Evercore ISI Forecasts Strong Price Appreciation for Lyft (NASDAQ:LYFT) Stock

Lyft (NASDAQ:LYFT) had its price objective raised by investment analysts at Evercore ISI from $17.00 to $19.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has an “in-line” rating on the ride-sharing company’s stock. Evercore ISI’s target price would indicate a potential upside of 31.94% from the stock’s previous close.

A number of other analysts have also recently issued reports on LYFT. Barclays decreased their target price on Lyft from $20.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Truist Financial decreased their target price on Lyft from $18.00 to $13.00 and set a “hold” rating for the company in a report on Thursday, August 8th. UBS Group boosted their target price on Lyft from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a report on Thursday. Finally, Wolfe Research started coverage on Lyft in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. One analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $15.94.

Lyft Stock Up 4.3 %

LYFT opened at $14.40 on Thursday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market capitalization of $5.91 billion, a price-to-earnings ratio of -90.00 and a beta of 2.04. The business has a 50-day moving average of $12.71 and a two-hundred day moving average of $13.50. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82.

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

Insider Activity at Lyft

In related news, Director Logan Green sold 10,323 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total transaction of $119,953.26. Following the sale, the director now directly owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director John Patrick Zimmer sold 7,188 shares of the company’s stock in a transaction on 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 directly owns 932,062 shares in the company, valued at $10,625,506.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Logan Green sold 10,323 shares of the company’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 owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,664 shares of company stock valued at $380,048. Corporate insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Swiss National Bank grew its stake in shares of Lyft by 2.0% in the first quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock worth $13,218,000 after purchasing an additional 13,300 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Lyft in the first quarter worth $41,000. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Lyft by 430.9% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,886 shares of the ride-sharing company’s stock worth $75,000 after purchasing an additional 3,154 shares in the last quarter. CWM LLC grew its stake in shares of Lyft by 26.4% in the second quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock worth $98,000 after purchasing an additional 1,457 shares in the last quarter. Finally, Comerica Bank grew its stake in shares of Lyft by 310.3% in the first 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. 83.07% of the stock is currently owned by institutional investors.

About Lyft

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.