Cantor Fitzgerald Reaffirms “Neutral” Rating for Lyft (NASDAQ:LYFT)

Lyft (NASDAQ:LYFT)‘s stock had its “neutral” rating reissued by equities research analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They currently have a $13.00 target price on the ride-sharing company’s stock. Cantor Fitzgerald’s price target would suggest a potential upside of 4.25% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Wolfe Research started coverage on shares of Lyft in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Vertical Research upgraded Lyft to a “strong-buy” rating in a research note on Friday, June 7th. Piper Sandler reiterated an “overweight” rating and set a $24.00 price objective (up previously from $23.00) on shares of Lyft in a research report on Friday, June 7th. Nomura Securities raised shares of Lyft from a “strong sell” rating to a “hold” rating in a research report on Friday, August 23rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a research note on Wednesday, August 7th. Twenty-six 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $15.65.

Lyft Price Performance

NASDAQ LYFT remained flat at $12.47 during trading on Monday. The company’s stock had a trading volume of 1,559,955 shares, compared to its average volume of 15,288,399. 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 1 year low of $8.85 and a 1 year high of $20.82. The firm’s fifty day simple moving average is $11.54 and its 200 day simple moving average is $14.66. The firm has a market capitalization of $5.03 billion, a PE ratio of -26.53 and a beta of 2.04.

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

Insider Activity at Lyft

In other Lyft news, Director John Patrick Zimmer sold 7,188 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 932,062 shares in the company, valued at approximately $10,625,506.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.00, for a total transaction of $50,916.00. Following the completion of the transaction, the insider now directly owns 760,089 shares in the company, valued at $9,121,068. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Patrick Zimmer sold 7,188 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $10,625,506.80. The disclosure for this sale can be found here. Insiders sold a total of 39,164 shares of company stock worth $470,513 in the last quarter. 3.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Lyft

A number of hedge funds have recently added to or reduced their stakes in LYFT. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Lyft in the 4th quarter valued at $175,000. Janney Montgomery Scott LLC bought a new stake in Lyft in the fourth quarter valued at $796,000. Corient Private Wealth LLC raised its holdings in shares of Lyft by 163.9% during the fourth quarter. Corient Private Wealth LLC now owns 100,826 shares of the ride-sharing company’s stock valued at $1,511,000 after purchasing an additional 62,623 shares during the period. Commerce Bank grew its stake in shares of Lyft by 2.9% in the 4th quarter. Commerce Bank now owns 27,633 shares of the ride-sharing company’s stock valued at $414,000 after buying an additional 782 shares during the period. Finally, Advisory Services Network LLC bought a new stake in Lyft in the 4th quarter valued at about $167,000. 83.07% of the stock is currently 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.