Lyft (NASDAQ:LYFT – Get Free Report) had its price objective increased by equities research analysts at Morgan Stanley from $17.00 to $18.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the ride-sharing company’s stock. Morgan Stanley’s price target suggests a potential upside of 16.62% from the stock’s previous close.
Other research analysts also recently issued reports about the company. Weiss Ratings restated a “hold (c)” rating on shares of Lyft in a research note on Wednesday, May 6th. Citigroup started coverage on Lyft in a report on Wednesday, June 17th. They issued a “buy” rating for the company. Roth Capital restated a “buy” rating and set a $23.00 price target on shares of Lyft in a research note on Friday, May 8th. Oppenheimer initiated coverage on shares of Lyft in a report on Wednesday, June 17th. They set an “outperform” rating on the stock. Finally, Jefferies Financial Group increased their price objective on shares of Lyft from $15.00 to $15.50 and gave the company a “hold” rating in a research report on Tuesday, July 14th. Twelve research analysts have rated the stock with a Buy rating, twenty-one have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.43.
Read Our Latest Report on Lyft
Lyft Stock Down 0.0%
Lyft (NASDAQ:LYFT – Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.26). Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the firm posted $0.01 earnings per share. Lyft’s revenue for the quarter was up 17.2% compared to the same quarter last year. On average, equities analysts forecast that Lyft will post 0.69 earnings per share for the current fiscal year.
Insider Transactions at Lyft
In related news, CAO Stephen W. Hope sold 5,460 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $13.76, for a total value of $75,129.60. Following the transaction, the chief accounting officer owned 335,463 shares in the company, valued at approximately $4,615,970.88. This represents a 1.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jill Beggs sold 2,093 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total transaction of $28,799.68. Following the transaction, the director directly owned 30,092 shares of the company’s stock, valued at $414,065.92. This represents a 6.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 45,535 shares of company stock valued at $637,456 over the last three months. Company insiders own 0.92% of the company’s stock.
Institutional Trading of Lyft
A number of hedge funds and other institutional investors have recently made changes to their positions in LYFT. Strs Ohio lifted its holdings in shares of Lyft by 4,527.6% in the 4th quarter. Strs Ohio now owns 440,405 shares of the ride-sharing company’s stock valued at $8,531,000 after buying an additional 430,888 shares during the period. Bank of New York Mellon Corp boosted its position in Lyft by 36.6% in the 1st quarter. Bank of New York Mellon Corp now owns 2,289,671 shares of the ride-sharing company’s stock worth $30,453,000 after purchasing an additional 613,494 shares in the last quarter. West Tower Group LLC boosted its position in Lyft by 207.6% in the 1st quarter. West Tower Group LLC now owns 138,432 shares of the ride-sharing company’s stock worth $1,841,000 after purchasing an additional 93,432 shares in the last quarter. OP Asset Management Ltd acquired a new stake in shares of Lyft during the 1st quarter worth approximately $992,000. Finally, Sivia Capital Partners LLC acquired a new stake in shares of Lyft during the 2nd quarter worth approximately $470,000. Institutional investors and hedge funds own 83.07% of the company’s stock.
Lyft Company Profile
Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.
Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.
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