Lyft (NASDAQ:LYFT) Coverage Initiated at Raymond James

Raymond James started coverage on shares of Lyft (NASDAQ:LYFT) in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a market perform rating on the ride-sharing company’s stock.

Several other equities research analysts have also issued reports on LYFT. Cantor Fitzgerald reiterated a neutral rating and set a $13.00 price target on shares of Lyft in a report on Monday, September 23rd. Piper Sandler reiterated an overweight rating and issued a $24.00 price objective (up from $23.00) on shares of Lyft in a report on Friday, June 7th. Morgan Stanley raised their target price on Lyft from $17.00 to $18.00 and gave the company an equal weight rating in a report on Friday, June 7th. Royal Bank of Canada decreased their price target on Lyft from $24.00 to $17.00 and set an outperform rating for the company in a research note on Thursday, August 8th. Finally, Melius Research began coverage on Lyft in a research note on Monday, July 22nd. They issued a hold rating and a $15.00 price objective on the stock. Twenty-six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $15.65.

Lyft Stock Performance

Shares of Lyft stock opened at $12.84 on Tuesday. Lyft has a 12 month low of $8.85 and a 12 month high of $20.82. The stock has a market cap of $5.18 billion, a PE ratio of -27.32 and a beta of 2.04. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.00. The business has a fifty day simple moving average of $11.56 and a 200-day simple moving average of $14.57.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period in the prior year, the firm earned ($0.14) earnings per share. The firm’s revenue was up 40.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Lyft will post -0.16 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director John Patrick Zimmer sold 2,424 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $11.32, for a total value of $27,439.68. Following the sale, the director now directly owns 929,638 shares in the company, valued at approximately $10,523,502.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Lyft news, President Kristin Sverchek sold 3,000 shares of Lyft stock in a transaction on Monday, July 1st. The stock was sold at an average price of $13.81, for a total transaction of $41,430.00. Following the completion of the transaction, the president now directly owns 47,778 shares of the company’s stock, valued at $659,814.18. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $11.32, for a total transaction of $27,439.68. Following the completion of the sale, the director now owns 929,638 shares in the company, valued at approximately $10,523,502.16. The disclosure for this sale can be found here. Insiders sold 35,664 shares of company stock valued at $421,478 over the last quarter. Corporate insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in Lyft by 42.9% in the first quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company’s stock valued at $43,000 after buying an additional 664 shares in the last quarter. Commerce Bank boosted its holdings in shares of Lyft by 2.9% in the 4th quarter. Commerce Bank now owns 27,633 shares of the ride-sharing company’s stock worth $414,000 after acquiring an additional 782 shares in the last quarter. Crossmark Global Holdings Inc. grew its position in Lyft by 4.4% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 23,460 shares of the ride-sharing company’s stock worth $330,000 after acquiring an additional 993 shares during the last quarter. FinTrust Capital Advisors LLC increased its holdings in Lyft by 277.8% during the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock valued at $26,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in Lyft by 9.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 13,894 shares of the ride-sharing company’s stock valued at $196,000 after purchasing an additional 1,160 shares in the last quarter. Institutional investors and hedge funds 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.