Lyft (NASDAQ:LYFT) Raised to Buy at Benchmark

Lyft (NASDAQ:LYFT) was upgraded by Benchmark from a “hold” rating to a “buy” rating in a report issued on Monday, Marketbeat Ratings reports. The brokerage currently has a $20.00 target price on the ride-sharing company’s stock. Benchmark’s price target points to a potential upside of 39.66% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Truist Financial upped their price objective on shares of Lyft from $13.00 to $20.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Morgan Stanley increased their price target on shares of Lyft from $16.50 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Raymond James initiated coverage on shares of Lyft in a report on Tuesday, September 24th. They set a “market perform” rating for the company. Canaccord Genuity Group increased their target price on Lyft from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group raised their price target on Lyft from $10.50 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $17.78.

Lyft Stock Down 0.5 %

Shares of NASDAQ:LYFT opened at $14.32 on Monday. The firm has a fifty day moving average price of $15.44 and a two-hundred day moving average price of $13.43. The company has a market cap of $5.94 billion, a price-to-earnings ratio of -89.50, a PEG ratio of 4.10 and a beta of 2.14. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. Lyft has a one year low of $8.93 and a one year high of $20.82.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.09. The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The firm’s quarterly revenue was up 31.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.02) earnings per share. Analysts anticipate that Lyft will post 0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Logan Green sold 10,919 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the sale, the director now owns 314,492 shares of the company’s stock, valued at $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $18.02, for a total transaction of $163,639.62. Following the completion of the sale, the chief accounting officer now owns 332,243 shares in the company, valued at approximately $5,987,018.86. This trade represents a 2.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,242 shares of company stock worth $427,330. Company insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

A number of hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC increased 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 valued at $363,000 after acquiring an additional 969 shares in the last quarter. XTX Topco Ltd grew its position in Lyft by 2.5% during the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock valued at $538,000 after purchasing an additional 1,043 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in Lyft by 9.1% during 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. The Manufacturers Life Insurance Company raised its holdings in Lyft by 1.6% in the third quarter. The Manufacturers Life Insurance Company now owns 82,690 shares of the ride-sharing company’s stock worth $1,054,000 after buying an additional 1,315 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Lyft by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 185,280 shares of the ride-sharing company’s stock worth $2,612,000 after buying an additional 1,477 shares in the last quarter. 83.07% of the stock is owned by 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.