the ride-sharing company’s stock valued at $3,004,000 after buying an additional 102,109 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in Lyft during the second quarter valued at approximately $3,349,000. Maverick Capital Ltd. bought a new position in Lyft in the second quarter worth approximately $686,000. Finally, Dark Forest Capital Management LP purchased a new position in shares of Lyft during the 2nd quarter worth $613,000. 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.