The Goldman Sachs Group Issues Positive Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its target price boosted by The Goldman Sachs Group from $21.00 to $26.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the ride-sharing company’s stock.

Other equities research analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft lifted their price target on Lyft from $16.00 to $21.00 and gave the stock a “hold” rating in a research note on Thursday, September 18th. Morgan Stanley upped their price target on shares of Lyft from $19.00 to $20.50 and gave the company an “equal weight” rating in a report on Thursday, September 11th. Bank of America increased their price objective on Lyft from $12.00 to $14.00 and gave the stock an “underperform” rating in a report on Thursday, September 18th. Wall Street Zen cut shares of Lyft from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 13th. Finally, Truist Financial lifted their price target on Lyft from $16.00 to $23.00 and gave the company a “hold” rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $22.55.

Lyft Price Performance

Shares of Lyft stock traded up $0.79 on Friday, reaching $22.04. The stock had a trading volume of 21,590,512 shares, compared to its average volume of 15,815,194. The business’s 50 day moving average is $20.29 and its two-hundred day moving average is $16.82. The company has a current ratio of 0.72, a quick ratio of 0.70 and a debt-to-equity ratio of 1.76. Lyft has a 1 year low of $9.66 and a 1 year high of $23.50. The company has a market cap of $8.96 billion, a P/E ratio of 58.00, a price-to-earnings-growth ratio of 3.72 and a beta of 2.36.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Wednesday, November 5th. The ride-sharing company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.17). The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Lyft had a net margin of 2.40% and a return on equity of 18.29%. The business’s revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.29 EPS. As a group, research analysts anticipate that Lyft will post 0.22 EPS for the current year.

Insider Buying and Selling at Lyft

In other Lyft news, CEO John David Risher acquired 5,926 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were purchased at an average price of $16.88 per share, for a total transaction of $100,030.88. Following the purchase, 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Erin Brewer sold 15,000 shares of Lyft stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $17.24, for a total transaction of $258,600.00. Following the transaction, the chief financial officer owned 525,759 shares in the company, valued at $9,064,085.16. This represents a 2.77% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 74,427 shares of company stock worth $1,252,686. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank raised its holdings in Lyft by 2.5% during the third quarter. Amalgamated Bank now owns 21,652 shares of the ride-sharing company’s stock valued at $477,000 after acquiring an additional 534 shares during the period. Vanguard Personalized Indexing Management LLC raised its stake in Lyft by 2.4% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 35,372 shares of the ride-sharing company’s stock valued at $779,000 after purchasing an additional 836 shares in the last quarter. Neuberger Berman Group LLC lifted its holdings in shares of Lyft by 3.7% in the 1st quarter. Neuberger Berman Group LLC now owns 24,441 shares of the ride-sharing company’s stock valued at $290,000 after acquiring an additional 868 shares during the last quarter. Earned Wealth Advisors LLC lifted its stake in shares of Lyft by 4.8% in the 3rd quarter. Earned Wealth Advisors LLC now owns 19,164 shares of the ride-sharing company’s stock valued at $422,000 after purchasing an additional 881 shares during the last quarter. Finally, Main Street Financial Solutions LLC lifted its position in Lyft by 3.8% in the second quarter. Main Street Financial Solutions LLC now owns 24,688 shares of the ride-sharing company’s stock worth $389,000 after buying an additional 909 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

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.