Lyft (NASDAQ:LYFT) Earns Overweight Rating from Piper Sandler

Piper Sandler reissued their overweight rating on shares of Lyft (NASDAQ:LYFT) in a report released on Thursday morning,Benzinga reports. Piper Sandler currently has a $23.00 target price on the ride-sharing company’s stock, up from their prior target price of $17.00.

Several other brokerages have also issued reports on LYFT. Benchmark started coverage on shares of Lyft in a research report on Friday, October 25th. They set a “hold” rating for the company. UBS Group increased their price target on shares of Lyft from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Truist Financial cut their price target on shares of Lyft from $18.00 to $13.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Evercore ISI increased their price target on shares of Lyft from $17.00 to $19.00 and gave the stock an “in-line” rating in a report on Thursday. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $13.00 price target on shares of Lyft in a report on Monday, October 7th. Twenty-eight investment 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 stock. Based on data from MarketBeat.com, Lyft has an average rating of “Hold” and an average price target of $17.23.

Lyft Stock Performance

LYFT stock traded up $0.09 during mid-day trading on Thursday, hitting $17.78. The company had a trading volume of 28,925,410 shares, compared to its average volume of 13,179,118. The stock’s fifty day moving average price is $12.96 and its two-hundred day moving average price is $13.54. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $7.29 billion, a PE ratio of -111.13 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last announced 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 1.19% and a negative return on equity of 1.67%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the firm earned ($0.14) EPS. The company’s revenue was up 40.6% on a year-over-year basis. On average, analysts forecast that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the company’s stock in a transaction 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 owns 929,638 shares of the company’s stock, valued at approximately $10,523,502.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Logan Green sold 10,323 shares of Lyft stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the transaction, the director now directly owns 330,790 shares of the company’s stock, valued at $3,843,779.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $11.32, for a total value of $27,439.68. Following the completion of the transaction, the director now directly owns 929,638 shares in the company, valued at $10,523,502.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,664 shares of company stock valued at $380,048. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several hedge funds have recently modified their holdings of LYFT. Price T Rowe Associates Inc. MD raised its holdings in shares of Lyft by 592.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company’s stock valued at $27,562,000 after buying an additional 1,218,620 shares during the period. National Bank of Canada FI increased its holdings in Lyft by 27,739.2% during the 2nd quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company’s stock worth $16,665,000 after purchasing an additional 1,188,625 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Lyft by 39.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock worth $40,475,000 after purchasing an additional 812,926 shares during the last quarter. Vanguard Group Inc. increased its holdings in Lyft by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock worth $636,603,000 after purchasing an additional 782,736 shares during the last quarter. Finally, Quadrature Capital Ltd increased its holdings in Lyft by 600.2% during the 1st quarter. Quadrature Capital Ltd now owns 608,430 shares of the ride-sharing company’s stock worth $11,767,000 after purchasing an additional 521,537 shares during the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

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.