Lyft (NASDAQ:LYFT) Trading Up 3.3% – Here’s Why

Lyft, Inc. (NASDAQ:LYFT) rose 3.3% on Friday . The stock traded as high as $18.54 and last traded at $18.51. Approximately 1,920,470 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 15,069,757 shares. The stock had previously closed at $17.92.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Nomura upgraded Lyft from a “reduce” rating to a “neutral” rating and cut their price objective for the stock from $15.00 to $13.00 in a research report on Friday, August 23rd. Canaccord Genuity Group lifted their price target on shares of Lyft from $18.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. 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 report on Thursday, November 7th. Roth Mkm lifted their target price on shares of Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, UBS Group increased their price target on shares of Lyft from $13.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Twenty-eight 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. Based on data from MarketBeat, Lyft has an average rating of “Hold” and a consensus target price of $17.48.

Lyft Price Performance

The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $7.43 billion, a P/E ratio of -113.25, a P/E/G ratio of 5.16 and a beta of 2.04. The firm has a fifty day moving average of $13.64 and a 200 day moving average of $13.60.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.44 billion. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The business’s revenue for the quarter was up 31.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.02) earnings per share. On average, equities research analysts anticipate that Lyft, Inc. will post 0.08 EPS for the current year.

Insider Activity

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 shares were sold at an average price of $11.32, for a total transaction of $27,439.68. Following the completion of the sale, the director now directly owns 929,638 shares of the company’s stock, valued at approximately $10,523,502.16. This represents a 0.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of Lyft stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $17.76, for a total transaction of $75,337.92. Following the transaction, the insider now owns 755,847 shares in the company, valued at $13,423,842.72. This represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,987 shares of company stock valued at $619,025 in the last ninety days. 3.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lyft

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mitsubishi UFJ Trust & Banking Corp grew its holdings in Lyft by 430.9% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,886 shares of the ride-sharing company’s stock valued at $75,000 after purchasing an additional 3,154 shares during the period. CWM LLC grew its stake in shares of Lyft by 26.4% during the 2nd quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock valued at $98,000 after acquiring an additional 1,457 shares during the period. Comerica Bank increased its holdings in Lyft by 310.3% in the 1st quarter. Comerica Bank now owns 102,576 shares of the ride-sharing company’s stock worth $1,985,000 after acquiring an additional 77,578 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Lyft during the 2nd quarter worth approximately $388,000. Finally, Vanguard Group Inc. lifted its holdings in Lyft by 2.4% during the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after purchasing an additional 782,736 shares in the last quarter. 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.