Lyft (NASDAQ:LYFT) Price Target Raised to $24.00

Lyft (NASDAQ:LYFT) had its target price raised by Royal Bank of Canada from $23.00 to $24.00 in a report published on Wednesday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the ride-sharing company’s stock.

Other equities analysts also recently issued research reports about the stock. Moffett Nathanson upgraded shares of Lyft from a sell rating to a neutral rating in a report on Wednesday, February 14th. DA Davidson boosted their price target on Lyft from $15.00 to $18.00 and gave the company a neutral rating in a report on Wednesday. Morgan Stanley lifted their price target on shares of Lyft from $12.00 to $13.00 and gave the company an equal weight rating in a research note on Monday. Piper Sandler raised their target price on Lyft from $22.00 to $23.00 and gave the company an overweight rating in a research report on Wednesday. Finally, Truist Financial boosted their target price on Lyft from $15.00 to $18.00 and gave the stock a hold rating in a report on Wednesday. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and an average target price of $16.70.

Lyft Trading Down 3.0 %

NASDAQ:LYFT traded down $0.54 during midday trading on Wednesday, hitting $17.24. 12,924,053 shares of the company traded hands, compared to its average volume of 16,567,121. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.55. The firm’s fifty day moving average is $17.82 and its 200-day moving average is $14.62. The firm has a market capitalization of $6.89 billion, a P/E ratio of -36.68 and a beta of 2.05. Lyft has a 12-month low of $7.85 and a 12-month high of $20.82.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.14. Lyft had a negative net margin of 7.73% and a negative return on equity of 54.80%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. On average, sell-side analysts predict that Lyft will post -0.35 EPS for the current year.

Insider Buying and Selling

In other Lyft news, President Kristin Sverchek sold 3,500 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $17.51, for a total value of $61,285.00. Following the transaction, the president now directly owns 96,978 shares of the company’s stock, valued at approximately $1,698,084.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director John Patrick Zimmer sold 15,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $17.51, for a total value of $275,327.24. Following the transaction, the director now directly owns 1,204,071 shares of the company’s stock, valued at approximately $21,083,283.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Kristin Sverchek sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $17.51, for a total value of $61,285.00. Following the sale, the president now directly owns 96,978 shares of the company’s stock, valued at approximately $1,698,084.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 280,526 shares of company stock worth $5,358,031. Corporate insiders own 3.16% of the company’s stock.

Institutional Trading of Lyft

Large investors have recently modified their holdings of the company. Commonwealth Equity Services LLC grew its stake in shares of Lyft by 5.1% in the third quarter. Commonwealth Equity Services LLC now owns 31,886 shares of the ride-sharing company’s stock worth $336,000 after acquiring an additional 1,535 shares during the last quarter. Xponance Inc. grew its position in Lyft by 10.9% during the third quarter. Xponance Inc. now owns 49,200 shares of the ride-sharing company’s stock worth $519,000 after buying an additional 4,821 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Lyft by 1.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,459,043 shares of the ride-sharing company’s stock valued at $25,918,000 after acquiring an additional 27,928 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Lyft by 16.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 66,727 shares of the ride-sharing company’s stock worth $703,000 after purchasing an additional 9,663 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in shares of Lyft by 87.6% during the third quarter. Fifth Third Bancorp now owns 24,270 shares of the ride-sharing company’s stock valued at $256,000 after purchasing an additional 11,330 shares during the period. 83.07% of the stock is owned by 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.