Lyft (NASDAQ:LYFT) Given New $19.00 Price Target at Bank of America

Lyft (NASDAQ:LYFT) had its target price boosted by Bank of America from $16.00 to $19.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the ride-sharing company’s stock.

Several other research firms have also recently commented on LYFT. Raymond James began coverage on shares of Lyft in a research note on Tuesday, September 24th. They set a “market perform” rating for the company. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Lyft from $15.00 to $11.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Evercore ISI boosted their price target on Lyft from $17.00 to $19.00 and gave the company an “in-line” rating in a research note on Thursday. Wolfe Research initiated coverage on Lyft in a research report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Finally, Piper Sandler restated an “overweight” rating and set a $23.00 price objective (up from $17.00) on shares of Lyft in a research report on Thursday. Twenty-eight 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 presently has an average rating of “Hold” and an average price target of $17.23.

Lyft Stock Performance

Shares of Lyft stock traded down $0.17 during trading on Thursday, reaching $17.52. The company’s stock had a trading volume of 16,545,170 shares, compared to its average volume of 15,063,327. Lyft has a one year low of $8.93 and a one year high of $20.82. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $7.19 billion, a price-to-earnings ratio of -110.81 and a beta of 2.04. The business’s fifty day moving average price is $12.71 and its 200-day moving average price is $13.50.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, topping 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 company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the previous year, the business posted ($0.14) EPS. The company’s revenue for the quarter was up 40.6% on a year-over-year basis. As a group, equities research analysts predict that Lyft will post -0.06 earnings per share for the current year.

Insider Buying and Selling at Lyft

In other news, Director Logan Green sold 10,323 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the transaction, the director now directly owns 330,790 shares in the company, valued at $3,843,779.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director John Patrick Zimmer sold 2,424 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $11.32, for a total value of $27,439.68. Following the completion of the sale, the director now owns 929,638 shares in the company, valued at $10,523,502.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Logan Green sold 10,323 shares of Lyft stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the transaction, the director now owns 330,790 shares in the company, valued at approximately $3,843,779.80. This 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 have sold 32,664 shares of company stock valued at $380,048. 3.07% of the stock is currently owned by insiders.

Institutional Trading of Lyft

Several hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its holdings in shares of Lyft by 592.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company’s stock worth $27,562,000 after acquiring an additional 1,218,620 shares during the period. National Bank of Canada FI lifted its holdings in shares of Lyft by 27,739.2% in the second quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company’s stock valued at $16,665,000 after purchasing an additional 1,188,625 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Lyft by 39.5% during the second quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock worth $40,475,000 after buying an additional 812,926 shares during the period. Vanguard Group Inc. raised its position in Lyft by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after buying an additional 782,736 shares during the last quarter. Finally, Quadrature Capital Ltd lifted its stake in Lyft by 600.2% in the 1st quarter. Quadrature Capital Ltd now owns 608,430 shares of the ride-sharing company’s stock valued at $11,767,000 after acquiring an additional 521,537 shares in the last quarter. 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.