Lyft (NASDAQ:LYFT) Price Target Raised to $16.00 at Cantor Fitzgerald

Lyft (NASDAQ:LYFT) had its price target upped by Cantor Fitzgerald from $13.00 to $16.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the ride-sharing company’s stock. Cantor Fitzgerald’s price target would suggest a potential downside of 10.01% from the company’s current price.

A number of other brokerages have also issued reports on LYFT. Melius Research started coverage on shares of Lyft in a research note on Monday, July 22nd. They set a “hold” rating and a $15.00 price target on the stock. Citigroup cut their price objective on shares of Lyft from $18.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Truist Financial increased their price objective on shares of Lyft from $13.00 to $20.00 and gave the stock a “hold” rating in a research note on Thursday. Nomura Securities upgraded shares of Lyft from a “strong sell” rating to a “hold” rating in a research note on Friday, August 23rd. Finally, Wedbush reiterated an “underperform” rating on shares of Lyft in a research note on Friday, October 18th. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.23.

Lyft Trading Up 0.5 %

NASDAQ LYFT opened at $17.78 on Thursday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.00. The firm has a market cap of $7.29 billion, a PE ratio of -111.13 and a beta of 2.04. The company has a 50 day moving average price of $12.96 and a 200 day moving average price of $13.54. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82.

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

Insider Transactions at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $11.32, for a total transaction of $27,439.68. Following the completion of the sale, the director now directly owns 929,638 shares in the company, valued at approximately $10,523,502.16. 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 4,243 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.00, for a total transaction of $50,916.00. Following the sale, the insider now owns 760,089 shares of the company’s stock, valued at approximately $9,121,068. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,664 shares of company stock valued at $380,048. Corporate insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Institutional investors and hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC purchased a new stake in shares of Lyft in the 2nd quarter valued at approximately $35,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Lyft in the 2nd quarter valued at approximately $35,000. Capital Performance Advisors LLP purchased a new stake in shares of Lyft in the 3rd quarter valued at approximately $38,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Lyft in the 1st quarter valued at approximately $41,000. Finally, Quarry LP raised its stake in shares of Lyft by 4,032.6% in the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after acquiring an additional 3,468 shares during the period. 83.07% of the stock is owned by hedge funds and other institutional investors.

About Lyft

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.