Bank of America Lowers Lyft (NASDAQ:LYFT) Price Target to $19.00

Lyft (NASDAQ:LYFT) had its price target dropped by investment analysts at Bank of America from $21.00 to $19.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the ride-sharing company’s stock. Bank of America‘s target price indicates a potential upside of 40.12% from the company’s current price.

Several other research analysts have also recently issued reports on LYFT. Benchmark raised Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Monday, January 6th. DA Davidson increased their price target on Lyft from $11.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Morgan Stanley lifted their price objective on Lyft from $16.50 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Jefferies Financial Group increased their target price on shares of Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Finally, BMO Capital Markets boosted their price target on shares of Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a report on Thursday, November 7th. Twenty-seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Lyft presently has an average rating of “Hold” and an average target price of $17.84.

Lyft Stock Up 1.0 %

Shares of LYFT opened at $13.56 on Wednesday. The firm has a fifty day moving average price of $14.57 and a 200-day moving average price of $13.43. 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 firm has a market capitalization of $5.62 billion, a P/E ratio of -84.75, a P/E/G ratio of 1.74 and a beta of 2.14. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. The company 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 firm’s revenue for the quarter was up 31.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.02) EPS. Equities research analysts expect that Lyft will post 0.06 earnings per share for the current year.

Insider Buying and Selling at Lyft

In other Lyft news, CAO Lisa Blackwood-Kapral sold 9,081 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 332,243 shares of the company’s stock, valued at approximately $5,987,018.86. This trade represents a 2.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Logan Green sold 10,919 shares of the company’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the completion of the sale, the director now directly owns 314,492 shares in the company, valued at $5,424,987. This trade represents a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,242 shares of company stock worth $427,330. 3.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. grew its position in Lyft by 32.4% during the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after purchasing an additional 2,302,248 shares during the period. Nordea Investment Management AB raised its position in Lyft by 59.6% during the fourth quarter. Nordea Investment Management AB now owns 382,463 shares of the ride-sharing company’s stock valued at $5,006,000 after acquiring an additional 142,880 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in Lyft by 10,225.6% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 424,384 shares of the ride-sharing company’s stock valued at $5,475,000 after acquiring an additional 420,274 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Lyft in the second quarter valued at approximately $388,000. Finally, Park Avenue Securities LLC purchased a new stake in Lyft in the 4th quarter worth approximately $388,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.