BMO Capital Markets Forecasts Strong Price Appreciation for Lyft (NASDAQ:LYFT) Stock

Lyft (NASDAQ:LYFT) had its price objective boosted by analysts at BMO Capital Markets from $13.00 to $18.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the ride-sharing company’s stock. BMO Capital Markets’ target price indicates a potential upside of 1.93% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. Loop Capital lowered their price target on shares of Lyft from $20.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, September 3rd. Roth Mkm raised their price target on shares of Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday. Piper Sandler reiterated an “overweight” rating and issued a $23.00 target price (up from $17.00) on shares of Lyft in a research note on Thursday. Barclays dropped their price target on shares of Lyft from $20.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Finally, Benchmark reaffirmed a “hold” rating on shares of Lyft in a research report on Thursday. Twenty-eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Lyft has a consensus rating of “Hold” and an average target price of $16.90.

Lyft Price Performance

Shares of LYFT traded up $3.26 during mid-day trading on Thursday, hitting $17.66. 52,723,801 shares of the company were exchanged, compared to its average volume of 14,959,943. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82. The stock has a market cap of $7.24 billion, a price-to-earnings ratio of -111.88 and a beta of 2.04. 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 50 day moving average of $12.71 and a 200-day moving average of $13.50.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.39 billion. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. Lyft’s quarterly revenue was up 40.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.14) earnings per share. Analysts expect that Lyft will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Logan Green sold 10,323 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total transaction of $119,953.26. Following the sale, the director now owns 330,790 shares in the company, valued at $3,843,779.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Logan Green sold 10,323 shares of Lyft stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the transaction, the director now directly owns 330,790 shares in the company, valued at approximately $3,843,779.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of Lyft stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total value of $99,795.36. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,664 shares of company stock worth $380,048 in the last quarter. Company insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Large investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC acquired a new position in Lyft in the first quarter worth $41,000. Brown Brothers Harriman & Co. bought a new stake in Lyft in the second quarter valued at about $35,000. International Assets Investment Management LLC bought a new stake in shares of Lyft in the second quarter worth about $35,000. Capital Performance Advisors LLP bought a new position in shares of Lyft during the third quarter worth about $38,000. Finally, Quarry LP boosted its position in 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 during the last quarter. 83.07% of the stock is currently 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.