Rosenblatt Securities initiated coverage on shares of Lyft (NASDAQ:LYFT – Free Report) in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $19.00 price objective on the ride-sharing company’s stock.
Other research analysts have also issued research reports about the company. Susquehanna reissued a “neutral” rating and issued a $18.00 target price on shares of Lyft in a report on Monday, August 10th. Tigress Financial reiterated a “buy” rating and issued a $28.00 price objective on shares of Lyft in a research report on Wednesday, June 24th. Cantor Fitzgerald lifted their price objective on shares of Lyft from $14.00 to $17.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Rothschild & Co Redburn raised shares of Lyft from a “neutral” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Wednesday, June 17th. Finally, Wells Fargo & Company upped their price objective on shares of Lyft from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Thirteen analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $19.77.
View Our Latest Stock Report on Lyft
Lyft Stock Performance
Lyft (NASDAQ:LYFT – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The ride-sharing company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. The company had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.81 billion. During the same period in the prior year, the company earned $0.10 earnings per share. The firm’s revenue was up 16.1% on a year-over-year basis. On average, equities research analysts expect that Lyft will post 0.73 earnings per share for the current year.
Insider Buying and Selling at Lyft
In other news, CAO Stephen Hope sold 5,982 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $17.34, for a total transaction of $103,727.88. Following the completion of the transaction, the chief accounting officer directly owned 299,974 shares of the company’s stock, valued at approximately $5,201,549.16. This represents a 1.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Janey Whiteside sold 14,220 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $17.00, for a total value of $241,740.00. Following the completion of the sale, the director directly owned 66,184 shares of the company’s stock, valued at $1,125,128. This represents a 17.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 112,020 shares of company stock worth $1,834,809. 0.92% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Lyft
Hedge funds and other institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System grew its stake in shares of Lyft by 1,333.6% during the 2nd quarter. California State Teachers Retirement System now owns 6,441,315 shares of the ride-sharing company’s stock worth $94,108,000 after purchasing an additional 5,992,016 shares during the period. Norges Bank acquired a new stake in shares of Lyft in the fourth quarter valued at about $109,987,000. Swedbank AB acquired a new stake in shares of Lyft in the fourth quarter valued at about $108,472,000. Contour Asset Management LLC acquired a new stake in shares of Lyft in the fourth quarter valued at about $75,870,000. Finally, Principal Financial Group Inc. boosted its holdings in Lyft by 250.0% during the first quarter. Principal Financial Group Inc. now owns 4,246,519 shares of the ride-sharing company’s stock worth $56,479,000 after buying an additional 3,033,333 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company’s stock.
About Lyft
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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