Lyft (NASDAQ:LYFT) Given New $16.00 Price Target at Cantor Fitzgerald

Lyft (NASDAQ:LYFT) had its price target increased by Cantor Fitzgerald from $13.00 to $16.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the ride-sharing company’s stock.

Several other equities research analysts have also recently commented on the company. Canaccord Genuity Group decreased their target price on Lyft from $23.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. BMO Capital Markets reduced their price objective on Lyft from $19.00 to $13.00 and set a “market perform” rating for the company in a research note on Thursday, August 8th. Evercore ISI raised their price objective on Lyft from $17.00 to $19.00 and gave the company an “in-line” rating in a research note on Thursday. Truist Financial raised their price objective on Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a research note on Thursday. Finally, Royal Bank of Canada reduced their price objective on Lyft from $24.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Twenty-eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.23.

Lyft Trading Up 0.5 %

NASDAQ LYFT traded up $0.09 during trading hours on Thursday, hitting $17.78. 28,925,410 shares of the company’s stock were exchanged, compared to its average volume of 13,179,118. The stock has a 50-day simple moving average of $12.96 and a 200 day simple moving average of $13.54. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82. The firm has a market cap of $7.29 billion, a price-to-earnings ratio of -111.13 and a beta of 2.04. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00.

Lyft (NASDAQ:LYFT) last released its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.19 by $0.05. Lyft had a negative return on equity of 1.67% and a negative net margin of 1.19%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter last year, the firm posted ($0.14) earnings per share. The firm’s revenue was up 40.6% on a year-over-year basis. On average, equities analysts forecast that Lyft will post -0.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were 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 $10,523,502.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.76, for a total value of $99,795.36. Following the completion of the transaction, the insider now directly owns 764,332 shares of the company’s stock, valued at $8,988,544.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the firm’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 completion of the transaction, the director now directly owns 929,638 shares of the company’s stock, valued at $10,523,502.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,664 shares of company stock worth $380,048 over the last quarter. 3.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lyft

Large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new position in shares of Lyft in the first quarter worth $41,000. Brown Brothers Harriman & Co. purchased a new position in Lyft during the second quarter worth about $35,000. International Assets Investment Management LLC purchased a new position in Lyft during the second quarter worth about $35,000. Capital Performance Advisors LLP purchased a new stake in shares of Lyft in the 3rd quarter valued at about $38,000. Finally, Quarry LP raised its holdings in shares of Lyft by 4,032.6% in the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after acquiring an additional 3,468 shares in the last quarter. 83.07% of the stock is owned by 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.