Lyft (NASDAQ:LYFT) Stock Price Down 4.8%

Lyft, Inc. (NASDAQ:LYFT) fell 4.8% during mid-day trading on Wednesday . The stock traded as low as $12.74 and last traded at $12.78. 12,723,264 shares were traded during trading, a decline of 18% from the average session volume of 15,433,911 shares. The stock had previously closed at $13.43.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on LYFT. Barclays increased their target price on Lyft from $17.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 8th. Wells Fargo & Company dropped their target price on Lyft from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Friday, June 28th. The Goldman Sachs Group increased their target price on Lyft from $19.00 to $21.00 and gave the company a “neutral” rating in a research report on Friday, June 7th. Sanford C. Bernstein increased their target price on Lyft from $15.00 to $19.00 and gave the company a “market perform” rating in a research report on Wednesday, May 8th. Finally, Vertical Research raised Lyft to a “strong-buy” rating in a research report on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Lyft presently has a consensus rating of “Hold” and a consensus price target of $18.00.

Lyft Price Performance

The stock has a fifty day simple moving average of $15.11 and a two-hundred day simple moving average of $15.63. The company has a market cap of $5.29 billion, a PE ratio of -28.13 and a beta of 2.06. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.92.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.09. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.17 billion. On average, equities analysts predict that Lyft, Inc. will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling at Lyft

In related news, President Kristin Sverchek sold 3,500 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $17.50, for a total transaction of $61,250.00. Following the sale, the president now owns 60,778 shares in the company, valued at $1,063,615. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, President Kristin Sverchek sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $17.50, for a total value of $61,250.00. Following the completion of the sale, the president now owns 60,778 shares in the company, valued at approximately $1,063,615. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John Patrick Zimmer sold 7,923 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $16.54, for a total transaction of $131,046.42. Following the completion of the sale, the director now owns 924,621 shares of the company’s stock, valued at approximately $15,293,231.34. The disclosure for this sale can be found here. Insiders sold a total of 43,333 shares of company stock valued at $680,974 in the last ninety days. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC lifted its position in Lyft by 401.2% in the 2nd quarter. SG Americas Securities LLC now owns 326,779 shares of the ride-sharing company’s stock worth $4,608,000 after buying an additional 261,582 shares in the last quarter. QRG Capital Management Inc. lifted its position in Lyft by 6.1% in the 2nd quarter. QRG Capital Management Inc. now owns 24,854 shares of the ride-sharing company’s stock worth $350,000 after buying an additional 1,437 shares in the last quarter. CWM LLC lifted its position in Lyft by 26.4% in the 2nd quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock worth $98,000 after buying an additional 1,457 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new stake in Lyft in the 2nd quarter worth approximately $659,000. Finally, Ogborne Capital Management LLC lifted its position in Lyft by 2.5% in the 1st quarter. Ogborne Capital Management LLC now owns 1,025,000 shares of the ride-sharing company’s stock worth $19,834,000 after buying an additional 25,000 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.