Lyft (NASDAQ:LYFT) Given New $16.00 Price Target at Loop Capital

Lyft (NASDAQ:LYFT) had its price target cut by Loop Capital from $20.00 to $16.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the ride-sharing company’s stock.

LYFT has been the topic of a number of other reports. Roth Mkm decreased their target price on Lyft from $19.00 to $13.00 and set a neutral rating on the stock in a research report on Wednesday, August 14th. The Goldman Sachs Group increased their price objective on shares of Lyft from $19.00 to $21.00 and gave the company a neutral rating in a research note on Friday, June 7th. Melius started coverage on shares of Lyft in a report on Monday, July 22nd. They set a hold rating and a $15.00 target price for the company. Canaccord Genuity Group reduced their price target on shares of Lyft from $23.00 to $18.00 and set a buy rating on the stock in a report on Thursday, August 8th. Finally, Morgan Stanley increased their price target on shares of Lyft from $17.00 to $18.00 and gave the company an equal weight rating in a research report on Friday, June 7th. Twenty-six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $15.65.

Lyft Stock Performance

Shares of LYFT opened at $11.06 on Tuesday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.00. Lyft has a 52-week low of $8.85 and a 52-week high of $20.82. The company has a 50-day simple moving average of $11.86 and a 200-day simple moving average of $15.01. The company has a market capitalization of $4.46 billion, a PE ratio of -23.53 and a beta of 2.04.

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

Insider Activity

In related news, President Kristin Sverchek sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $13.81, for a total value of $41,430.00. Following the transaction, the president now owns 47,778 shares in the company, valued at $659,814.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, President Kristin Sverchek sold 3,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $13.81, for a total transaction of $41,430.00. Following the completion of the sale, the president now directly owns 47,778 shares of the company’s stock, valued at approximately $659,814.18. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John Patrick Zimmer sold 7,188 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total value of $81,943.20. Following the completion of the sale, the director now owns 932,062 shares of the company’s stock, valued at $10,625,506.80. The disclosure for this sale can be found here. Insiders have sold 32,497 shares of company stock valued at $392,157 in the last three months. Corporate insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Hedge funds have recently modified their holdings of the stock. FinTrust Capital Advisors LLC raised its stake in shares of Lyft by 277.8% during the first 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 during the period. Kapitalo Investimentos Ltda acquired a new position in Lyft in the 4th quarter worth $34,000. International Assets Investment Management LLC purchased a new position in Lyft in the 2nd quarter valued at about $35,000. Brown Brothers Harriman & Co. acquired a new stake in shares of Lyft during the second quarter valued at about $35,000. Finally, C M Bidwell & Associates Ltd. purchased a new stake in shares of Lyft during the fourth quarter worth about $40,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

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.