Lyft (NASDAQ:LYFT) Posts Quarterly Earnings Results, Misses Estimates By $0.17 EPS

Lyft (NASDAQ:LYFT) issued its quarterly earnings results on Wednesday. The ride-sharing company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.17), Zacks reports. Lyft had a return on equity of 18.29% and a net margin of 2.40%.The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the prior year, the firm earned $0.29 earnings per share. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year.

Lyft Stock Performance

Shares of NASDAQ LYFT traded up $0.79 during midday trading on Friday, hitting $22.04. 21,590,512 shares of the company’s stock traded hands, compared to its average volume of 15,815,194. Lyft has a 1 year low of $9.66 and a 1 year high of $23.50. The stock has a market capitalization of $8.96 billion, a price-to-earnings ratio of 58.00, a price-to-earnings-growth ratio of 3.72 and a beta of 2.36. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.70 and a current ratio of 0.72. The firm has a fifty day moving average of $20.29 and a 200 day moving average of $16.82.

Insider Buying and Selling

In related news, CFO Erin Brewer sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $15.24, for a total transaction of $228,600.00. Following the completion of the sale, the chief financial officer directly owned 540,759 shares in the company, valued at approximately $8,241,167.16. The trade was a 2.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John David Risher purchased 5,926 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The stock was acquired at an average price of $16.88 per share, for a total transaction of $100,030.88. Following the completion of the transaction, the chief executive officer directly owned 11,797,266 shares of the company’s stock, valued at approximately $199,137,850.08. This trade represents a 0.05% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have sold 74,427 shares of company stock valued at $1,252,686. 3.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Lyft

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Empowered Funds LLC grew its holdings in shares of Lyft by 13.7% in the first quarter. Empowered Funds LLC now owns 24,213 shares of the ride-sharing company’s stock valued at $287,000 after purchasing an additional 2,921 shares in the last quarter. Focus Partners Wealth lifted its position in Lyft by 44.0% during the first quarter. Focus Partners Wealth now owns 51,102 shares of the ride-sharing company’s stock valued at $607,000 after purchasing an additional 15,621 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Lyft in the 2nd quarter worth $470,000. Invesco Ltd. grew its stake in shares of Lyft by 87.5% in the 2nd quarter. Invesco Ltd. now owns 1,064,930 shares of the ride-sharing company’s stock worth $16,783,000 after buying an additional 497,118 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in shares of Lyft by 12.6% in the 2nd quarter. California Public Employees Retirement System now owns 709,188 shares of the ride-sharing company’s stock worth $11,177,000 after buying an additional 79,634 shares during the last quarter. 83.07% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on LYFT. Susquehanna lifted their price target on Lyft from $14.00 to $24.00 and gave the stock a “neutral” rating in a research report on Friday. Royal Bank Of Canada boosted their price objective on shares of Lyft from $21.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday. Cantor Fitzgerald upped their price objective on Lyft from $19.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday. DA Davidson set a $22.00 target price on Lyft in a report on Thursday. Finally, Zephirin Group upped their price target on Lyft from $15.00 to $18.00 and gave the company a “hold” rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $22.42.

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.