Lyft (NASDAQ:LYFT) Price Target Raised to $23.00

Lyft (NASDAQ:LYFT) had its price objective increased by Loop Capital from $16.00 to $23.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the ride-sharing company’s stock.

LYFT has been the subject of several other research reports. Royal Bank of Canada decreased their price target on shares of Lyft from $24.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. DA Davidson raised their price target on Lyft from $11.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. decreased their price objective on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Citigroup cut their target price on shares of Lyft from $18.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Finally, Evercore ISI increased their price objective on shares of Lyft from $17.00 to $19.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Lyft currently has a consensus rating of “Hold” and a consensus price target of $17.77.

Lyft Stock Performance

Shares of NASDAQ:LYFT opened at $15.94 on Wednesday. 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 $6.61 billion, a price-to-earnings ratio of -99.63, a PEG ratio of 4.91 and a beta of 2.09. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The firm’s 50-day moving average is $14.98 and its 200 day moving average is $13.60.

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

Insider Activity at Lyft

In other Lyft news, CAO Lisa Blackwood-Kapral sold 9,081 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $18.02, for a total transaction of $163,639.62. Following the transaction, the chief accounting officer now directly owns 332,243 shares of the company’s stock, valued at $5,987,018.86. This trade represents a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 929,638 shares in the company, valued at $10,523,502.16. This represents a 0.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,909 shares of company stock worth $505,686 in the last three months. Company insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Several large investors have recently made changes to their positions in the company. Comerica Bank lifted its stake 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 purchasing an additional 77,578 shares in the last quarter. CWM LLC grew its holdings in 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 buying an additional 1,457 shares in the last quarter. QRG Capital Management Inc. increased its stake 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 worth $350,000 after acquiring an additional 1,437 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Lyft by 401.2% during the 2nd quarter. SG Americas Securities LLC now owns 326,779 shares of the ride-sharing company’s stock worth $4,608,000 after acquiring an additional 261,582 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Lyft during the 2nd quarter valued at about $258,000. 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.