Lyft (NASDAQ:LYFT) Shares Gap Up Following Analyst Upgrade

Lyft, Inc. (NASDAQ:LYFT)’s stock price gapped up prior to trading on Thursday after DA Davidson raised their price target on the stock from $11.00 to $16.00. The stock had previously closed at $14.40, but opened at $17.78. DA Davidson currently has a neutral rating on the stock. Lyft shares last traded at $18.74, with a volume of 20,496,783 shares traded.

LYFT has been the subject of several other research reports. Royal Bank of Canada dropped their price target on shares of Lyft from $24.00 to $17.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Truist Financial lifted their target price on Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a report on Thursday. UBS Group upped their price target on Lyft from $13.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday. Melius Research initiated coverage on Lyft in a report on Monday, July 22nd. They set a “hold” rating and a $15.00 target price for the company. Finally, Nomura Securities raised shares of Lyft from a “strong sell” rating to a “hold” rating in a research note on Friday, August 23rd. Twenty-eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Lyft presently has an average rating of “Hold” and an average target price of $17.03.

Insider Activity

In related news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $12.00, for a total value of $50,916.00. Following the sale, the insider now owns 760,089 shares of the company’s stock, valued at approximately $9,121,068. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total transaction of $81,943.20. Following the completion of the transaction, the director now owns 932,062 shares of the company’s stock, valued at $10,625,506.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 4,243 shares of the business’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 sale, the insider now owns 760,089 shares in the company, valued at approximately $9,121,068. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,664 shares of company stock valued at $380,048. 3.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new stake in Lyft during the 1st quarter worth about $41,000. Brown Brothers Harriman & Co. acquired a new stake in shares of Lyft in the second quarter worth $35,000. International Assets Investment Management LLC acquired a new position in Lyft in the 2nd quarter valued at $35,000. Capital Performance Advisors LLP bought a new stake in Lyft during the 3rd quarter valued at approximately $38,000. Finally, Quarry LP grew its stake in shares of Lyft by 4,032.6% in the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after acquiring an additional 3,468 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

Lyft Stock Performance

The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00. The firm’s fifty day moving average price is $12.71 and its 200-day moving average price is $13.50. The company has a market cap of $7.26 billion, a P/E ratio of -111.81 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.39 billion. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The company’s quarterly revenue was up 40.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.14) earnings per share. As a group, research analysts forecast that Lyft, Inc. will post -0.06 EPS for the current fiscal year.

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.