Lyft (NASDAQ:LYFT) Price Target Raised to $27.00

Lyft (NASDAQ:LYFT) had its target price increased by analysts at Mizuho from $24.00 to $27.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the ride-sharing company’s stock. Mizuho’s target price points to a potential upside of 10.00% from the company’s current price.

Other equities research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft raised their price target on Lyft from $21.00 to $25.00 and gave the stock a “hold” rating in a research note on Friday, November 7th. Oppenheimer set a $26.00 price target on shares of Lyft and gave the stock an “outperform” rating in a report on Thursday, November 6th. Canaccord Genuity Group boosted their price objective on shares of Lyft from $18.00 to $19.00 and gave the company a “hold” rating in a research report on Monday. Wall Street Zen lowered shares of Lyft from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Evercore ISI lifted their price target on shares of Lyft from $15.00 to $30.00 and gave the company an “in-line” rating in a research note on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Lyft presently has an average rating of “Hold” and an average target price of $22.72.

Lyft Price Performance

Shares of LYFT stock traded up $0.37 during mid-day trading on Wednesday, hitting $24.55. The company had a trading volume of 20,223,514 shares, compared to its average volume of 18,907,764. The company has a market capitalization of $9.98 billion, a P/E ratio of 64.41, a P/E/G ratio of 2.75 and a beta of 2.36. The stock’s 50 day moving average price is $20.58 and its 200-day moving average price is $17.07. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.72 and a quick ratio of 0.72. Lyft has a 52-week low of $9.66 and a 52-week high of $25.54.

Lyft (NASDAQ:LYFT) last announced its earnings results on Wednesday, November 5th. The ride-sharing company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.17). The business had revenue of $1.69 billion for 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 firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.29 earnings per share. Equities research analysts forecast that Lyft will post 0.22 earnings per share for the current year.

Insider Buying and Selling at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 14,606 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $20.00, for a total transaction of $292,120.00. Following the sale, the insider owned 835,782 shares of the company’s stock, valued at $16,715,640. This trade represents a 1.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Erin Brewer sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $17.24, for a total value of $258,600.00. Following the completion of the sale, the chief financial officer directly owned 525,759 shares in the company, valued at approximately $9,064,085.16. The trade was a 2.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 74,427 shares of company stock worth $1,252,686. Company insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC increased its stake in Lyft by 144.9% during the 2nd quarter. AQR Capital Management LLC now owns 24,009,925 shares of the ride-sharing company’s stock worth $378,396,000 after buying an additional 14,205,143 shares in the last quarter. Rakuten Group Inc. acquired a new stake in shares of Lyft in the first quarter worth approximately $130,434,000. Ameriprise Financial Inc. increased its position in shares of Lyft by 26.3% during the first quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company’s stock worth $294,978,000 after purchasing an additional 5,178,118 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Lyft by 83,744.1% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,144,991 shares of the ride-sharing company’s stock worth $37,331,000 after purchasing an additional 3,141,240 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in Lyft by 415.2% in the 2nd quarter. Los Angeles Capital Management LLC now owns 3,714,935 shares of the ride-sharing company’s stock valued at $58,547,000 after purchasing an additional 2,993,807 shares during the last quarter. Hedge funds and other 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.