Lyft (NASDAQ:LYFT) Price Target Raised to $18.00

Lyft (NASDAQ:LYFT) had its price target lifted by UBS Group from $13.00 to $18.00 in a research note published on Thursday,Benzinga reports. UBS Group currently has a neutral rating on the ride-sharing company’s stock.

A number of other equities analysts have also commented on the stock. Wedbush reissued a “neutral” rating and issued a $20.00 price target (up previously from $12.00) on shares of Lyft in a report on Thursday. Cantor Fitzgerald raised their price target on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday. Raymond James started coverage on Lyft in a report on Tuesday, September 24th. They issued a “market perform” rating for the company. Citigroup reduced their price objective on Lyft from $18.00 to $10.00 and set a “neutral” 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 note on Thursday. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Lyft 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 on Thursday, reaching $17.78. The company’s stock had a trading volume of 28,925,410 shares, 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 capitalization of $7.29 billion, a PE ratio of -111.13 and a beta of 2.04. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same period in the prior year, the business earned ($0.14) earnings per share. Lyft’s revenue for the quarter was up 40.6% compared to the same quarter last year. Analysts expect that Lyft will post -0.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total transaction of $99,795.36. Following the sale, the insider now owns 764,332 shares in the company, valued at approximately $8,988,544.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $8,988,544.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction that occurred on 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,664 shares of company stock worth $380,048. 3.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lyft

A number of hedge funds have recently bought and sold shares of LYFT. Swiss National Bank boosted its stake in Lyft by 2.0% during the 1st quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock valued at $13,218,000 after purchasing an additional 13,300 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Lyft in the 1st quarter worth about $41,000. Mitsubishi UFJ Trust & Banking Corp raised its position in Lyft by 430.9% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,886 shares of the ride-sharing company’s stock worth $75,000 after buying an additional 3,154 shares during the last quarter. CWM LLC lifted its stake in Lyft by 26.4% during the 2nd quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock valued at $98,000 after acquiring an additional 1,457 shares during the period. Finally, Comerica Bank boosted its holdings in shares of Lyft by 310.3% during the 1st quarter. Comerica Bank now owns 102,576 shares of the ride-sharing company’s stock valued at $1,985,000 after acquiring an additional 77,578 shares during the last quarter. 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.