Lyft, Inc. (NASDAQ:LYFT – Get Free Report)’s share price traded down 3% on Monday after Wells Fargo & Company lowered their price target on the stock from $18.00 to $17.00. Wells Fargo & Company currently has an equal weight rating on the stock. Lyft traded as low as $13.65 and last traded at $13.67. 1,148,740 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 15,568,890 shares. The stock had previously closed at $14.10.
Several other analysts have also issued reports on LYFT. Bank of America upgraded shares of Lyft from an “underperform” rating to a “buy” rating and increased their price target for the stock from $15.00 to $20.00 in a research report on Friday, June 7th. DA Davidson increased their price target on shares of Lyft from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Vertical Research upgraded shares of Lyft to a “strong-buy” rating in a research report on Friday, June 7th. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research report on Friday, June 7th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $24.00 target price on shares of Lyft in a research report on Friday, June 7th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Lyft currently has a consensus rating of “Hold” and an average target price of $18.00.
Insider Buying and Selling
In related news, President Kristin Sverchek sold 6,500 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $15.77, for a total transaction of $102,505.00. Following the transaction, the president now directly owns 54,278 shares in the company, valued at $855,964.06. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Lyft news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $15.67, for a total value of $142,330.61. Following the transaction, the chief accounting officer now directly owns 351,853 shares in the company, valued at $5,513,536.51. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Kristin Sverchek sold 6,500 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $15.77, for a total transaction of $102,505.00. Following the completion of the transaction, the president now owns 54,278 shares in the company, valued at $855,964.06. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 36,833 shares of company stock worth $590,509. 3.07% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LYFT. Vanguard Group Inc. raised its position in shares of Lyft by 2.4% in the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after purchasing an additional 782,736 shares during the period. Norges Bank bought a new stake in shares of Lyft in the fourth quarter valued at approximately $94,687,000. Jacobs Levy Equity Management Inc. raised its position in shares of Lyft by 1.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 5,846,287 shares of the ride-sharing company’s stock valued at $113,126,000 after purchasing an additional 63,461 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Lyft by 4.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,630,432 shares of the ride-sharing company’s stock valued at $54,420,000 after purchasing an additional 141,823 shares during the period. Finally, BNP Paribas Financial Markets grew its stake in Lyft by 126.0% in the 4th quarter. BNP Paribas Financial Markets now owns 1,937,357 shares of the ride-sharing company’s stock worth $29,041,000 after buying an additional 1,080,009 shares in the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.
Lyft Trading Down 0.9 %
The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $5.64 billion, a PE ratio of -29.72 and a beta of 2.09. The stock’s 50 day simple moving average is $15.63 and its 200 day simple moving average is $15.75.
Lyft (NASDAQ:LYFT – Get Free Report) last released its quarterly earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.17 billion. On average, sell-side analysts forecast that Lyft, Inc. will post -0.19 earnings per share for the current fiscal year.
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.