Lyft (NASDAQ:LYFT) Price Target Raised to $20.00

Lyft (NASDAQ:LYFT) had its target price increased by stock analysts at Truist Financial from $13.00 to $20.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “hold” rating on the ride-sharing company’s stock. Truist Financial’s price target indicates a potential upside of 12.49% from the company’s previous close.

Several other equities research analysts have also recently commented on LYFT. Barclays cut their price target on Lyft from $20.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. JPMorgan Chase & Co. cut their price target on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Melius started coverage on Lyft in a research note on Monday, July 22nd. They set a “hold” rating and a $15.00 price target for the company. TD Cowen cut their price target on Lyft from $18.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Finally, Loop Capital reduced their target price on Lyft from $20.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, September 3rd. Twenty-eight investment 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 company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $17.23.

Lyft Stock Up 0.5 %

LYFT traded up $0.09 on Thursday, reaching $17.78. The company’s stock had a trading volume of 28,925,410 shares, compared to its average volume of 13,179,118. The stock has a 50 day moving average of $12.96 and a two-hundred day moving average of $13.54. 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 company has a market capitalization of $7.29 billion, a price-to-earnings ratio of -111.13 and a beta of 2.04. Lyft has a fifty-two week low of $8.93 and a fifty-two week high of $20.82.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter in the previous year, the business earned ($0.14) earnings per share. The firm’s revenue for the quarter was up 40.6% on a year-over-year basis. As a group, analysts forecast that Lyft will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling at Lyft

In other news, Director Logan Green sold 10,323 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total transaction of $119,953.26. Following the completion of the sale, the director now owns 330,790 shares in the company, valued at approximately $3,843,779.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Lyft 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 completion of the transaction, the director now owns 929,638 shares in the company, valued at $10,523,502.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Logan Green sold 10,323 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the transaction, the director now owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,664 shares of company stock worth $380,048 in the last 90 days. 3.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lyft

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Crossmark Global Holdings Inc. boosted its holdings in Lyft by 4.4% in 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 period. Vanguard Personalized Indexing Management LLC raised its position in shares of Lyft by 9.1% in 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. QRG Capital Management Inc. raised its position in shares of Lyft by 6.1% in the 2nd quarter. QRG Capital Management Inc. now owns 24,854 shares of the ride-sharing company’s stock valued at $350,000 after purchasing an additional 1,437 shares in the last quarter. CWM LLC raised its position in shares of Lyft by 26.4% in the 2nd quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock valued at $98,000 after purchasing an additional 1,457 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Lyft by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 185,280 shares of the ride-sharing company’s stock valued at $2,612,000 after purchasing an additional 1,477 shares in the last quarter. Hedge funds and other institutional investors 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.