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

Lyft (NASDAQ:LYFT) had its price target hoisted by DA Davidson from $11.00 to $16.00 in a report released on Thursday morning,Benzinga reports. DA Davidson currently has a neutral rating on the ride-sharing company’s stock.

Several other analysts have also recently commented on LYFT. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Lyft from $15.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. BMO Capital Markets upped their price target on Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a research note on Thursday. Loop Capital dropped their price objective on Lyft from $20.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. Barclays decreased their target price on Lyft from $20.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Finally, Cantor Fitzgerald raised their price target on Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday. Twenty-eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $17.23.

Lyft Price Performance

NASDAQ LYFT traded up $0.09 during trading hours on Thursday, reaching $17.78. 28,925,410 shares of the company’s stock were exchanged, compared to its average volume of 13,179,118. The firm has a fifty day moving average of $12.96 and a 200-day moving average of $13.54. Lyft has a one year low of $8.93 and a one year high of $20.82. The stock has a market cap of $7.29 billion, a PE ratio of -111.13 and a beta of 2.04. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00.

Lyft (NASDAQ:LYFT) last announced its 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. Lyft had a negative return on equity of 1.67% and a negative net margin of 1.19%. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period last year, the company posted ($0.14) earnings per share. The firm’s quarterly revenue was up 40.6% compared to the same quarter last year. On average, equities research analysts predict that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Lyft

In other news, Director John Patrick Zimmer sold 7,188 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total value of $81,943.20. Following the transaction, the director now directly owns 932,062 shares of the company’s stock, valued at $10,625,506.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director John Patrick Zimmer sold 7,188 shares of Lyft stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total value of $81,943.20. Following the completion of the sale, the director now directly owns 932,062 shares in the company, valued at approximately $10,625,506.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.76, for a total value of $99,795.36. Following the sale, the insider now directly owns 764,332 shares in the company, valued at approximately $8,988,544.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,664 shares of company stock valued at $380,048 in the last quarter. 3.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lyft

A number of institutional investors have recently added to or reduced their stakes in LYFT. Allspring Global Investments Holdings LLC acquired a new stake in shares of Lyft during the first quarter valued at about $41,000. Janney Montgomery Scott LLC raised its holdings in Lyft by 48.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 78,609 shares of the ride-sharing company’s stock valued at $1,521,000 after buying an additional 25,500 shares during the last quarter. Empowered Funds LLC boosted its position in Lyft by 24.4% during the 1st quarter. Empowered Funds LLC now owns 16,557 shares of the ride-sharing company’s stock worth $320,000 after buying an additional 3,247 shares during the period. SG Americas Securities LLC bought a new stake in Lyft during the 1st quarter worth approximately $1,262,000. Finally, Swiss National Bank raised its stake in shares of Lyft by 2.0% during the first quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock valued at $13,218,000 after acquiring an additional 13,300 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.