Bank of America Cuts Lyft (NASDAQ:LYFT) Price Target to $19.00

Lyft (NASDAQ:LYFT) had its target price reduced by Bank of America from $21.00 to $19.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the ride-sharing company’s stock.

A number of other analysts also recently weighed in on the stock. Jefferies Financial Group increased their price target on shares of Lyft from $10.50 to $13.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Cantor Fitzgerald increased their target price on shares of Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. TD Cowen upped their price target on Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a report on Thursday, November 7th. Canaccord Genuity Group lifted their price objective on Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Barclays upped their target price on Lyft from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Twenty-seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $17.84.

Lyft Trading Down 0.1 %

Shares of NASDAQ:LYFT opened at $13.54 on Wednesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The stock’s 50-day moving average is $14.51 and its 200-day moving average is $13.43. The company has a market cap of $5.62 billion, a P/E ratio of -84.63, a P/E/G ratio of 1.74 and a beta of 2.14. Lyft has a 52-week low of $8.93 and a 52-week high of $20.82.

Lyft (NASDAQ:LYFT) last released its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The firm had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter last year, the firm posted ($0.02) EPS. The company’s revenue was up 31.6% on a year-over-year basis. Equities research analysts predict that Lyft will post 0.06 earnings per share for the current year.

Insider Activity at Lyft

In other Lyft news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the completion of the sale, the director now owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. The trade was a 3.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $18.02, for a total value of $163,639.62. Following the completion of the transaction, the chief accounting officer now directly owns 332,243 shares in the company, valued at $5,987,018.86. The trade was a 2.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,242 shares of company stock worth $427,330 over the last 90 days. Insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LYFT. Sanctuary Advisors LLC raised its holdings in shares of Lyft by 3.5% during the third quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock worth $363,000 after acquiring an additional 969 shares during the period. XTX Topco Ltd lifted its position in shares of Lyft by 2.5% in the third quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock valued at $538,000 after buying an additional 1,043 shares during the last quarter. Manchester Capital Management LLC lifted its holdings in Lyft by 13.8% during the 4th quarter. Manchester Capital Management LLC now owns 8,879 shares of the ride-sharing company’s stock valued at $115,000 after purchasing an additional 1,080 shares during the last quarter. Summit Trail Advisors LLC boosted its holdings in shares of Lyft by 4.5% during the 4th quarter. Summit Trail Advisors LLC now owns 27,249 shares of the ride-sharing company’s stock worth $352,000 after buying an additional 1,182 shares during the period. Finally, Miracle Mile Advisors LLC boosted its holdings in shares of Lyft by 11.0% during the fourth quarter. Miracle Mile Advisors LLC now owns 12,864 shares of the ride-sharing company’s stock worth $166,000 after acquiring an additional 1,277 shares during the period. 83.07% of the stock is owned by institutional investors and hedge funds.

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.