Lyft (NASDAQ:LYFT) Price Target Raised to $20.00

Lyft (NASDAQ:LYFT) had its price target upped by Wedbush from $17.00 to $20.00 in a research note released on Thursday, Marketbeat.com reports. The firm currently has a neutral rating on the ride-sharing company’s stock.

Several other equities research analysts have also recently weighed in on LYFT. Susquehanna decreased their price target on Lyft from $18.00 to $14.00 and set a “neutral” rating on the stock in a research report on Monday, August 11th. Wells Fargo & Company increased their target price on shares of Lyft from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Friday, September 5th. Cowen restated a “buy” rating on shares of Lyft in a research report on Wednesday, September 24th. Bank of America upped their price target on shares of Lyft from $12.00 to $14.00 and gave the stock an “underperform” rating in a report on Thursday, September 18th. Finally, Benchmark reissued a “buy” rating on shares of Lyft in a research note on Tuesday, October 28th. 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $22.55.

Lyft Stock Performance

Shares of LYFT stock opened at $22.04 on Thursday. The firm’s 50 day moving average is $20.29 and its 200 day moving average is $16.86. The stock has a market capitalization of $8.96 billion, a P/E ratio of 58.00, a PEG ratio of 3.86 and a beta of 2.36. Lyft has a 12 month low of $9.66 and a 12 month high of $23.50. 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 (NASDAQ:LYFT) last posted 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). Lyft had a return on equity of 18.29% and a net margin of 2.40%.The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the prior year, the company earned $0.29 EPS. The company’s revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts anticipate that Lyft will post 0.22 earnings per share for the current year.

Insider Activity

In related news, CEO John David Risher acquired 5,926 shares of the firm’s 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 completion of the acquisition, the chief executive officer owned 11,797,266 shares in the company, valued at approximately $199,137,850.08. This represents a 0.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Lindsay Catherine Llewellyn sold 28,356 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $15.85, for a total value of $449,442.60. Following the sale, the insider owned 850,388 shares of the company’s stock, valued at $13,478,649.80. This represents a 3.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 74,427 shares of company stock valued at $1,252,686. 3.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lyft

Several institutional investors have recently added to or reduced their stakes in LYFT. Quent Capital LLC purchased a new position in shares of Lyft in the third quarter valued at about $34,000. MassMutual Private Wealth & Trust FSB raised its position in Lyft by 162.6% during 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 purchasing an additional 1,203 shares during the last quarter. Atwood & Palmer Inc. purchased a new stake in Lyft in the 2nd quarter worth approximately $32,000. Bogart Wealth LLC lifted its holdings in 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 buying an additional 2,000 shares during the period. Finally, Abich Financial Wealth Management LLC bought a new stake in shares of Lyft in the 3rd quarter worth approximately $50,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Lyft Company Profile

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.