Truist Financial Forecasts Strong Price Appreciation for Lyft (NASDAQ:LYFT) Stock

Lyft (NASDAQ:LYFT) had its target price hoisted by stock analysts at Truist Financial from $16.00 to $23.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the ride-sharing company’s stock. Truist Financial’s price objective indicates a potential upside of 9.35% from the stock’s current price.

Several other analysts have also recently issued reports on the company. Susquehanna increased their target price on Lyft from $14.00 to $24.00 and gave the stock a “neutral” rating in a research report on Friday. Oppenheimer set a $26.00 price target on Lyft and gave the company an “outperform” rating in a research note on Thursday. Mizuho began coverage on shares of Lyft in a report on Tuesday, September 30th. They issued a “neutral” rating and a $24.00 price objective on the stock. Barclays lifted their price target on shares of Lyft from $20.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Jefferies Financial Group lifted their target price on shares of Lyft from $15.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, September 18th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Lyft presently has a consensus rating of “Hold” and a consensus target price of $22.22.

Lyft Stock Performance

Shares of NASDAQ LYFT traded down $0.22 during mid-day trading on Friday, hitting $21.03. The company had a trading volume of 6,683,296 shares, compared to its average volume of 18,668,648. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.72. Lyft has a 1 year low of $9.66 and a 1 year high of $23.50. The company has a market capitalization of $8.55 billion, a price-to-earnings ratio of 55.35, a P/E/G ratio of 3.51 and a beta of 2.36. The stock’s 50-day moving average price is $20.17 and its 200-day moving average price is $16.74.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Wednesday, November 5th. The ride-sharing company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.17). The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.71 billion. Lyft had a return on equity of 17.08% and a net margin of 2.40%.The company’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 earnings per share. On average, sell-side analysts forecast that Lyft will post 0.22 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Lindsay Catherine Llewellyn sold 28,356 shares of Lyft stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $15.85, for a total transaction of $449,442.60. Following the transaction, the insider owned 850,388 shares in the company, valued at approximately $13,478,649.80. The trade was a 3.23% 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 acquired 5,926 shares of the firm’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were purchased at an average cost of $16.88 per share, with a total value of $100,030.88. Following the completion of the acquisition, the chief executive officer owned 11,797,266 shares in the company, valued at $199,137,850.08. This trade represents a 0.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 74,427 shares of company stock worth $1,252,686 over the last ninety days. 3.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lyft

A number of hedge funds and other institutional investors have recently bought and sold shares of LYFT. MassMutual Private Wealth & Trust FSB grew its stake in shares of Lyft by 162.6% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,943 shares of the ride-sharing company’s stock valued at $31,000 after buying an additional 1,203 shares during the period. Atwood & Palmer Inc. purchased a new position in Lyft in the 2nd quarter worth approximately $32,000. GAMMA Investing LLC raised its stake in Lyft by 81.4% in the first quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company’s stock worth $33,000 after buying an additional 1,237 shares in the last quarter. Bogart Wealth LLC raised its position in shares of Lyft by 1,242.2% in the 2nd quarter. Bogart Wealth LLC now owns 2,161 shares of the ride-sharing company’s stock worth $34,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Quent Capital LLC purchased a new stake in Lyft during the third quarter valued at $34,000. 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.